Prices

BEIJING: Oil prices jumped more than two percent on Monday, after new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline.

Brent crude futures rose $2.90, or 2.77 percent, to $107.51 per barrel as of 2313 GMT. WTI futures rose $2.27, or 2.27 percent, to $102.32 per barrel. Prices had initially risen more than ‌3 percent at market ‌open.

Saudi Arabian state media on Sunday released ​video ‌footage of ⁠damage to ​homes ⁠and a mosque from what it said was a Houthi attack on the country’s southern Jazan province. The Houthis said they had also struck a Saudi military base in a neighboring province.

A vessel in the Strait of Hormuz was struck by a projectile, causing a fire and forcing the crew to be evacuated, the British maritime security agency UKMTO said on Sunday.

Iran said one person was killed ⁠and four crew wounded aboard an Iranian commercial vessel struck ‌off its coast.

Oil prices had been ‌expected to rise on Monday amid growing concerns about ​risks to supply from Saudi Arabia, ‌the world’s largest oil exporter, whose East-West oil pipeline was shut on Friday ‌by a drone strike that originated in Iraq.

The loss of the pipeline, which helped Saudi Arabia re-route its exports avoiding the Strait of Hormuz, threatens up to 4 percent of global oil supply.

Meanwhile, Yemen’s Iran-aligned Houthis had reached the strategic island of Perim on ‌Friday, moving to tighten their control over the Bab Al-Mandab Strait, another key oil transit lane that has been shipping ⁠4-5 percent of ⁠global supply in recent months.

Oil surged 8 percent higher on the week due to the disruptions, rising above $100 for the first time since July.

“Looking ahead, unless this week’s talks in Oman produce something operational — or the East-West pipeline is brought back online quickly — the risk is that crude oil continues to extend its gains toward the $119.48 high of early March,” IG market analyst Tony Sycamore said in a note on Sunday.

Omani Foreign Minister Badr Albusaidi said on X later on Sunday, however, that a scheduled Monday meeting in Oman between Gulf countries and Iran to discuss the Strait of Hormuz had been postponed.

No peace talks ​have been held in the ​war, launched six months ago by the United States and Israel, since an interim agreement in June collapsed after a few weeks.

RIYADH: Egypt’s annual nationwide inflation rate eased to 12.7 percent in August from 13 percent in the previous month, as lower food prices offset increases in electricity, housing and other household costs.

The nationwide consumer price index was unchanged from July at 289.8 points, according to data from the Central Agency for Public Mobilization and Statistics. Annual urban inflation also eased to 14.5 percent from 14.9 percent in July. 

Egypt continued to experience faster price growth than several regional peers, although the latest available comparative readings are for July rather than August. 

Saudi Arabia’s annual inflation was 1.8 percent in July, while Jordan’s was 2.7 percent, according to official data from the respective countries. Morocco recorded a 0.6 percent annual decline in consumer prices.  

The International Monetary Fund expects Egypt’s inflation to rise to 16.7 percent in the second half of 2026, reflecting higher energy prices, exchange-rate depreciation and unfavorable base effects. 

In its latest report, CAPMAS stated: “The food and beverages division recorded a decrease of 1.2 percent due to a 0.1 percent decrease in the prices of cereals and bread, a 1.5 percent decrease in the prices of meat and poultry, a 0.1 percent decrease in the prices of fish and seafood, and a 7 percent decrease in the prices of vegetables.”  

Housing costs climb  

Housing, water, electricity, gas and other fuels rose 1.9 percent during the month. Electricity, gas and fuel prices increased 4.3 percent, while actual rents rose 0.8 percent and housing maintenance costs increased 0.5 percent.  

Prices for furnishings and household equipment rose 0.7 percent, while clothing increased 0.5 percent, healthcare 0.4 percent, transport 0.2 percent, and restaurants and hotels 0.5 percent. 

On an annual basis, housing, water, electricity, gas and other fuels recorded the largest increase, at 33 percent, with actual rents up 28 percent and electricity, gas and fuels rising 22.4 percent. 

Transport costs increased 21.7 percent annually, while education rose 20 percent and recreation and culture increased 15.3 percent. Food and beverages prices rose 6.5 percent, with vegetable prices up 27.7 percent.  

Monetary policy  

The inflation data comes after the Central Bank of Egypt kept its key interest rates unchanged last month, with the overnight deposit rate at 19 percent and the lending rate at 20 percent. The main operation and discount rates were maintained at 19.5 percent. 

The CBE expects headline inflation to accelerate through the third quarter because of unfavorable base effects before gradually declining from the first quarter of 2027. It expects inflation to converge toward its 7 percent target, plus or minus 2 percentage points, during the second half of 2027.  

The central bank has warned that the inflation outlook remains exposed to risks from regional hostilities and a stronger-than-expected pass-through from fiscal consolidation measures. 

The Strait of Hormuz has become the central pressure point in the escalating confrontation between the United States and Iran. Before the conflict, roughly 20 million barrels of oil moved through the narrow waterway each day, equivalent to about one fifth of global oil consumption. For years, traders could therefore rely on relatively consistent estimates of the volumes passing through one of the world’s most important energy corridors.

That certainty has now disappeared.

The use of “dark crossings,” in which tankers switch off their identification and navigation systems, has made vessel movements increasingly difficult to monitor. Satellite imagery, port records, tanker drafts, loading schedules and shipping data are being used to reconstruct movements, but the information remains incomplete. Recent estimates of Hormuz flows have differed dramatically, leaving traders and governments uncertain about the true scale of oil moving through the waterway.

The uncertainty comes as Brent crude has moved above the $100 a barrel threshold for the first time since July, driven by renewed military escalation and concerns over Middle Eastern oil supplies.

The Hormuz Information Gap

The most unusual feature of the current oil crisis is not simply that supplies may have fallen. It is that markets cannot confidently determine how much oil is actually moving.

U.S. Energy Secretary Chris Wright said more than 17 million barrels crossed the strait on August 31 under U.S. Navy supervision. Shipping intelligence firm Kpler, however, estimated that only around 6 million barrels crossed that day. Kpler put average August flows at approximately 4.3 million barrels per day, with flows rising to nearly 5 million barrels per day during the first days of September.

The difference could partly reflect different methodologies, including whether shipments using alternative routes outside Hormuz are included. Tankers that remain invisible to tracking systems for days or even weeks make the picture even harder to reconstruct.

This means that traders are attempting to price global oil supplies without reliable visibility over one of the world’s most important supply arteries.

Why the Strait of Hormuz Matters

Hormuz is strategically important because of the enormous concentration of energy exports that normally pass through it. Any sustained disruption can affect crude supplies, tanker availability, insurance costs and shipping times, eventually feeding into fuel prices and broader inflation.

The current situation is different from a straightforward blockade. The strait has not necessarily become completely impassable. Instead, its reliability has been severely compromised.

That distinction matters because a tanker does not have to be physically prevented from crossing for markets to react. The possibility that vessels may be delayed, attacked or unable to cross safely is enough to increase the cost of transporting oil.

As a result, the market is responding not only to actual supply losses but also to the risk of future disruption.

Iran’s Strategic Leverage

Iran’s ability to disrupt maritime traffic remains an important source of leverage despite indications that its military capabilities around Hormuz have been weakened.

U.S. demining operations and a growing U.S.-protected shipping corridor along Oman’s coast have allowed more vessels to enter and leave the Gulf. At the same time, Iran-linked forces continue to threaten commercial shipping, meaning Tehran retains the ability to create uncertainty even if it cannot completely shut down the waterway.

This gives Iran a form of asymmetric leverage. Tehran does not necessarily need to close Hormuz completely to impose economic costs. Sporadic attacks, warnings or restrictions can increase insurance premiums, delay shipments and encourage traders to price in a greater possibility of supply disruption.

The renewed attacks on Saudi energy infrastructure have added another layer of risk by threatening alternative routes that have become increasingly important as traffic through Hormuz has declined.

Impact on Global Oil Markets

The immediate consequence is a higher geopolitical risk premium on crude.

Oil prices normally respond to measurable fundamentals such as production, consumption, inventories and transportation. But when the market cannot establish how much oil is moving through Hormuz, uncertainty itself becomes part of the fundamental picture.

This can keep prices elevated even if actual physical supply losses are smaller than feared.

Brent has already moved above $100 a barrel, while analysts and major financial institutions have raised their oil price forecasts as concerns about prolonged disruption increase.

For oil-importing countries, sustained high crude prices could translate into higher fuel and transportation costs, increased inflationary pressure and greater economic uncertainty. Airlines, manufacturers and businesses dependent on energy-intensive supply chains would also face higher operating costs.

Economic and Geopolitical Implications

The crisis demonstrates how vulnerable the global energy system remains to a single strategic chokepoint.

For the United States, maintaining freedom of navigation through Hormuz is not simply a military objective. It is also essential to preventing a regional conflict from becoming a wider global energy crisis.

For Gulf producers, the challenge is equally significant. Even countries with substantial production capacity cannot fully compensate for disrupted shipping if export routes remain vulnerable.

For major Asian importers, the risks are particularly serious because much of the energy normally passing through Hormuz is destined for Asian markets. A prolonged disruption could therefore create significant pressure on import bills, currencies and inflation across energy-dependent economies.

The crisis also highlights the limits of alternative routes. Pipelines and routes outside Hormuz can reduce some of the pressure, but they cannot immediately replace the enormous volumes that normally pass through the waterway.

What’s Next?

The key variable is whether the confrontation between Washington and Tehran moves toward negotiations or further escalation.

A diplomatic breakthrough could rapidly reduce the geopolitical risk premium by restoring confidence in shipping and improving visibility over oil flows. A further escalation, however, could produce additional attacks on tankers, restrictions around the Gulf or renewed pressure on alternative shipping routes.

The oil market will therefore be watching tanker movements as closely as military developments.

If shipping activity becomes more visible and flows recover, some of the current premium could disappear. If the information blackout continues, traders may continue pricing the possibility of a much larger supply disruption.

Analysis

The deeper significance of the Hormuz crisis is that information itself has become a strategic commodity.

Modern energy markets have traditionally depended on the ability to monitor ships, cargoes and supply chains with increasing precision. Satellite imagery, tracking systems and port data created an assumption that physical oil flows could be observed and measured with reasonable accuracy.

That assumption is now being challenged.

The result is a market where perception can influence prices almost as powerfully as physical shortages. If traders believe Hormuz is becoming less reliable, they will pay more for crude today even without definitive evidence of a catastrophic supply loss.

This gives Iran an important form of strategic leverage. The threat of disruption can generate economic consequences even when actual disruption remains limited.

At the same time, Washington faces a difficult calculation. Greater military protection may help keep shipping moving, but prolonged confrontation can also increase the geopolitical risk premium that the United States is trying to contain.

The central question, therefore, is no longer simply how much oil is passing through the Strait of Hormuz. It is how long the global market can function without knowing the answer.

If that uncertainty persists, the oil market could continue carrying a substantial security premium even if physical supplies prove higher than current estimates suggest. The longer the uncertainty lasts, the more deeply it can become embedded in prices, inflation expectations and global economic planning.

With information from Reuters.

New fuel pricing targets consumption above 110 litres monthly, doubling costs to 100,000 riyals per litre.

Iran has raised petrol prices for motorists again as the government struggles to manage declining revenues and sustain a costly subsidy regime.

The price of petrol will remain the same for the first 60 litres (16 gallons), state media reported, but there will be a higher price bracket for the next 50 litres (13 gallons). Prices will double from 50,000 riyals to 100,000 riyals ($0.07) per litre (0.3 gallons) for motorists who consume more than 110 litres (29 gallons) a month.

Iran has some of the lowest petrol prices in the world, but due to ongoing economic difficulties amid the war with the US, including punishing sanctions and a siege on Iranian ports by US forces, Iranian officials have for months considered adjusting fuel subsidies to make up for lost revenues.

“If we consume it properly, we can manage with the amount of gasoline we produce in the country,” Mohammad Bagher Ghalibaf, speaker of the Iranian parliament, said in a TV address earlier this month. “What is clear is that we need to save gasoline in our consumption. Of course, part of the responsibility for this high consumption does not lie with our people; it lies with our industry.”

Iran depends on oil exports for about 90 per cent of its budget, but these have declined from about 4 million barrels per day (bpd) to about 2.2 million bpd in August. The country is also consuming more oil than it produces domestically.

In a sign of the energy crisis, videos circulating on social media reportedly show long queues at petrol stations in Tehran.

It is the second time petrol prices have increased since December, with concerns about further increases prompting unrest.

Huge antigovernment protests in 2019 started after anger over fuel price increases. Iranians are already feeling the impact of a downturn in economic activity, high inflation, and a drop in the value of the rial.

Oil prices are rising to nearly a six-week high amid a wave of strikes between the United States and Iran in the Strait of Hormuz, through which roughly a fifth of the world’s oil supply travels during peacetime.

On Monday, Brent oil futures, the global benchmark, rose to hover around $97 a barrel — up 9 percent over the last five days and 19 percent over the last month. Monday’s market moves are approaching the highest point since July 24th, when prices topped $97.93.

US West Texas Intermediate crude similarly rose to $92.27 a barrel, up 79 cents, also a near six-week high.

In recent days, strikes escalated in the Strait of Hormuz. The US hit three Iranian oil tankers on Saturday, while Iran’s Islamic Revolutionary Guard Corps (IRGC) said it had struck three tankers and three US-linked vessels in other areas.

“This is a reflection of continued conflict and exchange of fire. The supply deficits globally are persisting, and there is little end to these shortages,” Rachel Ziemba, an adjunct senior fellow at the Center for a New American Security (CNAS), told Al Jazeera.

On Monday, Saudi Aramco’s Jizan facilities were struck for the second time in the last month, according to reporting from the Financial Times that cited two people familiar with the matter.

“The fact that a Saudi refinery in Jizan was hit, possibly delaying its return to production, didn’t help,” Ziemba added.

Amid increased strikes, there’s less traffic in the Strait of Hormuz, with an average of 10 commodity ships crossing the vital chokepoint each day over the last 10 days, according to Kpler, a data analytics platform.

“Crude went back down to what the pre-war level was in early July. Then it increased again, and then it reduced again, and now it’s increasing again on this weekend’s exchange plus the Aramco attack,” Arif Gasilov, a partner at the Gasilov Group, an energy advisory firm, told Al Jazeera.

“I would say that you might eventually see an inflection point, depending on how long this keeps going on, where a ceasefire doesn’t move the market at all, maybe by just a dollar or two.”

US consumers pinched

US consumers are feeling the impact of heightened oil prices at the petrol pump. The average price for a gallon (3.78 litres) of petrol has jumped 7 cents over the course of a week, reaching $4.15 nationally on Monday, up from $4.08 this time a week ago, according to the American Automobile Association (AAA), which tracks daily petrol prices.

That’s up from $4.04 this time a month ago and $2.98 from February 28th, when the US and Israel first struck Iran, marking a 39 percent increase since the war began.

Last week, diesel prices hit all-time highs at $5.85 per gallon.

“US diesel prices have never been this high, and now the countdown starts for the trickle-down to everything consumers buy… record diesel will start funnelling down into the economy,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a post on the social media platform X.

Prices have continued to climb since, with average prices on Monday topping $5.90 per gallon.

“Markets are pricing in longer disruptions. It continues to be in product markets where the biggest disruptions lie, though, including diesel,” Ziemba added.

Those price gains are weighing on Americans, who have spent an average of $764.59 per household on fuel since the war began. That’s $418.82 more than usual, according to Brown University’s Watson School of International and Public Affairs.

Ahead of the US’s September 5-7 Labor Day weekend, the unofficial end of summer and a popular time for US travel, AAA forecasts showed a 20 percent increase in flight costs compared to the same weekend last year.

Ahead of the midterm elections, the economy is emerging as a key issue for US voters — and a potential warning sign for Republicans. Polls show voters souring on President Donald Trump’s handling of the economy, with his economic approval rating falling to a new low in a recent Financial Times poll. Just 17 percent of Americans approve of his handling of the economy.

An Economist/YouGov poll similarly found that 39 percent of Americans believe Democrats are doing a better job handling the economy, compared with 32 percent who said Republicans are.

China pressures

Southeast and East Asian markets rely more heavily on imports travelling through the Strait of Hormuz directly than the US, but Beijing has moved to insulate itself from the disruption by turning to domestic sources, including its strategic petroleum reserve (SPR).

“China has been managing this situation successfully since the beginning of the war. We know that China has many domestic resources, despite rising oil prices,” John Gong, an economics professor at the University of International Business and Economics, told Al Jazeera.

“China has been conserving its oil and gas consumption for quite some time now. China was prepared for these challenges,” Gong said.

He also stressed that China’s close relations with Russia give Beijing another source of supply, with Moscow able to provide nearly half of China’s daily oil needs.

China has also begun tapping into its SPR while reducing its reliance on imports, as Beijing accelerates a broader shift towards alternative energy sources and vehicles that require little or no oil to operate.

“We have national strategies focused on transitioning to clean energies like solar and green power,” Gong said. “When we look at the vehicles purchased in China, more than 50 percent of cars sold on the Chinese market are electric.”

ONE of the most famous attractions in the UK is slashing its ticket prices by more than half.

Kew Gardens is known for its incredible botanicals, exhibitions, seasonal events – and in a few days you’ll be able to explore it all for a tenner.

Every Tuesday between September 8 to December 29, adult tickets to Kew Gardens will cost just £10 – rather than its usual £25.

The attraction is open every day of the week between 10am and 7pm.

Kew Gardens is a one-of-a-kind attraction filled with more than 50,000 plants with some of the most diverse collections on earth.

It’s frequently named as one of the best attractions to visit in the country and in the world.

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It was named as one of the world’s best botanical gardens by Conde Nast Traveller in 2023.

As for what you can find now, there are plants aplenty.

For seeing autumn at its best, head up to the Treetop Walkway for a high-up view of the attraction looking down at its orange-leaf trees.

It looks over the Arboretum which has over 11,000 trees – some of them dating back to when the gardens were founded back in 1759.

If you’re going as a family, check out the children’s garden which has its own playground designed for two to 12 year olds.

There are tunnels, climbing frames and water play too.

For a moment of calm, there’s Japanese Landscape, a tranquil Asian-inspired garden with a traditional tea garden and waterfalls.

Inside the Palm House is a tropical rainforest environment – this is where you’ll find the oldest pot plant in the world.

It’s one of your last chances to see it for a while as there’s a planned renovation in 2027 which will last for five years.

Other areas to explore include King William’s Temple, The Hive installation and Temperate House which is the world’s largest Victorian glasshouse.

In October half-term there will be a Hey Duggee trail for kids with interactive challenges and a stamp trail.

The £10 tickets also coincide with the Henry Moore: Monumental Nature exhibition which has as many as 30 impressive sculptures on display.

The £10 tickets can be booked online or bought at the gate.

Travel Reporter Cyann Fielding reveals her favourite part of Kew Gardens…

If you want to find out how to spend a day at Kew Gardens, Travel Reporter Cyann Fielding has done all the work for you…

“Whatever season you choose to visit Kew Gardens, there is something different to see.

“When I visited, the orange, red, yellow and brown leaves of autumn were in full swing making the entire destination look like a painting.

“Of course, pretty much all of the things to do at Kew Gardens are suitable for adults.

“A personal favourite of mine was the Princess of Wales Conservatory which features 10 temperature-controlled climate zones.

“In each area, there is something to explore that is fascinating – it essentially feels like walking through the jungle. You’ll see Venus flytraps, orchids and giant cheese plants.

“There is the Temperate House, which is the world’s largest Victorian glasshouse and is home to rare and threatened plants.

“Also make sure to head to Palm House, especially before it closes and undergoes refurbishment in 2027.

“Inside you will find an indoor rainforest, with tropical plants including the oldest pot plant in the world.

“Reopening in spring 2026 is also Kew Palace, which is the oldest building within the gardens.

“The pretty red house was the summer home of King George III in the 18th century and features 10 rooms spread across three floors, including the royal’s living quarters.

“At the opposite end of the estate is Queen Charlotte’s Cottage, which is currently open to the public.”

Netflix bosses have raised UK prices for the second time this year – with the cheapest plan going up by a third

There is bad news for Netflix users after bosses raised the prices of UK subscriptions for the second time this year.

The streaming platform, which houses Stranger Things, Love Is Blind, Bridgerton, Selling Sunset and many other beloved programmes, has updated its pricing – with the cheapest rising by a third.

Customers will be given 30 days’ notice by email before the changes. Those with the standard plan with ads will now pay £7.99 a month, up from £5.99, while the advert-free option has moved from £12.99 to £13.99.

Users who have a premium plan, which allows them to add extra members and stream on more devices, will pay £20.99 from their next billing cycle, a change of £2.

For viewers who want to add an extra member for their subscription, they will have to pay £5.99 under new guidelines, up from £4.99.

This is the second time that the prices have increased this year, with previous changes being introduced in February.

A spokesperson said, via Deadline, that the changes “reflect improvements to our wide range of entertainment and the quality of our service.”

“Our approach remains the same: we continue offering a range of prices and plans to meet a variety of needs, and as we deliver more value to our members, we reinvest in quality entertainment and improve their experience by updating our prices,” the statement added.

“We know members have never had more choices in entertainment, and we’re committed to delivering an experience that meets and exceeds their expectations.”

The news was confirmed just after the second series of Guy Ritchie’s acclaimed drama, The Gentlemen, landed on the platform, with many high-profile releases still to come.

Keira Knightley will be returning in season two of Black Doves in November, while a documentary on late Friends actor Matthew Perry will hit screens at the end of October.

In recent years, original shows including Adolescence, Baby Reindeer, The Crown and Ozark have collected a string of awards. Fans have also raved about Netflix’s film slate, including Voicemails for Isabelle, Nonnas, Carry-On and Rebel Ridge.

Like this story? For more of the latest showbiz news and gossip, follow Mirror Celebs on TikTok , Snapchat , Instagram , Twitter , Facebook , YouTube and Threads .

Borrowing costs across some of Europe’s biggest economies have surged to their highest levels in more than 15 years, as a renewed sell-off in global bond markets gathers pace.

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The global bond rout pushed Germany’s benchmark borrowing costs to a 15-year high on Tuesday, with France, Italy and the Netherlands all seeing similarly steep rises.

Germany’s 10-year Bund climbed above 3.36% on Tuesday, according to Trading Economics. Later, the yield went down a bit and traded at around 3.34%.

Bond yields move inversely to prices. When investors sell bonds, prices fall, and because a bond’s fixed interest payment becomes worth more relative to that lower price, the effective yield rises.

In short — the more bonds get sold, the more it costs governments to borrow.

Sovereign debt came under renewed pressure as rising oil prices and increasingly hawkish signals from major central banks reinforced bets that interest rates will stay higher for longer.

The yield on Germany’s 30-year Bund surged above 3.84%, also its highest level since 2011. The French 10-year OAT yield rose to its highest level since November 2008, trading slightly above 4.215% at around 10.45 CEST on Tuesday. The equivalent Italian yield was trading slightly lower at 4.188 at the same time.

At the same time, the Dutch 10-year government bond yield increased to 3.43%, its highest level since May 2011. Spain’s 10-year yield climbed above 3.80%, its highest level since November 2023.

Investors are concerned that rising energy prices will fuel inflation around the world, potentially prompting interest-rate increases by central banks in the US, Japan and the eurozone, among others.

These concerns were reinforced in the eurozone on Tuesday morning, as the latest flash inflation data from Eurostat showed that energy prices were 14.3% higher than a year earlier. This helped push eurozone inflation to 3.3% in August, up from 2.9% in July. This is significantly above the ECB’s 2% target.

The central bank is due to hold its next monetary policy meeting next week, and most investors are betting on a 25-basis-point rate hike.

Leo Barincou, senior economist at Oxford Economics, said: “With inflation still accelerating, the ECB is all but certain to hike at next week’s meeting, in line with our expectations.”

Looking at the largest European economies, analysts say Germany’s Bund has moved largely in line with global benchmarks, while France faces an additional risk premium because of its political and fiscal outlook.

French 10-year borrowing costs have exceeded Italy’s for much of the summer, as France increasingly replaces Italy as the main focus of European debt concerns.

According to the IMF, France’s gross government debt is projected to reach 118.4% of GDP this year and 120.5% in 2027. France currently has the third-highest debt-to-GDP ratio in the EU, after Greece and Italy.

The Banque de France expects the budget deficit to reach 5.2% of GDP this year. Difficult budget negotiations ahead of the 2027 presidential election have raised doubts about the government’s ability to reverse this trend.

Robert Timper, BCA’s chief fixed-income strategist, previously told Euronews Business: “We have held the view for some time that France is the country in the euro area with the most unsustainable fiscal outlook, and its borrowing cost should reflect that.”

“To get back to a sustainable fiscal path, France needs to do substantial reforms, which will be unpopular as they will curtail welfare spending,” Timper said. “A large political majority is therefore necessary for such reforms, or a bond market riot will force reforms.”

Global bond sell-off

Expectations of persistently high inflation and rising borrowing costs also pushed the yield on 10-year US Treasuries to its highest level since January 2025. The yield on the 10-year Treasury was trading at around 4.78% on Tuesday.

In the US, higher energy prices have added to already stubborn inflation, which remains well above the Federal Reserve’s 2% target. Inflation has weighed on household spending and consumer confidence, complicating the Fed’s decisions on interest rates.

According to Bloomberg, traders raised the probability of a September US rate hike to about 70%, extending a repricing that began last week when Federal Reserve Chair Kevin Warsh doubled down on a pledge to tame inflation.

The sell-off also spread to Asia, where Japan’s benchmark 10-year government bond yield reached 3.00% for the first time since 1996.

Government bonds have traditionally been seen as safe-haven assets during periods of uncertainty.

That role is being tested as investors become increasingly concerned that global conflicts and higher energy prices could produce a prolonged period of stagflation — a combination of high inflation and weak or zero economic growth.

Wheat prices have risen sharply amid disruptions to Black Sea exports as the Russia-Ukraine war continues and as changing weather patterns cause droughts that have sharply reduced production.

Over the past month, Russia and Ukraine have stepped up attacks on each other’s grain terminals on the Black Sea. With Russia the world’s largest wheat exporter, and Ukraine among the top 10 grain-producing countries, these attacks have taken their toll on global wheat and grain supply.

Chicago wheat futures, the global benchmark for the grain market, hit a three-year high on Friday, before nudging down 0.54 percent on Monday to $7.79 per bushel by 02:00 GMT. Authorities in Russia’s Rostov region called a state of emergency on Friday after announcing that port closures and navigation disruptions in the Sea of Azov and Black Sea basin have led to a pile-up of agricultural products at farms.

Meanwhile, the rising temperatures and lack of rain have threatened to cut this year’s wheat harvest in South Africa’s Swartland, which produces about 20 percent of the country’s wheat.

Here’s what we know:

What impact is the Russia-Ukraine war having on prices?

Over the past month, strikes on ports, vessels and grain facilities amid the Russia-Ukraine conflict have disrupted grain terminals and forced shippers to delay or cancel cargo loadings during the peak export season.

While Russian missile attacks have impacted Ukraine’s grain exports, Ukraine’s drone attacks in the Sea of Azov have also sharply curtailed Russian shipments of both grain and wheat. At the same time, attacks on Russia’s Novorossiysk and Taman ports have increased shipping costs out of its Black Sea ports.

According to Ukraine’s Ministry of Infrastructure, in July, Ukraine suffered 35 Russian attacks on vessels in port, 22 at sea and 67 on port facilities. By comparison, the total number of vessel strikes for the whole of 2025 was just 14.

On Friday, Kyiv’s agricultural minister said recent Russian air attacks have destroyed around 90 percent of retailers’ food logistics. With transport of wheat curtailed, prices have risen, raising fears of food insecurity around the world.

Joe Glauber, a research fellow emeritus in the director general’s office at the International Food Policy Research Institute, said that the issue, therefore, is less the amount of wheat being produced and more about the cost of getting it to buyers and consumers.

“There’s plenty of wheat in Russia and Ukraine, and ultimately that wheat will make it out on to the market. But right now it can’t, or it comes out with a very high cost, and so wheat prices have reflected that,” he told Al Jazeera.

“There’s a lot of wheat in the world…it’s not a question of availability, it’s a question of affordability,” he added.

Egypt, the world’s largest wheat importer, usually spends around $3bn per year on importing wheat. In the first half of 2026, it sourced more than 82 percent of its stock from Russia and Ukraine.

In Asia, second-largest wheat importer Indonesia bought $361m of wheat from Ukraine and $102m from Russia between 2023 and 2024, according to the Observatory of Economic Complexity. Indonesia usually sources between 15 percent and 20 percent of its wheat from the two countries.

An official at Indonesia’s Flour Millers’ Association told Reuters last week that current stocks can meet immediate food-grade wheat requirements. “But we don’t have abundant or excess supply. We have to look at other origins such as Bulgaria, Australia, Romania and Argentina for cargoes that do not get shipped from Russia and Ukraine,” the official said.

How does climate change fit into this?

Besides the war in Ukraine, droughts and drier weather patterns have taken a toll on wheat production and contributed to rising prices.

According to the United States Department of Agriculture (USDA), as of July 1, the US, also one of the biggest wheat exporters, is forecast to yield “46.7 bushels per acre, down 0.1 bushels from last month and down 8.2 bushels from last year’s average yield of 54.9 bushels per acre”.

“If realised, the United States yield would be the lowest since 2015,” the USDA said.

In a report updated on August 14, the department wrote: “This year’s small crop is a product of long-term decline in US wheat acreage and widespread drought impacts on HRW [Hard Red Winter wheat] production in the Great Plains States. Total wheat supplies are forecast down 13 percent from the previous year, with larger beginning stocks dampening the effect of the smaller crop.”

For Canada, the world’s sixth-largest wheat producer, the USDA’s Foreign Agricultural Service found that for the 2026-2027 production year, total production is forecast to be 34.6 million metric tons (MMT) – also 13 percent lower than the year before – due to reduced planted area and a return to lower-than-average yields.

Amid the heatwaves that have hit European countries over the past three months, wheat production in the bloc has also reduced. According to COCERAL, the European association of trade in cereals, oilseeds, rice, pulses, olive oil, oils and fats, animal feed and agrosupply, the excessive heat is expected to reduce grain crops in 2026 by around 9 million tonnes to 286 million tonnes.

In a report published in July, COCERAL said: “The weather has started to affect corn pollination in the southern half of France and in Hungary. More damage is expected from the forecast heat in other parts of the EU.”

The El Nino weather pattern is also expected to bring drier-than-usual conditions to the Southern Hemisphere this year, with South Africa and Australia expected to experience droughts as a result.

What can be done to mitigate all this?

While the Russia-Ukraine war continues, in July 2022, the year the war started, a Black Sea Grain Initiative was brokered to allow for the safe exports of grain, food and fertiliser from Ukrainian ports to stabilise and lower global food prices.

While that agreement held, more than 1,000 ships full of grain and other foodstuffs left Ukraine, according to the EU. However, Russia ended the agreement in July 2023.

The answer to the current crisis is far from easy, experts say.

Bringing prices down now would necessitate a major shift in war strategy by both Russia and Ukraine, while the impact of climate change could be mitigated by governments implementing policies including improving water management on farms through the use of reservoirs to support drought-affected crops and reduce the loss of production.

Moreover, Glauber explained, while alternative routes exist to ship out grain from Russia and Ukraine, they are costly, adding that a return to a possible Black Sea Grain Initiative “would help calm wheat markets a lot”.

One answer may be for other countries to step in.

According to Glauber, during the 2022 global grain price surge, other wheat producing countries such as India exported more to make up for shortages.

“India, for example, had record exports in 2022. It’s probably less likely this year, just because of El Nino and other other factors affecting them, but they could also provide more wheat. I think the world wheat market proved very resilient in 2022, and I expect we’ll see the same in in 2026,” he said.

Asian stocks fell on Monday as hawkish comments from Federal Reserve boss Kevin Warsh saw investors ramp up bets on a US interest rate hike, while oil prices spiked after a fresh flare-up in the US-Iran war.

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With inflation remaining stubbornly high – largely on the back of elevated energy costs – the US central bank has come under pressure to act, and Warsh’s refusal to provide guidance has stoked uncertainty.

But in a highly anticipated speech at the Jackson Hole symposium of central bankers and economists in Wyoming, he left traders with few doubts that he was ready to increase borrowing costs.

Warsh said: “We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do.”

He called the spike in inflation – currently at 3.7% and nearly double the Fed’s 2% target – “concerning”, and said he would be “hard-pressed” to describe current financial conditions as “restrictive”, a potential hint that rate hikes could be on the horizon.

However, he stopped short of saying he would support a hike, adding: “I stand here today committed to a discipline, not to a decision.”

All three main indexes on Wall Street fell Friday. Yields on short-term US Treasury bonds – which reflect monetary policy expectations – jumped, and the dollar rallied against its peers. Gold, which benefits from lower interest rates, fell.

And Asia followed suit, with tech firms – which rely on borrowing to fuel their huge AI investments – leading the way down.

Tokyo, Seoul, Hong Kong, Shanghai, Taipei and Jakarta were all down, though Singapore and Wellington edged up.

Investors eye crucial data releases

Focus will now turn to a string of crucial data releases over the next two weeks before the Fed makes its decision, with jobs up this week and the consumer price index (CPI) next week.

“Should we get an inline payrolls print that does not give the Fed too much to work with, next week’s core CPI report will become the major decider for the market’s Fed belief system,” wrote Chris Weston at Pepperstone.

“The volatility priced around that outcome across rates, forex and equities could therefore be significant.”

Oil prices spike on US-Iran tensions

The Fed’s battle against inflation has been hobbled by the Iran war, which has pushed oil prices higher.

And after a run lower for most of last week, they spiked again on Monday, a day after the United States said it had attacked Iranian rocket launchers on a small island in the Strait of Hormuz, its first strikes on the country in a month.

The attack prompted Tehran to retaliate by hitting US military targets in Jordan. Both main crude contracts rose more than 2% on Monday.

The exchange came shortly after the US-Iran war hit the six-month mark, and at a time when hostilities had been subsiding.

The news revived concerns about the conflict, with attempts and peace talks appearing to be going nowhere and the strait – through which a fifth of global crude and gas passes – largely closed.

US officials this month vowed the “economic asphyxiation” of Iran to make it open the waterway.

“Hormuz is once again threatening to put a floor under oil just as Warsh is putting a ceiling on how much inflation patience markets should assume from the Fed,” said Quintex Intel’s Stephen Innes.

“For oil traders, (the) move is another reminder of how quickly the geopolitical premium can return.

“Physical flows through Hormuz have improved materially from their worst levels, which is precisely why crude had started giving back some of the fear premium, but the latest exchange shows how fragile that progress remains and how quickly the shipping story can be pushed back onto the trading desk.”

Additional sources • AFP

ORE Oduba has been served a fresh blow as he was forced to slash the ticket prices for his new show with Joanne Clifton.

Broadcaster Ore – who has been open about his financial troubles over recent months – met pro dancer Joanne back in 2016 after they were paired together on series 14 of Strictly Come Dancing.

They have remained good pals over the years and recently decided to go on tour.

The Joanne and Ore – Champions Reignited tour will see the pair sing, dance and tell stories.

But, it seems fans aren’t too keen as they’ve been left with no choice but to flog remaining tickets for 75% less than the original price.

Ore, 40, and Joanne’s tour was spotted on discount website Show Film First, which is used to sell-off tickets at a cheaper price.

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Event organisers and theatre producers strive to have all seats to be filled for shows, so when venues aren’t selling-out they often allocate unsold tickets to seat-filling agencies like Show Film First.

Tickets to their show have been slashed from £59 to just £15.

Before discounts, the lowest-priced tickets at their original price were £25 for students with a valid ID.

The advert on the site flogging tickets to Ore and Joanne’s upcoming show on Sunday has, at the time of writing been taken down.

They are set to take to the stage in Newcastle at the Tyne Theatre & Opera House.

On the venue’s website, fans can still get 2-for-1 tickets to the performance, which is just hours away.

This isn’t the first blow Strictly star Ore has suffered over the past few years as he announced he and Portia, 36, had ended their nine year marriage in October 2024.

Following their sad split Ore and Portia the put their family home on the market, which left their kids devastated.

The pair share a son, Roman, eight and four-year-old daughter Genie together.

Portia said on social media: “I told the children that we are selling the house.

“It’s hard, especially for Roman, to have these conversations. He’s really upset.”

Last November, Ore opened up on his porn addiction battle while speaking on the We Need to Talk podcast with Paul C Brunson.

He candidly said: “I was nine when I was introduced to pornography. That’s when my addiction started.”

Ore added: “While I wouldn’t say the addiction set in immediately, the intrigue started immediately and it didn’t take long for that intrigue to start running my mind over.

“It was the thing that was destroying my life from the inside out.

“But it was a thing I was running to from an early age as a response to the trauma.”

“Shame kept me silent for 30 years. It took me 30 years, two deaths, and a divorce to finally go: here’s what’s happening,” said Ore.

“The reason I felt like I needed to speak out on this, is because I wanted to guide my own children when it comes to it, when it comes to them seeing stuff that is going to be there.

“They’re going to come across it.”

Ore also admitted that he’d been struggling financially and his son was forced to leave his private school mid-term as a result.

The London-based TV and radio anchor shot to fame after fronting coverage for BBC Breakfast, Radio 5 Live, and major events like the 2014 Commonwealth Games and 2016 Rio Olympics.

Aug. 18 (UPI) — Stocks fell on all three major U.S. indices Tuesday as investors were spooked by elevated bond yields and the prospect of higher oil prices as the war between the United States and Iran drags on without apparent resolution.

Tech stocks led the downturn as the Nasdaq Composite dropped by 1.3%, followed by losses on the S&P 500 (0.6%) and the Dow Jones Industrial Average (0.2%).

Most analysts put the blame for the markets’ poor showing on news that 30-year Treasury yield surpassed 5.3% for the first time since the global financial crisis in 2007, reflecting sagging demand from global buyers willing to underwrite sovereign U.S. debt.

Concerns over rampant government deficit spending and the United States’ burgeoning debt of nearly $40 trillion are pushing treasury yields higher, analysts noted.

The shorter 10-year Treasury, meanwhile, ended above 4.7%, compared to below 4% before the start of the Iran War in February.

Rising “T-bill” yields are considered a danger signal for the broader economy and consumer spending because they can have the knock-on effect of pushing up virtually all borrowing costs, from auto loans to mortgages.

The latter is being reflected in costlier mortgage rates. A 30-year, fixed-rate mortgage on Tuesday stood at 6.75% after ending last week at 6.69%.

Meanwhile, oil prices on Tuesday reached their highest level in more than two weeks after President Donald Trump threatened to “bomb” Oman if it interferes with his plans to open the strategic Strait of Hormuz.

The benchmark Brent crude futures traded around $91 per barrel, while U.S. West Texas Intermediate crude futures rose to $84 per barrel.

A potentially very strong El Niño is emerging as a major risk for global agricultural markets, threatening to disrupt rainfall, raise temperatures and expose some of the world’s most important tropical crops to severe weather stress.

The U.S. Climate Prediction Center now sees a greater than 90% chance of a very strong El Niño during the northern hemisphere autumn and winter of 2026 to 2027. For commodity markets, the concern is not simply that El Niño causes drought. Its effects vary sharply by region, meaning excessive rainfall in one major producing country can occur alongside extreme dryness in another.

That makes the phenomenon particularly important for soft commodities such as cocoa, coffee and sugar, whose production is concentrated in climate sensitive tropical regions.

Why El Niño matters for commodity markets

El Niño occurs when sea surface temperatures in the eastern Pacific become unusually warm as trade winds weaken. The pattern generally lasts between nine and 12 months and can alter global temperature and rainfall patterns.

For farmers, the problem is timing. Crops can be damaged not only by drought but also by excessive rainfall, heat, fungal disease and disrupted flowering or harvesting cycles.

This year’s potential El Niño also arrives at an unusually difficult moment for agricultural producers. Farmers are already dealing with higher fertiliser and diesel costs linked to the U.S. Israeli war on Iran. Another major weather shock could therefore amplify existing production pressures.

Historically, strong El Niño episodes have been associated with substantial increases in soft commodity prices. But the effects differ considerably between crops.

Cocoa faces one of the clearest risks

Cocoa appears particularly vulnerable because production is heavily concentrated in a relatively small number of countries.

Ivory Coast and Ghana together account for roughly half of global cocoa production, while Ecuador is the third largest producer. All three can experience significant El Niño related weather disruptions.

Every strong El Niño over the past 55 years has reduced cocoa output, according to WisdomTree.

The previous El Niño illustrates why the relationship is more complicated than simply associating the phenomenon with drought. During the initial phase of the 2023 to 2024 event, West Africa experienced unusually heavy rainfall. Excess moisture contributed to fungal disease affecting cocoa trees.

Conditions subsequently shifted toward intense heat and unusually dry Harmattan winds. Trees weakened by disease struggled to flower, further damaging production.

That sequence demonstrates the real danger for cocoa: El Niño can produce multiple weather shocks during the same crop cycle.

The consequences can quickly reach global consumers. Cocoa prices nearly tripled in 2024 after the West African harvest failed, eventually exceeding $12,000 per metric ton.

A very strong El Niño could therefore revive fears of another supply deficit if weather conditions deteriorate across major growing regions.

Coffee faces a divided outlook

Coffee presents a more complicated picture because the world’s two major varieties are concentrated in different regions.

Robusta coffee is particularly exposed to El Niño because Vietnam and Indonesia, which together account for about half of global robusta production, typically experience higher temperatures and reduced rainfall under the weather pattern.

The timing is especially important. Dry conditions can hit these countries during crop development, with the consequences becoming visible during harvesting later in the year.

Citi analysts warned that dryness in Vietnam and Indonesia could significantly reduce robusta yields.

Arabica coffee presents a different picture.

Brazil, responsible for nearly half of global arabica production, can initially benefit from warmer conditions because they reduce the risk of damaging winter frosts.

But that advantage could prove temporary. El Niño typically brings hotter and drier conditions to Brazilian coffee growing regions later in the year, when the next crop is developing.

That creates the possibility of a delayed supply shock in 2027.

Sugar could be the exception

Sugar demonstrates why El Niño does not automatically translate into a bullish commodity market.

Brazil, the world’s largest sugar exporter, can experience heavier rainfall during the second half of the year. Excessive rain can disrupt harvesting and affect sugar quality.

India and Thailand face the opposite problem. El Niño generally reduces rainfall during the summer monsoon, creating additional pressure on production.

India is already expecting its lowest monsoon rainfall in 11 years, at around 90% of the long-term average. Hedgepoint estimates that even a moderate El Niño could reduce Indian sugar production by around 1 million metric tons.

Yet there is an important counterweight.

El Niño’s wetter conditions in Brazil could ultimately support the country’s following sugar crop. Since Brazil accounts for roughly half of global sugar exports, stronger Brazilian production could offset losses elsewhere.

That means sugar may not experience the same sustained price pressure as cocoa or robusta coffee.

The bigger problem is climate uncertainty

The most important market implication is not simply whether El Niño becomes “very strong.” It is where its effects materialise and when.

Agricultural markets operate on highly specific growing cycles. Rain arriving at the wrong stage can be just as damaging as drought. Excessive rainfall can create disease, while heat can interfere with flowering and crop development.

Climate change further complicates the picture.

The relationship between El Niño and agricultural weather is becoming harder to interpret because rising global temperatures can intensify the consequences of existing climate patterns. A weather event that might previously have produced manageable stress can now occur against a much hotter baseline.

This means commodity traders increasingly have to price not just the probability of El Niño, but the interaction between El Niño, climate change and already strained agricultural supply chains.

What could happen to prices?

The clearest risk is concentrated in cocoa and robusta coffee, where production is particularly exposed to adverse conditions in major growing countries.

Cocoa has perhaps the greatest vulnerability because West Africa dominates global supply and has already experienced serious weather related production problems. Another major disruption could quickly tighten inventories and push prices higher.

Robusta coffee faces a similar risk if drought develops across Vietnam and Indonesia.

Sugar is more balanced. Production losses in India and Thailand could be partly or potentially substantially offset by improved Brazilian conditions for the following crop.

The broader lesson is that El Niño is not a uniform commodity shock. It redistributes weather risks across producing regions, creating winners and losers within the same market.

Why consumers should care

The effects will ultimately extend beyond commodity exchanges.

Higher cocoa prices can increase chocolate production costs. Coffee shortages can raise prices for roasters and consumers, while sugar disruptions can affect everything from beverages to processed foods.

And because agricultural markets are interconnected, a weather shock in one producing region can encourage buyers to compete more aggressively for supplies elsewhere.

The potential super El Niño therefore arrives at a particularly sensitive moment for global food markets.

If forecasts prove correct, the next several months could test whether commodity markets have adequately priced the risks of increasingly volatile weather.

The real threat is not El Niño alone. It is El Niño hitting an agricultural system already under pressure from rising costs, concentrated production and a changing climate.

With information from Reuters.