Can the IEA put a lid on the price per barrel by releasing oil stockpiles?

Despite rare act of multilateralism, there is no guarantee the IEA’s release of 400m barrels from reserves will depress prices

When the global economy was still in the grip of the devastating 1970s oil crises, exposing the chokehold exerted by a few important oil states, the International Energy Agency (IEA) was created, in the hope of limiting future shocks.

Almost half a century on, the IEA’s 32 members have drawn up plans to hit the emergency button, for only the fifth time in its history.

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US inflation stayed flat at 2.4% in February before effects of war on Iran kicked in

Effect of war on prices not reflected in data, as Trump says only ‘fools’ would think oil price shocks would be significant

US inflation stayed flat at 2.4% in February, according to government data released Wednesday that provides a snapshot of the US economy before it was thrown into a tailspin by the US-Israel conflict with Iran.

The levelling comes after prices swung last year, reaching a four-year low in April before shooting back up in September. In late fall, inflation crept down again, reaching 2.4% in January.

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Nearly 4,000 US meatpacking workers to strike at plant run by top Trump donor

Workers at JBS USA to strike Monday in what will be the first labor strike in the meatpacking industry in decades

About 3,800 workers at JBS USA, the world’s largest meat producer, are set to strike on Monday in what will be the first labor strike in the industry in decades.

The walkout threatens to put further strain on US meat pricesground beef prices soared 15% last year – and could prove a headache for the Trump administration as it struggles with poor polling on cost of living issues.

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Roman Abramovich’s Chelsea FC sale cash may be under investigation as ‘proceeds of crime’

Documents filed at Companies House over 2022 deal could complicate row with UK over how money will be used

Jersey authorities may be investigating whether cash raised by Roman Abramovich’s 2022 sale of Chelsea FC amounts to the proceeds of crime, according to documents filed at Companies House on Wednesday, potentially complicating a row with the UK government over how the money will be used.

Accounts for Fordstam Ltd, the company through which the billionaire Russian oligarch owned Chelsea, show that the proceeds of the sale – currently frozen and gathering interest in a Barclays Bank account – have risen to £2.4bn.

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Aramco warns of oil market ‘catastrophe’ unless strait of Hormuz reopens soon

Saudi Arabian state oil firm calls crisis by far the biggest the region has seen but firm can reroute 70% of exports and tap crude held in storage

Saudi Arabia’s state oil company has warned of “catastrophic consequences” for the world’s oil markets if the US-Israeli war with Iran continues to block shipping in the strait of Hormuz.

The world’s biggest oil exporter expects to be able to supply the market with about 70% of its usual crude output despite the stranglehold on the vital trade artery, but its chief executive warned that there would still be “drastic” consequences for the world economy if the disruption continues.

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Cathay Pacific offers £20,000 Sydney-London flight amid disruption in Gulf

Hong Kong-based airline has business-class return listed at A$39,577, as travellers seek routes avoiding Middle East

The Hong Kong-based airline Cathay Pacific is selling seats from Sydney to London for more than £20,000 in April, as passengers search for scarce long-haul flights without changing in the Middle East.

The tickets, listed at A$39,577 in business class for returns departing in mid-April, far outstrip the usual fares charged even in the first-class cabin.

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Qantas hikes international air fares citing volatile oil prices from war in Middle East

Airline reports spike in ticket sales to Europe in March, as passengers with carriers affected by flight chaos rebook

Qantas has announced it is increasing the price of its international air fares amid oil price volatility caused by the war in the Middle East, while the airline also reported higher-than-normal ticket sales for flights to Europe.

While the company hedges against change in jet fuel prices, it was not fully covered for the spike seen in the wake of surging oil prices, a spokesperson said on Tuesday.

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Roman Abramovich ready to fight UK government over proceeds from £2.5bn Chelsea sale

Russian oligarch says money is his to allocate despite international sanctions imposed on his assets

The Russian oligarch Roman Abramovich has stepped up his row with the British government over the £2.5bn proceeds of his sale of Chelsea FC, insisting that the money is his to allocate despite the international sanctions imposed on his assets.

The UK and EU imposed sanctions on Abramovich in 2022, freezing his assets in response to Moscow’s full-scale invasion of Ukraine, citing his ties to Vladimir Putin’s regime.

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Yorkshire Water receives fresh funding despite sewage fines and pay row

Private equity group EQT to take 42% stake as supplier faces scrutiny over environmental record and CEO’s pay

A leading European investor will pump fresh funding into Yorkshire Water including helping to cover a £600m loan, despite recent heavy sewage fines and a scandal over executive pay at the utility company.

EQT, a Swedish private equity group, said on Monday it would take a 42% stake in Kelda Holdings, the Jersey-registered parent company of Yorkshire Water, which has 5.7 million customers across Yorkshire and parts of the East Midlands and Lincolnshire.

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Iran war drives oil prices above $100 a barrel for first time since 2022

Donald Trump insists surge in energy prices is ‘very small price to pay’ as Middle East conflict sparks fresh stock market sell-off

Oil prices surged past $100 per barrel for the first time since 2022 as fallout from the US-Israel war with Iran continued to rattle global markets and leading economies moved to tackle a worsening energy supply crisis.

A weekend of escalating violence in the Middle East intensified concerns around a sustained supply crunch, propelling oil prices to their highest level in four years and triggering a deep stock market sell-off.

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Average UK office attendance ‘settling’ at highest level since before Covid

Figure above 40% every week since early January as report says situation ‘no longer in freefall nor in recovery’

Workers are heading back to offices across the UK in droves, pushing office occupancy to the highest since before the Covid-19 pandemic, as an expert described the numbers as “no longer in freefall nor in recovery mode but settling”.

Investment banks such as Goldman Sachs and JPMorgan Chasehave led the push with strict return-to-office mandates despite anger among many employees about being ordered back to the office five days a week. Companies in other sectors have also increased days in the office but many businesses, including law and accounting firms, still allow staff to work remotely two days a week.

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Great Britain has only two days of gas stored, while Iran war threatens to disrupt supplies

National Gas insists storage broadly in line with levels for time of year despite disruption for tankers carrying LNG

Great Britain has only two days of fossil gas stored after a decline in energy reserves, as more tankers carrying liquefied natural gas (LNG) are diverted from their course to Europe towards Asia because of the Iran war.

Great Britain had 6,999 gigawatt hours (GWh) of fossil gas stored on Saturday, according to figures from National Gas, which owns and operates the gas national transmission system. This compares with 9,105 GWh a year earlier.

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White House worries as gas prices jump amid ongoing US-Israel war on Iran

US drivers are largely insulated from higher oil prices caused by Middle East turmoil – but only to a point

Across the US, the average cost of a gallon of regular gasoline has jumped nearly 27 cents in a week, to $3.25, and American consumers are bracing for higher prices at the gas pump as the US-Israel conflict with Iran threatens to disrupt the global oil supply.

That fear has entered the White House too, where Donald Trump’s chief of staff, Susie Wiles, is reportedly hunting for ideas to lower gasoline prices and officials are getting “screamed at” to bring good news, according to Politico.

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BrewDog sold Highland estate for knockdown price after abandoning its reforestation plans

Self-styled ‘punk’ beer company bought land in 2020, pledging to plant Scotland’s ‘biggest ever forest’

The self-styled “punk” beer company BrewDog sold its Highland estate for a knockdown price after abandoning its efforts to plant Scotland’s “biggest ever forest” there.

BrewDog’s co-founder James Watt claimed its Lost Forest project at Kinrara in the Cairngorms national park would cover a “staggering area” and capture tens of millions of tonnes of CO2 during its lifetime.

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Caffè Nero says growth is ‘steady’ but coffee prices are likely to rise

Founder of family-owned firm says it will pause acquisitions after takeover of 15 Compass Coffee stores in US

Caffè Nero will continue opening new shops in the UK and overseas, but has warned coffee prices are likely to keep rising as the war in Iran and higher staffing costs feed through.

The family-owned business, which has just bought the 15-store Compass Coffee based in Washington DC to convert to its main brand, is aiming to open as many as 30 UK stores and between 50 and 70 more this year across the 10 other countries it operates in.

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UK recruiter emerges from insolvency for third time, avoiding millions owed in tax

Hampshire business seems to have benefited from ‘phoenixism’, which costs the taxpayer about £800m a year

A UK recruitment business has been acquired out of administration for a third time in four years as part of a succession of deals that left some of the former management team in place and millions of pounds owed to the public purse.

The chain of insolvencies appears to contain more examples of phoenixism – a process when companies are liquidated and directors are able to rise from the ashes with a new entity, free of debts.

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US grants waiver to allow India to buy Russian oil amid Iran war

‘Stopgap measure’ designed to keep oil flowing into global market as Middle East crisis disrupts crude shipments

The US has temporarily allowed India to buy Russian oil currently stuck at sea in an effort to keep global supplies flowing and temper further price increases.

On Thursday the US treasury issued a 30-day waiver allowing India to buy Russian oil, having previously imposed heavy sanctions related to the war in Ukraine.

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Philippines orders energy cuts in response to Middle East war

South-east Asian country limits air conditioning and travel for public officials amid soaring fuel prices

The Philippines is searching for ways to conserve energy in response to surging fuel costs, with public officials ordered to cut back on air conditioning usage and reduce travel.

All national government agencies, state universities and colleges, and local government branches have been told to reduce fuel consumption by at least 10% in response to the crisis in the Middle East.

Government offices have been told to adopt flexible work arrangements, and to set air conditioning units no lower than 24 degrees.

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‘Geopolitical uncertainties’ amid Iran war could slow fall in mortgage rates, says Halifax

UK house price growth slowed in February as value of typical home rose 0.3% to £301,151

Halifax has warned that the US-Israel war on Iran could slow mortgage rate decreases this year, as it said that house price growth eased dramatically in February.

Halifax, which is part of Lloyds – Britain’s biggest mortgage lender – said the conflict in the Middle East was likely to affect global economies, stoke inflation and reduce the likely rate of interest rate cuts that influence borrowing costs for homebuyers.

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Australia news live: luxury car tax change could seal EU trade deal; far north Queensland braces for severe weather

Jim Chalmers hints concession on threshold for imports could finally lead to an agreement. Follow the latest updates live

Two flights from Dubai land in Sydney and Melbourne

A second commercial flight landed in Sydney last night from Dubai and the first made its way to Melbourne from the Middle Eastern hub.

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