Prices

Brent crude rises above $76 a barrel for the first time in two weeks amid renewed violence in Strait of Hormuz.

Oil prices have surged as renewed hostilities between the United States and Iran threaten to derail a fragile ceasefire that had brought some relief to global energy markets.

Brent crude, the main international benchmark, rose as much as 3 percent on Wednesday, reversing a slide that had seen prices return to pre-war levels.

Brent futures for September stood at $76.07 a barrel as of 04:00 GMT, the highest since June 23.

The jump came after the US launched strikes on Iran and revoked a temporary waiver of sanctions on Iranian oil, following attacks on three commercial vessels in the Strait of Hormuz.

US, Qatari and Saudi officials blamed Iran for the attacks on the vessels.

US Central Command said on X that it had begun “launching a series of powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway”.

Tehran has not directly claimed responsibility for the attacks, but has repeatedly warned vessels against attempting to transit the waterway on routes it has not approved.

Iranian Deputy Foreign Minister Kazem Gharibabadi said earlier that Tehran would take “decisive actions to safeguard its national interests and security” in response to the revocation of the sanctions waiver, describing the move as a “blatant violation” of the memorandum of understanding (MoU) signed by Washington and Tehran on June 17.

Tony Sycamore, a senior market analyst at IG Australia, said the MoU’s language was deliberately vague regarding control of the strait and traffic management.

Disagreement between the US and Iran over whether the strait is an international waterway or partly Iran’s territorial waters was never fully resolved, Sycamore said.

“It remains to be seen whether this morning’s US strikes bring a swift end to the latest escalation or Iran elects to continue flexing its leverage over the Strait with actions that fall short of triggering a broader conflict,” Sycamore said in a note to clients on Wednesday.

“At the very least, it will keep markets on edge and does suggest crude oil prices have based for now.”

The US strikes followed a separate move by the US Treasury Department late on Tuesday to revoke its 60-day waiver on sanctions on Iranian oil.

The Treasury Department last month authorised the sale of Iranian oil until August 21 as part of broader negotiations with Tehran, but transactions will now no longer be allowed after 12:01am EDT (04:01 GMT) on July 17, according to a statement on the department’s website.

The new order also rescinds authorisation for any new transactions, including purchases or loading, after Tuesday.

Saul Kavonic, head of energy research at MST Marquee, said he expects oil prices to remain elevated as hazardous conditions persist in the strait and the release of emergency oil stockpiles wind down.

“Iran fully intends to cement its control over the Strait of Hormuz in the coming weeks, which is unacceptable to the US, many Gulf states and global customers, and could result in passage through the strait remaining below 50 percent of pre-war levels for many months with periodic flare-ups in hostilities,” Kavonic told Al Jazeera.

Junior and Princess Andre give a joint interview as part of a new series about the life of their mum Katie Price.

The emotional children of Katie Price have broken down in tears as they recalled how their mother’s drug use meant she was unable to look after them properly and left them feeling “lonely” and unloved.

Junior, 21, and Princess, 19, have grown up in the spotlight since their parents Katie and Peter Andre split up when they were very young. And they’ve also dealt with the fallout afterwards which saw Katie struggle to cope and at one stage turn to cocaine to try to deal with her problems.

Junior says: “I remember missing her so much. This one time in particular, I was in her bed waiting for her to come back, and I woke up probably 3:30am to some loud noises, and I see her come in the room, and I’ll never forget the look on her face, she was obviously on stuff, right?

“I could see it in her eyes, and I was.. it scared me, because I’ve never seen my mum look like that. She’s there, but she’s not there, you know.”

Junior adds: “She wasn’t in the right headspace, she really wasn’t. And she wasn’t being a mum, she wasn’t being the mum that I knew from when I was a little boy.

“The amount of love she gave me was so immense that that’s what I missed so much. Mum was on drugs, and she could not look after us, and that is the reality of it. She couldn’t.

“And then I got fed up. I clocked on that this was a very unhealthy environment, and I needed to get out. I did leave. I think I was about 14 or 15, Thank God that my dad was stable, because that’s the house that I went to and gained my sanity back, you know.

“While I was wishing and hoping that my mum would come back and turn herself around. It made me feel like I wasn’t good enough, because she wasn’t fixing herself for me.”

His sister Princess says: “She’d give me a blanket, and she sprayed all her perfume on it, and that was like that was my, my attachment to Mum. So I remember after school I used to go home and just feel so like lonely in a way. I used to just cuddle to the blanket and just cry.”

She adds: “I stayed. I always wanted to be there for her, and I always wanted to show her that, like, she has me, she has us, but she didn’t understand that at the time, because she was so hooked up in her own problems.”

The pair, who break down in tears in the joint interview, also say they had to learn how to fend for themselves including making microwave meals and “looking after each other”. In a new Sky documentary series, Katie also is open herself about her drug use in the past. It came around decade after her split from husband Peter Andre in 2009, and coincided with a series of failed relationships including a troubled marriage to Kieran Hayler who she wed in 2013.

“It was the only thing that blocked everything out,” Katie says of drugs thinking back to the worst period of her life. It will take out that pain, it will take out any worry, it will take out the noise.”

She was regularly using cocaine and staying out late and not putting her family first. Looking back she says: “When I hear what the kids, how they saw it, it breaks my heart. But they were still always looked after, I still had people around me looking after them, like helping me.

“But that’s not good enough. Kids need their mum, kids need their mum’s love, their mum’s hugs, and I thought I was given that, but obviously I wasn’t. It must have been horrible for them, horrible for them, and I’m just sorry to them that I put them through that and thought I was doing the best I could with them, but what could I have done?

“I was unwell. I couldn’t even look after myself. I was more than rock bottom. I didn’t want to be. I wanted to die. I felt worthless, suicidal thoughts all the time.”

After one night of taking drugs and drinking, she crashed her car whilst feeling suicidal in September 2021. At the crash scene before being taken to the hospital, and then a police station, she had told her mum she “wanted to be out of it”.

“I remember when they put me in a cell it was like peace. Peace and quiet. I found that quite comforting. It is quite sad to think that,” She recalls.

Thankfully she also credits six weeks in The Priory after this incident with saving her life and helping her to learn to look after herself in a better way. Her relationship with Junior and Princess has improved as a result.

The new documentary covers the whole 30 year career of Katie, beginning as a glamour model who at her peak could command six figure fees for photoshoots or appearances on shows like I’m A Celebrity, where she met Peter Andre in 2004.

But since then she has been made bankrupt and is less in-demand to be on TV.

She is currently married to Dubai businessman Lee Andrews and her family express their shock on screen at the fact she again married someone in January she had known for just weeks.

On the documentary her stepdad Paul Price recalls a conversation he had before her fourth marriage.

“I said what’s she going to Dubai for? ‘To see a bloke’. I said ‘what’s the catch?’ And then we find out she’s getting married. I said ‘you’re off your head’. And then the geezer is in the paper pretending to be a millionaire.”

Asked if he was angry with her, Paul replies: “100 percent”.

Son Junior adds: “This is the most silliest stupidest thing, marrying a guy she doesn’t even know. This is my mum, this is what she does.”

Her mum Amy Price ends the film with a simple dream that her daughter will fine happiness and less drama in her life at some stage as she gets older.

Amy says: “In some ways, she’s still like a child. But she’s a good daughter. I hope she really does find someone to love and be happy.”

* Katie Price: Nothing to Hide, a four-part Sky Original series, will be available on Sky and streaming service NOW on 8 July.

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

China has raised its purchases of oil from the Middle East in recent days, with deep discounts offered by its main supplier Saudi Arabia expected to further boost its buying, the Financial Times reported Monday.

China bought at least 26M

KATIE Price’s husband Lee Andrews has confessed he’s going bald – and blamed his thinning hair on prison food. 

Lee recently spent time in Dubai’s notorious Al Awir jail where he was held over unpaid debts. 

In a new social media clip, the conman told followers he will be exposing “60 people from the celeb world” who have been talking bad about him recently. 

During the video, Lee pointed to his head and showed off a bald spot before saying: “I’m going bald. What the f**k?”

Sighing, he added: “Prison food.” 

One celebrity who has made her feelings about Lee very clear is Vogue Williams. 

LEE-P OF FAITH

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Calling out Lee’s recent debunked claims he’s adopted Katie’s five children and landed a part in EastEnders, she said: “He’s saying he’s adopting the kids now. 

“He is actually one of those people that I look at and I’m like, ‘erghhhhh’.”

Vogue continued: “He’s taking the p**s out of everybody.

“This is why I have such a problem with it, I’ve likened it to being really stupid.

“He’s trying to make people seem stupid and think that we actually believe his b******t and I can’t bear it.

“I feel like he doesn’t even have two brain cells to rub together, that’s how I feel about him and I hate being dragged down to his level.”

A MUCH-LOVED seaside theme park has revealed plans to cut ride prices all summer.

Dreamland, in Margate, is one of the free remaining theme parks that is still free to visit.

However, guests can buy wristbands that offer deals on the rides inside, which are pay-per-use.

And the theme park has since announced that they will cut prices by 15 per cent this summer.

This includes the Tiny Tots Wristband which includes unlimited goes on nine rides such as the Margate Express and Caterpillar Coaster, and now costs £10.99.

Otherwise there is the Mega Ride Wristbands which includes all ride entry, all day for £20.99.

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New last year to Dreamland was the Wild River Log Flume, while new this year is the Little River, where guests can ride in a small canoe.

Sadly, the Scenic Railway remains closed after 106 years, after it was announced it was too expensive to run.

Having opened in 1920, it was forced to close back in 2024 due to damage to the famous wooden track.

Due to its age and design, it was advised that it would need a daily inspection that take as long as five hours.

While it will remain at the theme park, it said it will remain closed.

Outside of the rides, inside is the huge arcade area and rollerskating rink.

Dreamland also hosts huge live music events all year round as well.

This year this includes performances from The Human League, Nile Rogers and Bastille, along with comedy shows and Kpop events.

Earlier this year, the theme park also hosted music festival Lovebox for the first time, and its first return in seven years.

Here’s everything else you need to know about planning a trip to Margate.

The price for the final 2026 World ⁠Cup match in Seattle hit nearly $4,000 but dipped as low as $1,549 ⁠on Tuesday.

Ticket prices for ‌the United States’ highly anticipated round of 16 game against ⁠Belgium on ⁠Monday plunged by more than 30 percent before rebounding slightly early Saturday evening.

The get-in price for the final 2026 World ⁠Cup match in Seattle hit nearly $4,000 on June 1, according to ticket-tracking service TicketData.com. After dipping to as low as $1,549 ⁠on Tuesday, the get-in price spiked to $2,836 after the USA solidified their spot in the round of 16 with a 2-0 win over Bosnia and Herzegovina.

However, the get-in price has steadily declined in the ‌days since. It dropped to $1,423 on Saturday afternoon – a 32 percent decrease over the past three days – but the get-in price rebounded to $1,635 at 6pm Eastern Time (23:00 GMT).

That late boost pushed the USA-Belgium game from the fourth-highest get-in price to the second-highest price among the eight round of 16 matches. Mexico’s game against ⁠England in Mexico City on Sunday sits ⁠at $3,574.

ROUND OF 16 TICKET PRICES*:

• Mexico-England, 7/5 (Houston): $3,574
• USA-Belgium: 7/6 (Seattle): $1,635
• Argentina-Egypt: 7/7 (Atlanta): $1,599
• Brazil-Norway: 7/5 (New Jersey): $1,537
• Portugal-Spain: 7/6 (Dallas): $1,367
• Switzerland-Colombia: $959 (Vancouver): $972
• Paraguay-France: 7/4 (Philadelphia): $914
• Canada-Morocco: 7/4 (Houston): $721

*TicketData.com as of 6 p.m. ET on July 4.

The significant drop in the ⁠get-in price for the US-Belgium game is somewhat surprising considering the Red Devils’ base camp ⁠is located just 16 kilometres (10 miles) south of Seattle ⁠Stadium at the Sounders FC Performance Center. Monday will mark Belgium’s third match in Seattle following a 1-1 draw with Egypt in the group stage and a ‌dramatic 3-2 comeback victory over Senegal in the round of 32.

Canada was the first team eliminated from the round of 16 ‌with ‌their 3-0 loss to Morocco on Saturday. The get-in price for that match dropped 14 percent from $838 over the final 72 hours.

July 3 (UPI) — The Justice Department on Friday called on states to investigate whether businesses and individuals are artificially inflating gas prices amid complaints from President Donald Trump that costs are too high.

Associate Attorney General Stanley Woodward Jr. along with Federal Trade Commission Chairman Andrew Ferguson sent a letter to state attorneys general asking them to join federal investigators in probing potentially illegal practices.

“Recent volatility in crude oil prices does not suspend either the antitrust laws or state consumer protection laws, and it does not authorize companies to manipulate retail prices or collude with their competitors,” the letter read.

“We also encourage State Attorneys General to use all tools available under your state laws to investigate and prosecute any misconduct causing unjustified prices increases — particularly conduct that violates state antitrust and consumer protection statutes.”

Gas prices have been on the rise since late February when the United States and Israel began attacks on Iran. Tehran, in return, largely shut down the Strait of Hormuz to traffic, crippling the the transport of oil through the waterway. About one-fifth of the world’s gas supplies pass through the strait.

An agreement between the United States and Iran reopened the strait, but Trump took to Truth Social on June 23 to complain that gas prices had not dropped fast enough.

“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” he wrote. “Those prices are dropping like a rock! In other words, customers are being ‘gouged.’

“I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!”

AAA reported Friday that the current national average gas price was $3.82 per gallon for regular gasoline, down from $4.26 a month prior. One year ago, it was $3.16 per gallon.

Brent falls below $71 a barrel amid reports of progress in talks to end the war.

Oil prices have fallen to levels not seen since the start of the US-Israel war on Iran amid rising hopes for a breakthrough in negotiations aimed at sealing a permanent peace deal.

Brent crude fell more than 1 percent on Thursday to below $71 a barrel, returning the international benchmark to pre-war prices.

Brent futures for August delivery stood at $70.82 per barrel as of 04:30 GMT, lower than at any point since February 27.

Following the latest drop, Brent prices are down more than 38 percent from their post-war peak of more than $126 a barrel on April 30.

The slide came after Qatar, a key mediator between Washington and Tehran, said that US and Iranian officials had made “positive progress” in indirect talks aimed at resolving issues related to their memorandum of understanding (MoU) on ending the war.

US President Donald Trump also cast a positive light on the talks on Wednesday, saying the “denuclearisation of Iran is moving along well”.

Vandana Hari, the founder of the Singapore-based oil market analysis provider Vanda Insights, said a steady uptick in oil flows out of the Gulf and “cautiously optimistic geopolitical sentiment” had driven prices lower.

“Several key issues in the MoU remain unresolved, but the two sides appear to have backed off confrontation on the issue of the interim Hormuz transit regime, at least for the time being,” Hari told Al Jazeera.

“I expect crude to continue grinding lower until the backlog of stranded barrels has cleared, and prices could even swing into oversold territory,” she said.

“The real test of normalisation of Persian Gulf supply will come after that, necessitating fresh supply-demand balance recalibration.”

Shipping in the Strait of Hormuz, a conduit for one-fifth of the global trade in oil and liquefied natural gas in peacetime, has shown tentative signs of recovery in recent days after a sharp decline following attacks on two commercial vessels in the waterway on Thursday and Saturday.

At least 40 vessels transited the strait on Tuesday, according to data from MarineTraffic, up from 27 crossings on Monday and 22 on Sunday.

Maritime traffic nonetheless remains far below its pre-war level of roughly 130 daily crossings amid persistent concerns about safety in the waterway.

While Iran agreed to make its “best efforts” to arrange the safe passage of vessels in the MoU it signed with the US on June 17, Tehran has since repeatedly claimed the sole right to control movement through the strait.

At least 49 attacks on commercial vessels have been recorded in the strait since the start of the war, according to MarineTraffic, most of which were claimed by Tehran or blamed on its forces.

Immigrants detained at two federal facilities in California have launched a boycott in protest of increasing and, in their view, burdensome prices at the facilities’ commissaries for items including tampons, coffee and soup.

The Times reviewed a grievance letter and spoke with three detainees who are involved in the boycott at the California City Detention Facility, about 80 miles east of Bakersfield, and at the Golden State Annex in McFarland.

More than 300 detainees are estimated to have signed grievance letters sent recently to facility administrators, according to advocates with the California Collaborative for Immigrant Justice.

Both facilities are operated by private prison corporations — the California City facility by Tennessee-based CoreCivic and the Golden State Annex by Florida-based GEO Group.

The Times has reached out to the Department of Homeland Security, GEO Group and CoreCivic for comment.

Detainees are provided certain essentials, such as food and soap, free of charge, but many also purchase items at commissary stores that are of better quality or otherwise unavailable. Detainees said shampoo and other hygiene items sometimes run out for days and that meals are small or exacerbate diabetes and other health issues.

“The three daily meals that CoreCivic provides at California City Detention Facility are the bare minimum to keep a person alive,” they wrote. “Because of this, charging inflated prices on necessities is considered price gouging and profiteering against vulnerable incarcerated population who have no ability to refuse or shop elsewhere.”

The detainees said an 8 oz. jar of Folgers instant coffee costs $18 at the California City facility, a single instant ramen soup is 75 cents and a box of 40 tampons costs nearly $21.

At Walmart, the same Folgers coffee costs $8.97, Maruchan chicken ramen soup is 50 cents and 40 Tampax tampons are $12.19.

U.S. Immigration and Customs Enforcement detains immigrants for civil purposes. Detention is meant to facilitate removal proceedings but is not meant to be punitive.

Detainees are paid $1 per day under a voluntary work program for cleaning or cooking. Many detainees rely on money from family and friends.

In their grievance letter, the detainees called the markups an unacceptable business practice with no apparent limit. They said they view the situation as an example of captive market exploitation and economic coercion.

The detainees requested a review of commissary pricing by facility leaders, a comparison of prices with prison industry standards, an immediate reduction in prices of essential items and the implementation of reasonable price caps. They also requested an increase in the portions of daily meals, including for meals meeting religious requirements, which they said are particularly small.

In May, the California State Senate passed a bill that would prohibit the excessive markup of products sold at private detention centers, limiting prices to 35% above the vendor cost. Existing California law already limits such markups in state prisons. The bill is now in the Assembly.

Priya Patel, an attorney at the California Collaborative for Immigrant Justice, represents people who have been detained at both facilities. She said that during legal service consultations, commissary pricing frequently comes up.

“The higher the prices get, the higher of an impact the conditions have on people and the more difficult it becomes to fight their cases,” Patel said.

The collaborative is one of the organizations that brought a lawsuit last year alleging inadequate medical care, as well as insufficient clothing, food, water and outdoor recreation time at the California City facility, which can hold more than 2,500 people. The lawsuit remains ongoing; in March, a U.S. district judge in San Francisco appointed an external monitor to ensure the facility provides “constitutionally adequate health care.”

The lawsuit describes multiple commissary-related issues. For example, it says the facility doesn’t provide headphones for tablets, making private phone calls — including privileged calls with attorneys — impossible unless the detainee can afford to purchase headphones from the commissary.

“One detained person has difficulty walking and standing for extended periods of time without shoes that provide arch support,” the complaint says. “He arrived at California City with appropriate shoes to accommodate his mobility disability, which were approved as an accommodation at a prior ICE facility. California City staff confiscated those shoes and instead provided him with plastic, orange sandals.”

“Several weeks after staff confiscated his shoes, he had an appointment with a doctor at California City,” it continues. “The doctor told the him … to buy different shoes from commissary to accommodate his foot condition.”

A contract between CoreCivic and ICE for the California City facility, dated April 1, 2025, says the contractor must provide notice of any price increases and that “any revenues earned in excess of what is required for commissary operations shall be used solely to benefit aliens at the facility.”

Alfredo Parada Calderon, 52, has been detained at the California City facility since September. He said commissary prices were already high before they increased around mid-June.

Parada Calderon said he asked an ICE officer why the prices had increased so much. The officer said he wasn’t aware of the change but that the vendor is Keefe Group, which supplies commissaries at prisons and immigrant detention centers across the country.

Detainees in his dormitory submitted a grievance about commissary prices, Parada Calderon said. The answer was vague.

“They’re blaming it on inflation,” he said.

Parada Calderon said his family sends him about $100 per month to spend on commissary items, which he spends on packets of crackers, coffee, soups, soap, shampoo, deodorant and chips.

“Enough is enough,” he said. “It’s a horrible enough place to be in and you guys are making it even more horrible, not just for me but for my family. The detainees want to be heard and this is the only option we actually have — a peaceful protest.”

Tommaso Bardelli, a researcher at New York University who studies mass incarceration, said the families of most people in prison are working class and may sacrifice their electricity bill or credit card payment to send money to their incarcerated relatives. The money they send no longer pays for small luxuries, he said, because prisons have over the years reduced how much they spend per person on necessities such as food.

Bardelli published a research article in 2022 about inequality within prison commissary stores. Commissary is often now the difference between starving and a semi-normal diet, he said.

Brent crude edges up as tit-for-tat strikes imperial return to normality in key waterway.

Oil prices have climbed following the latest flare-up in hostilities between the United States and Iran.

Brent crude, the primary international benchmark, rose about 0.9 percent on Monday after tit-for-tat US and Iranian strikes over the weekend renewed doubts about a return to normal shipping in the Strait of Hormuz.

Brent futures for August delivery stood at $73.21 a barrel as of 03:30 GMT, 127 cents higher than the day before the US and Israel launched their war on Iran on February 28.

“Brent’s partial rebound this morning reflects a market that had perhaps run too quickly on ceasefire optimism,” Fabien Yip, a market analyst at IG in Sydney, Australia, told Al Jazeera.

“Oil had nearly unwound its entire war premium, despite an MoU with no enforcement details and ongoing strikes. Thursday’s attack on a commercial vessel was a reality check, and this weekend’s tit-for-tat exchanges have compounded that,” Yip said.

Asian stock markets were mixed on Monday morning, with losses in Tokyo and Seoul and gains in Hong Kong and Taipei.

Japan’s benchmark Nikkei 225 was 0.7 percent lower, while South Korea’s Kospi was down 1.9 percent.

Japanese and Korean stocks tied to the AI boom saw some of the biggest losses amid heated debate about whether tech firms’ massive investments in the emerging technology will pay off.

Japanese tech giant SoftBank Group fell about 5 percent, while Advantest Corporation, a key maker of semiconductor testing equipment, slumped 3.7 percent.

South Korean memory chip giants Samsung Electronics and SK Hynix dropped about 5 percent and 4 percent, respectively.

Hong Kong’s benchmark Hang Seng Index and Taiwan’s Taiex both rose, gaining 2.2 percent and 1.4 percent, respectively.

“Quarter-end profit-taking is adding to the selling pressure, with investors locking in gains from what has been a remarkable run. The Kospi is up roughly 95 percent this year, and the Nikkei up 37 percent,” IG’s Yip said.

“The underlying concern, however, is whether the AI boom can continue to translate into sustained earnings growth, or whether margin pressure is arriving sooner than the market anticipated.”

US Central Command announced strikes against Iran on Friday and Saturday, citing Iranian attacks on two commercial vessels in the Strait of Hormuz, which in peacetime serves as a conduit for about one-fifth of the global trade in oil and liquified natural gas.

Iran responded to the strikes by launching a series of missiles and drones targeting US military assets in Bahrain and Kuwait.

Washington and Tehran agreed to cease their attacks and renew their negotiations on ending the war, multiple media outlets reported late on Sunday, citing unnamed US officials.

Axios, citing an unnamed senior US official, reported that the sides would hold talks in Doha, Qatar, on Tuesday.

Iran has yet to comment on the reported agreement to cease hostilities or the planned talks.

US President Donald Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding to end the war on June 17, but the agreement has repeatedly come under strain due to flare-ups in hostilities and disagreements about the meaning of the text.

Brent crude rises after cargo ship comes under attack in key waterway.

Oil prices have jumped after the United Nations maritime agency called off its planned evacuation of ships stranded around the Strait of Hormuz following an attack on a cargo vessel in the waterway.

Brent crude, the international benchmark, rose as much as 4 percent on Thursday after the International Maritime Organization paused its evacuation plan amid renewed violence in the strait.

Brent futures for August delivery stood at $74.89 per barrel as of 02:00 GMT, after earlier dropping below $72.48, their closing price the day before the United States and Israel launched their war on Iran.

After dropping sharply following the US and Iran’s signing of a memorandum of understanding on ending the war last week, the price of Brent currently stands at about 3 percent above its pre-war level.

Asian markets opened lower on Friday, with key indices in Japan, South Korea, Hong Kong and Taiwan seeing steep losses.

Tokyo’s Nikkei 225 and Seoul’s Kospi both fell more than 3 percent in morning trading, while the Taiex dropped about 1 percent.

In Hong Kong, the Hang Seng Index was down about 1 percent.

The latest attack in the strait, through which about one-fifth of global oil and liquified natural gas supplies transit in peacetime, dealt a blow to hopes for a return to normal shipping in the region after a recent resurgence in traffic.

On Wednesday, 70 vessels transited the waterway, a more than twofold increase from the previous day and the highest daily figure since March 1, according to ship tracking platforms MarineTraffic and Kpler.

The United Kingdom Maritime Trade Operations (UKMTO) centre said on Thursday that a cargo vessel reported being struck by an “unknown projectile” on its starboard side while attempting to cross the strait near the Omani coast.

Multiple media outlets, including The New York Times, CBS News and the Reuters news agency, cited unnamed US officials as saying the attack had been carried out by Iran.

Iran’s Persian Gulf Strait Authority, which claims the right to regulate shipping in the strait, said after the attack that any vessel attempting to use routes outside its designated “framework” would not be guaranteed safe passage.

“The consequences arising from passage through unauthorized routes shall be the responsibility of the owner, operator, and vessel commander,” the authority said on X.

June Goh, a senior oil market analyst at Sparta in Singapore, said the attack was a reminder to markets of the fragility of peace in the strait amid the tenuous US-Iran ceasefire.

“There is a pressing need for tankers to enter and offload the high crude stocks from onshore tanks in order for normal production to resume again,” Goh told Al Jazeera.

“Thus, security of the passageway is paramount to recover the lost supply.”

The price of Brent crude has reached its lowest since February 27, before the war started.

Oil prices have extended their decline to levels last seen before the start of the Iran war, as expectations of rising supply from the Middle East outweighed demand concerns.

Prompt-month Brent crude futures for August delivery fell $1.06 (1.44 percent) to $72.68 a barrel by 06:39 GMT, while US West Texas Intermediate (WTI) lost 76 cents (1.08 percent) to $69.58 a barrel.

Both contracts hit their lowest since February 27.

August Brent was trading lower than September, which was priced at $73.59, signalling ample short-term supply.

Brent had fallen by more than $3 on Wednesday as supply concerns eased, while WTI settled down nearly $3.

US Energy Secretary Chris Wright told a forum that flows through the Strait of Hormuz were close to those before the start of the Iran war, with at least 20 million barrels having exited the strait in the past 24 hours.

A return to complete normality would take a few weeks, however, because the strait needs to be cleared of mines, he added.

Rising Middle East supply, together with Iran set to boost sales after a temporary reprieve from US sanctions, drove down prices of physical crude oil cargoes around the world.

New routes

An initial accord last week to end the US-Israeli war with Iran, which began on February 28, has allowed the resumption of traffic through the strait.

The accord set up a 60-day period of negotiations to tackle tougher issues, such as Iran’s nuclear programme.

Wright said oil would continue to flow through the strait even if the deal did not hold, and that Iran would not be able to close it again.

Tehran has said it plans to impose what it calls maritime service fees, as opposed to tolls, while the United States argues it is an international waterway and therefore should not be charged.

Oman opened temporary routes on Wednesday to ease tanker departures from the strait, with the International Maritime Organization and Omani authorities coordinating movements.

On Thursday, Iran’s Revolutionary Guards warned against any crossings of the Strait of Hormuz without authorisation, saying vessels not complying “will be dealt with” and condemning the new routes.

MIAMI GARDENS, Fla. — World Cup tickets are expensive. Flights to North America are expensive. Hotel rooms in many places are expensive.

Then there’s the price of beer.

There are some fun — and yes, sometimes pricey — food and drink offerings at the venues playing host to the World Cup. A $75 caviar-topped tray of tater tots and a $40 empanada weighing in at 5 pounds for the daring or for sharing in Miami. Ribeye tacos for $8 in Guadalajara, Mexico. Something called a Twinkie cheeseburger that has nothing to do with dessert for $22 in Los Angeles.

Prices, in many cases, aren’t all that different from what U.S. fans would experience on NFL Sundays or college football Saturdays. But some international fans aren’t used to such pricing and are calling foul, especially over beer prices that can top $20.

“It’s unfair. It’s not right. It’s wrong,” said Thomas Schüller, an engineer from Germany in Toronto to watch his national team play over the weekend, as he held a beer that cost him 24.25 Canadian dollars (about $17). “It’s three times the cost of what I pay in my country.”

But is that stopping him?

“Well, no,” Schüller acknowledged.

Beer prices become a mild pint of discord

There is clearly some sticker shock among international visitors to this World Cup, especially when it comes to the concession prices. In Europe, it’s not uncommon for beers to be perhaps around 4 or 5 euros (about $5-6).

There’s also no shortage of intrigue on the menu at the concession stands at stadiums across the U.S., Canada and Mexico.

“Never seen anything like it,” said Janine Arbetter, a fan from Austria, as she waited for a hot dog, chips and soda combo in Miami last week. The pre-tip price: $19.35, which included a discount for using Visa. “It’s a lot of food for a little snack.”

Some Argentina fans happily showed off their $34 lobster rolls from a match in Kansas City on social media, but in Toronto, the brisket sandwich with chips and a bottle of soda for nearly 40 Canadian dollars ($28) had some online commenters lamenting it as “robbery.”

“It’s OK, more or less, for the World Cup,” German fan Daniel Feldmann said of the food prices while watching a match in Vancouver last week.

Concession offerings vary from stadium to stadium

FIFA, the sport’s governing body and the tournament organizer, has very specific rules on just about everything related to the World Cup — and there are guidelines that concessionaires have to follow as well. But prices can vary by market, as do the food and drink offerings. And that means the experience in one city might look, or taste, nothing like what’s offered in another.

The “Fancy AF Tots” for $75 at Miami Stadium aren’t really tots at all — it’s three deep-fried hash brown patties, with caviar, creme fraiche and chives. (For those who just want the caviar, it’ll be $70.) Southern California’s Twinkie cheeseburger is in fact a burger topped with a Texas Twinkie — a bacon-wrapped jalapeño stuffed with brisket and cream cheese.

But there’s also a slew of choices specific to a local market; for example, Vancouver offers short rib poutine along with a maple bacon smokie (smoked sausage topped with bacon onion jam that features Canadian maple syrup).

And in Miami, the signature offerings include pan con lechon (a Cuban-style sandwich with pork, infused with citrus mojo sauce and served on a toasted full Cuban loaf) and Empanada Mundial (the five-pound, handmade, chicken-and-cheese-stuffed dish named after the World Cup).

Both Vancouver and Miami have Sodexo Live as a food and beverage provider, and the typical game-day menus in both stadiums were revised a bit to accommodate a soccer crowd.

“We want it to feel like Miami when you’re here,” said Zach Williams, Sodexo Live’s vice president of operations at Miami Stadium. “Everything we do around the Miami Stadium, we want to make sure everybody understands that when they come here, they’re getting a Miami experience.”

Atlanta Stadium keeps prices low

In Mexico City, a beer could cost a day’s pay — literally. The daily minimum wage in Mexico City is just 315.04 pesos (roughly $18). Some beers at Mexico City Stadium were selling for between 299 and 310 pesos — about twice as much as fans would ordinarily pay in the same stadium when the World Cup isn’t in town.

But in Atlanta, where Falcons owner and stadium operator Arthur Blank promised the low concession prices he’s championed for many years would hold for the World Cup, pizza slices were $3, 32-ounce sodas were $4, a cheeseburger was $5, chicken tenders with fries were $6 and beers could be had for as little as $8.

Jonathan Arango, a 33-year-old from Greenville, S.C., was at a match in Atlanta with his wife, daughter and father.

“In total for what we got — three orders of tacos, a slice of pizza, two waters and a Coke — we spent like $50,” Arango said. “Compared to what we’ve paid at other events … it’s nice after you paid a lot for a ticket.”

And Schüller pointed out that even though the tournament does come around every four years, it still feels like a once-in-a-lifetime experience.

“The entire football world is having fun,” Schüller said, “so cheers to that.”

Reynolds writes for the Associated Press.

“Hitting customers with hidden fees is illegal. It’s not fair to draw people in with what looks like a good deal, only for them to find the real price is higher when they get to the checkout due to extra charges that can’t be avoided,” said Emma Cochrane, executive director of consumer protection at the CMA.

Published on
22/06/2026 – 8:15 GMT+2

At the time of writing, Brent crude was down 0.91% at $79.12 a barrel, while US West Texas Intermediate (WTI) crude had fallen 0.70% to $75.32 a barrel.

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Lower crude prices reflected broader investor sentiment in early trading after Qatari and Pakistani mediators said the first round of negotiations between the US and Iran aimed at securing a final agreement to end the conflict had concluded with “encouraging progress”.

A memorandum of understanding signed last week includes a commitment to reach a final agreement within 60 days, an end to fighting on “all fronts” – including in Lebanon – and the reopening of the Strait of Hormuz.

Markets mixed as analysts monitor US-Iran negotiations

Meanwhile, Asian stocks were mixed on Monday, with markets in Japan and South Korea trading higher, while US futures traded lower.

Tokyo’s Nikkei 225 jumped 1.6% to 72,364.82 after reaching a new all-time high of 72,831.73 during intraday trading, helped by technology stocks fuelled by enthusiasm over the global artificial intelligence boom.

Japan’s SoftBank Group, the multinational investment holding company with a strong AI focus, rose 2.4%, while chip equipment maker Tokyo Electron gained 2.3%.

South Korea’s Kospi added 0.4% to 9,084.37 and was trading near record highs, led by AI-related shares. Memory chip maker SK Hynix surged 4.7%.

“We’re seeing another strong market today,” Neil Newman, managing director and head of strategy at Astris Advisory Japan, said. He cautioned that the Japanese market was “probably getting a little stretched” from an investor’s point of view, “especially with what’s going on in the Middle East”.

Hong Kong’s Hang Seng fell 1% to 23,690.86, while the Shanghai Composite Index edged 0.2% higher to 4,098.01.

Additional sources • AP

June 19 (UPI) — Global oil prices have fluctuated slightly on Friday, briefly reaching back above the $80 per barrel mark for Brent crude, as the United States and Iran called off further talks in Switzerland.

A stall in talks between the United States and Iran have cast doubt over the preliminary peace agreement reached earlier this week. The oil market has begun reflecting that uncertainty early Friday.

Vice President JD Vance was set to travel to Switzerland to continue into the next phase of negotiations with Iran. Vance’s trip has been postponed while Israel has opened up more strikes on Lebanon.

Part of the agreement between the United States and Iran included an end to military operations in Lebanon.

The Swiss foreign ministry said talks between the United States and Iran will no longer take place on Friday as previously planned. The White House confirmed that Vance will not be traveling to Switzerland, citing logistical issues involving negotiations.

Vance said during a press conference Thursday that Iran will not receive “a single penny from the United States.” He added that Iran will not receive any of the benefits from the preliminary agreement unless “they comply fully and change their behavior.”

Overall oil prices are heading toward a second consecutive week of falling prices. August Brent crude oil, the international benchmark, traded at about $80.23 per barrel on Friday morning. July West Texas Intermediate futures, the U.S. benchmark, traded for about $75.96 per barrel.

Altogether, benchmark crude oil is on pace to be down in price by about 8% for the week.

After falling below $4 per gallon on Thursday, the U.S. national average for premium gas edged down to $3.97 per gallon on Friday. The price of gas remains higher than prior to the start of the Iran war. A year ago, the average price of gas was $3.20 per gallon on average, AAA reports.

United States President Donald Trump has taken to social media to boast about the state of the economy amid a looming peace deal between the US and Iran, which yesterday signed a memorandum of understanding (MoU) to end the US-Israel war on Iran.

In a post on his social media platform Truth Social, the president claimed that “OIL IS FLOWING” and added that “THE STOCK MARKETS ARE ROARING, JOBS ARE AT RECORDS, AND PRICES ARE DROPPING (AFFORDABILITY!)”

While some of his claims are accurate, others are misleading. Al Jazeera takes a look:

‘Stock Market Just Hit A RECORD High’

That is true specifically for the Dow Jones Industrial Average. That index hit a record high of 51,999.67 for its close on Tuesday amid the potential of a ceasefire and a rally for the newly listed SpaceX.

The Dow slipped from that high on Wednesday amid the US Federal Reserve’s announcement that it would maintain the benchmark interest rate in the target range of 3.5-3.75 percent, and closed down on Wednesday at 51,494.99. The Dow has since jumped 0.35 percent in midday trading on Thursday at 51,671.

The Nasdaq Composite Index and S&P 500 both slipped.

However, this may not directly impact the 38 percent of Americans who do not invest in the stock market.

“The idea that the stock market is doing well does not reflect people’s experiences. There’s a saying that the stock market is not the economy, and that’s an important thing to keep in mind,” Michael Klein, professor of international economic affairs at The Fletcher School at Tufts University, told Al Jazeera.

And that lived experience is at the petrol station and at the grocery store.

‘Prices are dropping’

Petrol prices have started to tumble in the last few days. The average price of a gallon of petrol (3.78 litres) on Thursday is at $3.99, according to the American Automobile Association (AAA), which tracks daily gas prices. That’s down from a high of $4.48 in May, but still well above $2.98, where prices were on February 28 when the US and Israel first struck Iran.

Despite the deal, experts believe that a petrol price decline will plateau for general consumers as the US strategic petroleum reserve, which earlier this week reached its lowest level since 1983, is refilled, all while oil extraction and shipping bottlenecks weigh on supply chains.

“The persistence of the price spikes is the key issue. Transportation, rerouting, insurance premiums, and manufacturing costs don’t normalise overnight, so even when oil stabilises, the cost base across the supply chain will stay elevated,” Tammy Kulesa, director of product marketing for supply chain execution at Blue Yonder, a supply chain management firm, said in remarks provided to Al Jazeera.

Mark Jones, professor of political science at Rice University in Houston, Texas, says prices will not return to prewar levels until the last quarter or close of 2027.

“Even once everybody believes the truce is going to hold [and] there’s no danger going through the Strait of Hormuz, those tankers take months to reach their final destination and come back,” Jones told Al Jazeera. “So the ability to replenish the stocks is going to take until, I think, the early fall [third quarter].”

Consumer inflation, which has jumped at the fastest pace in three years and is at 4.2 percent, has driven prices up on several key goods and has weighed on consumers. While energy prices have risen by nearly eight percent in the last two months alone, prices at the supermarket have jumped by 0.1 percent in May from the month prior after a 0.7 percent increase in April, with the highest increases in goods like bakery products, cereals, nonalcoholic beverages, as well as fruit and vegetables.

“There are real problems facing a lot of people. Prices are high, and wages have not kept up with prices. So people’s real purchasing power has fallen,” Klein said.

Supermarket chains have taken notice. Kroger, the largest supermarket chain in the US, said on Thursday that it will cut prices on thousands of products within its roughly 3,000 stores nationwide. This comes amid increased pressure from Costco and Walmart for value shoppers.

“Customers are being more deliberate with their spending and at times, shopping us selectively. We’re getting too many promotional trips and not enough of the full basket,” Kroger CEO Greg Foran said in a statement.

‘Jobs are at records’

Jobs are not at record levels, despite Trump’s assertions.

The US economy added 172,000 jobs in May. The highest during the second Trump term was 214,000, in March. By comparison, on average, 300,000 jobs were added monthly under his predecessor, former US President Joe Biden, a Democrat, with some months much higher – including July 2021, when the economy added 943,000 jobs, albeit that was on the back of the COVID-19 pandemic as businesses rushed to hire after massive layoffs.

Under Trump, there have been several months of limited job growth that have been hyper-focused on specific sectors like healthcare. On average, employers added only 15,000 jobs a month in 2025. Meanwhile, the US economy lost 92,000 jobs this year in February.

Layoffs are also on the upswing. Job cuts jumped 16 percent between April and May, marking the most layoffs since May 2020 during the height of the pandemic, according to Challenger, Gray and Christmas, with artificial intelligence (AI) as a driving force behind the cuts. Slightly more than 97,000 people lost their jobs in May.

‘Oil is flowing’

Overnight, 12.5 million barrels of crude oil travelled through the Strait of Hormuz, through which roughly a fifth of the world’s oil is normally shipped, according to US Vice President JD Vance. However, data from Kpler shows that travel through the strait is still low, with six verified crossings on June 17.

With the strait starting to open, oil prices tumbled to their lowest levels since the early days of the war as the temporary deal to end fighting and pull back sanctions elevated pressure on global supply.

Brent crude futures LCOc1 dropped $0.78 or one percent to $76.51 in midday trading.

Shipments of liquefied natural gas (LNG) have also ramped up, and a QatarEnergy LNG vessel has returned to Ras Laffan, where it has loaded more than 209,000 cubic metres, according to Kplr.

LEE Andrews says he has undergone a “reinvention” by getting a fresh haircut.

Katie Price’s husband was released from Dubai’s notorious Al Awir prison on Friday with what appeared to be a fuller head of hair.

After allegations he had used a filter on his video, Lee shared new footage of himself in the barber’s chair.

The former glamour model’s controversial husband said: So this is when you try to reinvent yourself..

A wet through messy look. We’re getting there, guys. Slowly, slowly getting there.

“Not too bad is it? Massive reinvention. Love it.”

GLOVES ARE OFF

Katie Price’s husband Lee calls for Susanna Reid to be SACKED from GMB

HAIR’S THE VERDICT

Katie Price’s sister slams Lee Andrews’ ‘hair’ as star speaks on look

He then thanked his hairdresser for the cut.

Lee added: “It seems to be a bit on the pineapple side, but I don’t mind. It seems to do the job. I’ll play around with it a bit, making take it back or forward.

“Good job, isn’t it? Looking like an Abercrombie model.”

Lee’s hair stole attention when he returned to social media for the first time since leaving prison.

Many were convinced it was AI or a filter had been used to create a fuller head of hair.

Since then, a Dubai-based trichologist from Hair Repair Club claimed to The Sun that Lee had visited his salon on Monday to enquire about a permanent wig. 

He declined their services when he was told he would require a patch test and “colour matching” before being able to purchase.

A TRAVEL agent with decades of experience has revealed the ultimate throwback destination and says you can still get holidays for the retro pricing too.

Spain is a classic summer destination for Brits and one spot remains popular for good reason.

But Claire Watters, a First Choice travel agent, revealed that Majorca is the island that she sold more than anywhere else in the 90s.

She said: “In the ‘90s, if a family walked in wanting guaranteed sunshine, a short flight and a holiday that wouldn’t break the bank, Majorca was usually my first recommendation.

“Thirty years later, despite how much travel has changed, my advice remains exactly the same.”

Back in the 90s, a holiday to Majorca for a family of four cost around £349, which would be about £719 now.

Read more on travel inspo

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I found the best value all inclusive London hotel… just £55pp with free food & booze

And holidays today could cost you the same… or even less.

A seven-night break for a family of four to Playa Moreia in Majorca, flying from London Southend on October 10 via First Choice costs £179 per person – £716 total.

When it comes to recommendations for travellers heading to the Spanish spot, Claire has loads.

She said: “Alcudia is the best area for families for me.

“It has a long, sandy beach with shallow water and a calm sea, which is ideal for younger children to paddle safely.

“You’ll find waterparks and plenty of watersports, boat trips, cycling routes, and nature parks, and there are also playgrounds, kids’ clubs, and family entertainment in many hotels.

“The all-inclusive options make things simple and budget-friendly, and you can walk around in a calmer resort that is more geared up for families.”

And for when it comes to discovering a beach spot, Claire recommends heading to the Blue Flag Playa de Muro.

She said: “The sea is very shallow for 50–100 metres, staying knee-deep for a long distance.

“The beach stretches nearly four miles, making it one of the longest beaches in Majorca.

“The water is calm, warm, and clear, with hardly any currents.

“Regular water testing, lifeguards, and rescue services keep standards very high. This makes it perfect for families, non-swimmers, and relaxing swims.”

For a day where you want to head off for a day trip somewhere, Claire says to head to Sóller and the historic railway, Caves of Drach tour & sunset boat trip.

She said: “Sóller and the historic railway is one of the best day trips for me.

“You can step back in time because the train dates from 1912, with original wooden carriages still in use.

“The scenery is incredible, as the route crosses the Serra de Tramuntana, which is a UNESCO World Heritage mountain area, with tunnels, viaducts, and views of orange groves.

“It is a unique experience because it’s not just transport, it’s a slow, scenic journey through the countryside that you wouldn’t normally see.”

Another spot is the Caves of Drach tour which “allows you to explore a huge underground cave system”.

Claire added: “It features Lake Martel, one of the largest underground lakes in the world.

“The visit ends with a live classical music concert on the water, which is so lovely.”

For something a little more romantic, Claire suggests hopping on a sunset boat trip.

She said: “Sunsets over the water give clearer, more intense colours and are great for those Insta-worthy photos and stories, with golden-hour views across the ocean and coastline.

“It often includes swimming, drinks, music, or food onboard, and it is great for families and couples wanting different scenery away from the hotel.”

Another must-visit spot for Claire is Cap de Formentor – a scenic drive with lots of different viewpoints.

“Each stop reveals a completely different view, so it’s like multiple viewpoints in one trip,” she revealed.

“It is an incredible sunrise and sunset spot, and it’s one of the most photographed spots in Majorca – I get that rare feeling of standing at the edge of the island.”

In the ’90s, two properties dominated Claire’s booking screen, and both remain icons of Majorcan tourism today: Club Mac and TUI BLUE Alcudia Pins.

“I must have sent thousands of families to Club Mac and Alcudia Pins,” Claire says.

“Back then, they were the gold standard for a hassle-free family holiday, and they’re still available to book on First Choice today, although I’m glad to say they’ve been updated.”

And when it comes to places to stay Claire still recommends Alcudia Pins, costing from £421 per person in October.

“Alcudia Pins is the location is hard to beat – it sits right on Playa de Muro, which is one of the best beaches in Majorca making this an ideal and great spot for families; the beachfront access alone makes a big difference,” Claire shared.

“It’s genuinely family-focused with lots of Kids’ clubs and activities, pools and entertainment and it’s close to the resort town for trips outside of the hotel.

“Also a good overall value hotel where customers can choose a self- catering or an all inclusive option giving them the choice to decide their board basis.”

Claire added: “In the ’90s, people thought Majorca was just cheap and cheerful.

“But even back then, those of us in-the-know knew it had some of the most stunning scenery in Europe.

“Today, the island has managed to preserve its traditional charm while upgrading its offering.”

The value of Iran’s currency has risen by more than 15 percent against the US dollar, and its stock market has shattered records in the wake of the memorandum of understanding agreed between the United States and Iran on Sunday.

However, Iranians suffering for years from extremely high inflation and a plunging rial have found little economic relief as the prices of basic goods, such as food, remain high despite the diplomatic breakthrough.

The Iranian economy has suffered due to decades of US sanctions. The economic crisis was exacerbated after the US and Israel launched a war against Iran on February 28. As subsequent US naval blockade on Iranian ports further added to the misery of Iranians.

In Ferdowsi Street, the beating heart of Tehran’s foreign exchange market, the scene on Thursday was a stark departure from the panic of recent months. Exchange office boards flashed rapidly changing numbers as foreign currencies, led by the dollar, took a sharp dive.

“We closed our doors just hours before the official announcement of the US-Iran understanding at a rate of 1.8 million rials to the dollar,” Amir, a 35-year-old exchange office worker who asked to remain anonymous, told Al Jazeera. “Now it has fallen to 1.54 million rials, and we expect further declines.”

Amir noted a significant increase in sales volumes although buyers remained scarce as many anticipated the rial would strengthen further, potentially dropping to 1.4 million to the dollar or lower.

The recent gains mark a sharp turnaround. After the outbreak of the war, the exchange rate jumped to a historic peak of 1.9 million rials (190,000 tomans) to the dollar in March before settling at about 1.685 million just before recent attacks carried out despite a ceasefire.

A disconnect in the grocery aisles

Despite the rial’s recovery, a walk through Tehran’s grocery stores reveals a starkly different reality. For Iranians grappling with the economic fallout of crippling sanctions and the US naval blockade, the diplomatic thaw has yet to lower the cost of living.

Reza, a 42-year-old Tehran resident, told Al Jazeera that prices for daily staples like milk, cheese, cooking oil and flour remain unchanged. “They say the dollar dropped, but my shopping basket costs the same as last week,” he said. “This means the agreement hasn’t reached our pockets yet.”

From behind the cash register, 55-year-old shop owner Ramin echoed his customer’s frustration. He explained that while the government continues to distribute subsidised goods like bread, the fluctuations of the free-market dollar do not immediately impact basic food prices.

The value of the dollar on the free market varies from the official exchange rate.

Pointing to a shelf of imported goods, another shopkeeper named Karim noted that items like shampoo, toothpaste and laundry detergent are still locked at inflated prices.

“Distributors say they bought these goods two months ago at the old dollar rates,” Karim explained. “Prices will remain high until the old stock runs out and new goods enter at the lower exchange rates.” He estimated it would take at least two weeks for the market to adjust, meaning Iranians will continue to face compounding inflation in the interim.

Euphoria on the trading floor

While Main Street struggles, Tehran’s stock market is experiencing an unprecedented boom amid expectations of improved economic conditions. The trading floor has been awash in green since the initial leaks of the Washington-Tehran agreement emerged.

On Monday, the main index jumped by a record-breaking 161,000 points in a single session, marking the highest-ever influx of cash from individual investors.

By Tuesday, the market continued its staggering ascent, climbing another 112,000 points to cross the psychological barrier of 5 million, ultimately settling at a historic high of 5.1 million.

Saeed, a 40-year-old investor, called it a “historic day”. He noted that investors are rushing to buy shares in the energy and petrochemical sectors, betting heavily on the resumption of exports and the reopening of global markets.

However, Saeed remained cautiously optimistic. “The stock market is often driven by rumours,” he warned. “I don’t want to repeat the experience of the 2015 nuclear deal when the market soared and then collapsed after the US withdrawal.”

He was referring to US President Donald Trump’s 2018 withdrawal from the agreement, under which Iran agreed to restrictions on its nuclear programme in exchange for sanctions relief.

Stagnation in real estate and electronics

The wait-and-see approach in effect has paralysed other sectors of the economy. In central Tehran’s electronics hubs, 38-year-old shop owner Reza reported that while the prices of imported appliances have dropped in tandem with the dollar, sales have stalled because customers are holding out for steeper discounts.

A similar freeze has gripped the housing market. Nasrin, a 36-year-old real estate agent in northern Tehran, observed that a recent price surge that accompanied the initial truce has now given way to stagnation. Many property owners are clinging to inflated prices, seemingly unaware that the market dynamics have shifted, bringing property transactions to a virtual standstill.

‘Not a magic wand’

For macroeconomic experts, the mixed market signals are entirely expected. Hossein Selahvarzi, the former head of the Iran Chamber of Commerce, Industries, Mines and Agriculture, cautioned that the new agreement is “not a magic wand” capable of instantly fixing years of structural issues in the economy.

While the war severely damaged Iran’s infrastructure, Selahvarzi emphasised that the roots of the country’s economic malaise were firmly planted well before the bombing began.

“War is the enemy of investment, production, trade and public welfare,” Selahvarzi told Al Jazeera. He warned against the analytical mistake of believing that a peace memorandum alone would revive the economy.

“Ending the military confrontation does not necessarily mean the beginning of economic prosperity,” he said, stressing that restoring stability to the business environment remains the country’s most urgent priority.

“What we have before us is a limited and fragile opportunity to correct course and rebuild the economy, and this opportunity could be lost quickly if not managed correctly.”