Swap rates rise to three-year high as increase in oil prices leads to fears of higher inflation
Homeowners in the UK are braced for a jump in mortgage rates, driven by higher inflation and interest rate increase expectations amid turmoil in the global bond markets.
UK swap rates, which lenders use to price mortgages, have risen to a three-year high, as this week’s global bond market sell-off ripples through the economy.
Continue reading...Energy secretary Chris Wright denies US seeks to ‘take’ country’s oil, saying deal is transformation of relations
The US energy secretary, Chris Wright, has denied Washington is seeking to commandeer huge quantities of Venezuelan oil, amid growing criticism of Donald Trump’s energy deal with the country’s interim leaders.
“Absolutely not,” Wright replied when asked by a CNBC journalist if the US was engaged in a “heavy-handed” attempt to “take” Venezuelan oil in violation of the South American country’s constitution.
Continue reading...Government talks up pact but Venezuelan opposition alarmed that democracy yet to return after Maduro exit
Trump administration officials on Tuesday defended a highly contentious deal giving the US control of a significant chunk of Venezuelan oil reserves, arguing that the sweeping agreement would help stabilize and rebuild democracy in the shattered South American country while giving Washington vital access to strategic crude reserves.
Last week, Donald Trump announced a “groundbreaking” deal that would give the US “majority” control over 65bn barrels – roughly one-fifth – of Venezuela’s oil reserves.
Continue reading...Deal that will reportedly see US take control of 65bn barrels of Venezuelan oil has provoked outrage in her country
Venezuela’s interim president, Delcy Rodríguez, has defended her government’s highly controversial energy deal with Donald Trump, insisting the South American country will maintain ownership and sovereignty over its massive oil reserves.
Rodríguez, who assumed power in January after Trump ordered the abduction of the president, Nicolás Maduro, took to the airwaves on Saturday to push back against criticism of what the US president has called “the biggest oil deal in world history”.
Continue reading...US president says US will have ‘majority’ control of 65bn barrels of proven oil reserves
Donald Trump announced Friday a new US oil agreement with Venezuela’s interim president Delcy Rodríguez, saying the US will have “majority” control of 65bn barrels of proven oil reserves.
The terms of the agreement remain to be seen, but the US president said on his social-media platform that it had been brokered “through a partnership with private business” by his secretary of state, Marco Rubio, and defense secretary, Pete Hegseth.
Continue reading...Critics call move to gain long-term access to country’s massive energy reserves ‘predatory’ and ‘unconstitutional’
Reports that the US is preparing to claim a big stake in Venezuela’s massive energy reserves have sparked an outcry, with critics describing the move as “predatory” and a “rapacious” land grab.
Several media outlets this week reported that the Trump administration – which abducted Venezuela’s authoritarian president, Nicolás Maduro, in January and has steered the South American country ever since – hopes to secure long-term access to its oil and gasfields.
Continue reading...State sought to stop system off coast of Santa Barbara from resuming operations after Trump ordered its reopening
An oil pipeline can continue to operate off the California coast after a judge gave it the green light this week, despite the opposition of state regulators and environmental groups.
The system off the coast of Santa Barbara resumed operations earlier this year for the first time in more than a decade after Donald Trump ordered Sable Offshore Corporation to reopen it, citing US energy needs during the war in Iran.
Continue reading...PM promises to mount ‘Covid-style campaign’ to get homeless people off streets in winter
New Scottish government policy on datacentres marks a “real departure”, the minister in charge has said.
Changes announced earlier this week mean the government has to be notified about applications to build datacentres above a 50 megawatt capacity, PA reported.
Roughly half the savings come from having to build much less grid, fewer pylons and less cables carving up the countryside. The rest of the savings come from lower wholesale prices, lower balancing costs and subsidies.
Basically, we’d pay a lot less money to switch wind farms off when it’s too windy, or for back up when it’s not windy enough.
Continue reading...Greens say analysis shows government failure to take bold climate action could lead to big gains for party at election
Labour could lose dozens of seats to the Green party if the government allows new drilling in the North Sea, according to internal research shared with the Guardian.
Green party analysis suggests up to 50 Labour MPs, including Andy Burnham’s key ally Louise Haigh, could lose their seats at the next election if the government fails to make urgent climate action a priority or allows new drilling for oil and gas in the North Sea.
The Guardian’s climate forum 2026: On Tuesday 20 October, join Damian Carrington and our panel of experts, including Prof Andy Haines, Katie White, Asad Rehman, Shruti Suresh, Gareth Thomas and Amy Fairman, for a hopeful and solutions-focused evening. Book tickets here or at guardian.live
Continue reading...Government assessment warns of supply shock that could leave homes and businesses without gas within a decade
Great Britain risks running out of gas in the 2030s despite its growing clean energy sources, unless ministers take “unprecedented” action to guard against a future supply shock, according to an official assessment.
The government is considering plans to provide direct financial support to safeguard the country’s ageing gas infrastructure after a consultation found that a “high stress scenario” could mean homes and businesses run out within the next decade.
Continue reading...London mayor points to ‘terrifying scenes’ this summer amid speculation Burnham may back Jackdaw and Rosebank projects
Sadiq Khan has called on the government to commit to revamped climate action and to reduce the UK’s reliance on oil and gas, as the UK endures a summer of drought, wildfires and heatwaves.
Writing in the Guardian, the mayor of London said that Andy Burnham’s administration must reaffirm its commitment to net zero and make clear it will continue to reduce the UK’s reliance on oil and gas “to get Britain back on track.”
Continue reading...US president hits out at ExxonMobil and Chevron, saying they should ‘give some of that back to the public’
Donald Trump has criticised oil companies for “making too much money” from the global energy market disruption caused by his war on Iran.
Brent crude had been trading at about $70 (£52) a barrel before the first US-Israeli strikes at the end of February, but by the end of April it had soared as high as $126 and is now trading at about $85 a barrel.
Continue reading...Meg O’Neill says ‘where we generate jobs, we generate tax revenue’, as company’s profits more than double
Revealed: major oil firms make $93bn profits amid war and climate crisis
Nils Pratley: BP boss is unsentimental in pruning portfolio and clear on North Sea advice to Burnham
BP’s chief executive has urged Andy Burnham to make use of the UK’s oil and gas resources even as the oil company prepares to sell its North Sea business after 60 years in the ageing basin.
In a conversation with the new prime minister, Meg O’Neill said the country should prioritise using energy produced in the UK, “where we generate jobs, we generate tax revenue, we generate all those additional positive impacts”.
Continue reading...Move will end six decades of production in area, as new CEO tries to simplify company and cut debt
BP has put its North Sea oil and gas business up for sale as it looks to end six decades of production from the basin.
The firm announced on Friday morning it had launched a formal process to market its North Sea business for a potential sale. The move comes as BP’s new chief executive, Meg O’Neill, tries to simplify the company and cut its debt levels.
Continue reading...Energy prices have soared again since fighting between US and Iran resumed two weeks ago as conflict spreads across Middle East
Iran has said it struck two tankers trying to pass through the strait of Hormuz under the escort of the US military as Donald Trump gathered his cabinet to discuss the stalling war and rising prices as midterm elections in the US loom.
Iran’s Islamic Revolutionary Guard Corps said on Friday that the “non-compliant oil tankers … were struck and brought to a halt, while four other oil tankers quickly changed course and returned to their previous positions”. The military body said the ships had tried to pass through the strait via an “undeclared route” and under US aerial escort.
Continue reading...Live, rolling coverage as London’s biggest companies defy Middle East disruption and UK petrol prices rise to around £1.60 per litre, the highest since Donald Trump ordered renewed strikes
The story piquing the interest of the financial press this morning is that of Leopold Aschenbrenner, the AI Wunderkind (he’s German-born) who has been forced to sell off his fund in a fire sale after the AI boom ran out of steam.
The 24-year-old had persuaded a lot of people to give him a lot of money for a hedge fund, after previously working for OpenAI and the FTX Future Fund, a charitable arm of the fraudulent crypto empire of Sam Bankman-Fried, who is now in prison. Aschenbrenner ploughed that money into debt-fuelled bets on artificial intelligence companies, earning huge returns until he found out that stocks can also fall.
The trader dubbed the “Nostradamus of AI” would have been hard-pressed to foresee how quickly his high-flying hedge fund would run into trouble.
The firm’s rapid downward spiral is a familiar tale, as Silicon Valley and Wall Street once again threw their weight behind a bright-eyed but untested investor who promised this time would be different. “Everybody always wants to find the next golden child,” said one longtime hedge fund executive. “It just keeps happening.”
In less than 24 hours — which included a conversation between Griffin and Aschenbrenner — Griffin’s Citadel hedge fund reached out to Situational Awareness and snapped up the investments at a discount, according to a person familiar with the matter who asked not to be identified citing private information.
It was a startling reversal for Aschenbrenner, a former researcher at OpenAI who – before starting his hedge fund roughly two years ago — had no previous investment experience. His fledging firm has watched its assets plunge from $45bn at the start of July to about $10bn.
Continue reading...Yemeni sources say Saudis concentrating forces for what could be attack in central Yemen
Saudi Arabia is preparing for a major military offensive against the Houthis by sea and possibly by land in central Yemen, Yemeni sources believe, in a move to break the chokehold on its oil exports through the southern Red Sea.
Saudi forces have been seen withdrawing from the east of Yemen in what could be preparation for a land offensive. At the same time, Riyadh is trying to organise a naval coalition to protect shipping from Houthi attacks in the Red Sea and the Bab al-Mandab strait.
Continue reading...The Houthi threat to Saudi oil exports comes as Japan, South Korea and the Philippines are still reeling from the closure of the strait of Hormuz
Governments in Asia are scrambling to avoid their second major energy crisis in six months, as another maritime chokepoint in the Middle East faces a violent blockade, leaving only the Suez canal completely open for the free movement of gulf oil.
Countries like Japan, the Philippines, Thailand and South Korea – which rely on Middle East oil for up to 90% of their imports – are working to secure supplies after Yemen’s Houthis launched a blockade of Saudi Arabian shipping passing through the Bab al-Mandab strait, which forms the southern entrance to the Red Sea.
Continue reading...Diplomats say de-escalation talks continue as Trump vows retaliation over US soldier deaths
The US military said it has launched its 10th consecutive round of strikes on Iran to force the reopening of the strait of Hormuz.
Earlier on Monday, Iran’s president said the country is in a “full-scale war” after the US expanded its aerial campaign and Tehran struck Washington’s Gulf allies, even as diplomats said talks to de-escalate were continuing.
Continue reading...Tehran shuts strait of Hormuz and carries out retaliatory strikes as Trump threatens to attack site linked to Iran’s nuclear programme
Iran threatened to halt all energy exports from the Middle East after the US reimposed a blockade of its ports and ships, as the two countries traded strikes for a fifth day and Donald Trump threatened to attack a site linked to Iran’s nuclear programme while he weighed further expanding US strikes next week.
The US blockade came into force early on Wednesday, and was followed by a 90-minute wave of strikes against Iran’s coastal defence systems and missile sites, according to the US military. Iranian authorities said the previous day of US strikes had killed at least seven troops, and wounded more than 300 people – the highest casualty count of any recent round of violence between the two countries.
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