Airlines among companies using fuel surcharges to cover surge in costs, UK survey shows

Firms raising prices at fastest rate in three years, driven by soaring energy and wage bills but also extra materials costs

Airlines and other companies are increasingly using fuel surcharges to cover soaring costs, a survey has found, in a further sign of Iran war-linked inflation hitting the economy.

A poll of companies in the services sector, which includes airlines, found rising fuel prices had contributed to businesses raising prices at the fastest pace in more than three years in April.

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Oil and gas prices fall sharply, driven by hopes of strait of Hormuz reopening – business live

Iran’s Islamic Revolutionary Guard Corps navy has announced the strait of Hormuz could reopen following the end of ‘threats from aggressors’

Job vacancies in the UK bounced back in March but remained near a five-year low, and openings for graduates slumped more than a third.

UK job vacancies showed signs of recovery in March, rising 3.74% month-on-month to 752,711 – the second monthly increase after an extended period of decline, according to the job matching platform Adzuna. Yet despite this tentative rebound, the overall picture remains tough for job seekers. Vacancies are still 13.60% lower than in March 2025, and the market remains near its weakest level since 2021.

Like BP last week, these are unearned windfall profits driven by Trump’s war with Iran.

Equinor now wants to cash in even more by developing the Rosebank oil field, which would be a terrible deal for the UK. This government must put the needs of the British public – for affordable energy and a safe climate – ahead of this Norwegian oil giant’s relentless pursuit of profit.

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Wednesday briefing: How Trump’s attempt to reopen to strait of Hormuz brought war closer again

In today’s newsletter: ​The brief US effort to ​s​teer trapped vessels through the ​waterway ​put the fragile ceasefire under strain

Good morning. Uncertainty once again reigns in the Middle East. The uneasy ceasefire between the US and Iran threatened to disintegrate after Donald Trump launched an initiative – dubbed “Project Freedom” – to help thousands of sailors stranded in the Gulf by the war to pass through the strait of Hormuz.

To Iran, the announcement was a cynical provocation. Flurries of fighting restarted as Iran sought to maintain its grip on the critical passageway out of the region.

UK politics | Zack Polanski falsely claimed to be a spokesperson for the British Red Cross while campaigning for the Green party leadership, the charity has said.

Fuel shortages| Two million airline seats have been cut from this month’s schedules as airlines redraw their operations because of soaring jet fuel prices amid the Middle East conflict.

UK news| A British crew member who became ill after a suspected outbreak of hantavirus on luxury cruise ship the MV Hondius is to be medically evacuated, officials have said.

Tax | An increased windfall tax should be imposed on the UK’s largest banks, say trade union leaders, after the big four lenders reported almost £14bn in first-quarter profits, partly fuelled by market turbulence amid the Iran war.

Society | People from black backgrounds in England are twice as likely to experience strokes as their white counterparts, while also being less likely to receive timely care, according to the largest study of its kind.

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Nigerian refinery accused of sacking union members is key to UK plan to tackle jet fuel shortage

Heidi Alexander says part of answer to strait of Hormuz crisis is importing more fuel from US and west Africa

A refinery in Nigeria accused of dismissing workers for joining a union has emerged as key to the UK government’s hopes of saving the summer holiday amid a jet fuel shortage.

Heidi Alexander, the transport secretary, said at the weekend that part of the answer to the strait of Hormuz crisis was to import more fuel from the US and west Africa.

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Trump energy secretary says gas prices might not drop back under $3 a gallon until 2027

Chris Wright says ‘I don’t know’ when asked about lower cost of gas as average price soars to $4 a gallon in US

Chris Wright, the Trump administration’s energy secretary, acknowledged Sunday that it might not be until 2027 before US gas prices come back under $3 a gallon.

Asked by Jake Tapper, the CNN State of the Union host, when he thought “it’s realistic for Americans to expect the gas will go back to under $3 a gallon”, Wright replied: “I don’t know. That could happen later this year. That might not happen until next year.”

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Australia fuel watch tracker: check current petrol and diesel prices, service station outages and shipments – in charts

How much fuel does Australia have left today, and when could we run out? Track how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country.

The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan as Australia battles a fuel crisis.

While we know there have been outages and price increases, it can be difficult to get a full picture of what is happening – this is partly due to the thousands of independent businesses and different governments involved. We have brought together the latest data on prices, outages and oil tanker deliveries.

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Collapse of US-Iran talks heightens fears of prolonged energy shock

Oil prices and borrowing costs are expected to rise this week as tankers remain stranded in the Gulf

The failure of the US and Iran to reach a peace deal after marathon negotiations has put markets on alert for further oil and gas price rises.

With large numbers of oil tankers remaining stuck in the Gulf, the US vice-president, JD Vance, blamed the collapse of the talks on Tehran’s refusal to abandon its nuclear weapons programme, while Iranian sources hit back at “excessive” demands from Washington.

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Australia fuel watch tracker: check current petrol and diesel prices, service station outages and shipments – in charts

How much fuel does Australia have left today, and when could we run out? Track how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country.

Hundreds of service stations across Australia have run empty, fuel prices are elevated and oil shipments have been cancelled.

Australia is battling a fuel crisis as Iran’s closure of the strait of Hormuz continues to bite. The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan.

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Track current petrol and diesel prices, service station outages and shipments – Australia’s fuel crisis in charts

How much fuel does Australia have left today, and when could we run out? Check how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country since the US and Israel’s war on Iran began in late February

Hundreds of service stations across Australia have run empty, fuel prices are elevated and oil shipments have been cancelled.

Australia is battling a fuel crisis as Iran’s closure of the strait of Hormuz continues to bite. The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan.

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Strait of Hormuz not open, Abu Dhabi’s oil chief says as crude prices rise

Uncertainty over US-Iran ceasefire pushes price of Brent crude towards $100 a barrel

The boss of Abu Dhabi’s state-owned oil company has said the strait of Hormuz is “not open” despite the US-Iran ceasefire agreed earlier this week, as uncertainty over the truce pushed the price of Brent crude towards $100 a barrel on Thursday.

Sultan Al Jaber, the chief executive officer of the Abu Dhabi National Oil Company (Adnoc), said passage through the crucial waterway was subject to “permission, conditions and political leverage” by Iran. He said energy security and global economic stability depended on the strait being opened “fully, unconditionally and without restriction”.

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Track current petrol and diesel prices, service station outages and shipments – Australia’s fuel crisis in charts

How much fuel does Australia have left today, and when could we run out? Check how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country since the US and Israel’s war on Iran began in late February

Hundreds of service stations across Australia have run empty, fuel prices are elevated and oil shipments have been cancelled.

Australia is battling a fuel crisis as Iran’s closure of the strait of Hormuz continues to bite. The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan.

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Iran strikes Kuwait’s oil infrastructure before Opec+ supply talks

Members reportedly agree a rise of 206,000 barrels a day in May, but move symbolic while strait of Hormuz is effectively closed

Iranian drones have struck Kuwait’s oil infrastructure, causing “severe material damage” that threatens to further disrupt oil supplies already hit by the US-Israel war on Iran.

The drone strikes on Sunday came hours before members of the Opec+ group of major global oil suppliers gathered to discuss how to bolster output despite Iran’s effective closure of the strait of Hormuz shipping route.

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New North Sea drilling would barely reduce UK gas imports at all, data shows

Exclusive: research finds Jackdaw field would provide only about 2% of current demand, and Rosebank only 1%

Opening major new fields in the North Sea would make almost no difference to the UK’s reliance on gas imports, research has shown.

The Jackdaw field, one of the largest unexploited gasfields in the North Sea, would displace only 2% of the UK’s current imports of gas, which would leave the UK still almost entirely dependent on supplies from Norway and a few other sources.

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Oil price jumps and markets slide after Trump warning to Iran

Brent crude rises 8% as US president vows to hit Iran ‘extremely hard’ over coming weeks

Oil prices have soared after Donald Trump vowed in a televised speech to hit Iran “extremely hard” over the coming weeks, knocking hopes of a near-term end to the conflict in the Middle East.

Brent crude prices jumped by as much as 8% on Thursday to $109.74 a barrel, reversing Wednesday’s drop when hopes of a de-escalation in the Iran war pushed the international benchmark below the $100-a-barrel mark at one point.

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Kuwaiti tanker hit by Iranian attack in Dubai port, raising oil spill fears

Dubai officials said a fire on the Al Salmi tanker had been extinguished and all crew members were safe after drone strike

Iran attacked and set ablaze a fully loaded crude oil tanker at Dubai port’s anchorage, with the strike damaging the vessel’s hull and raising concerns about a possible oil spill.

Dubai authorities said the drone attack caused a fire on board that was extinguished early on Tuesday, hours after the attack was first reported. The attack came hours after Donald Trump warned that the US would obliterate Iran’s energy plants and oil wells if it does not open the strait of Hormuz.

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Trump appears to relax oil blockade on Cuba as Russian tanker arrives

US president says he has ‘no problem’ with countries sending oil to Cuba, in potential lifeline to island nation

Donald Trump appears to have relaxed his blockade on fuel-starved Cuba after a Russian tanker reached the Caribbean island carrying 100,000 tonnes of crude.

Russia’s transport ministry said the Anatoly Kolodkin tanker arrived at the port of Matanzas on Cuba’s northern coast on Monday to deliver the crisis-hit country’s first such cargo in more than three months.

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Japan to begin biggest-ever oil release from national reserves as Middle East energy crisis bites

PM Sanae Takaichi says about 80m barrels of stockpiled oil to be provided to refiners – equivalent to 45 days of domestic demand

Middle East crisis – live updates

Japan will begin the biggest-ever release of oil from its strategic reserves this week, the prime minister, Sanae Takaichi, has said, as the country braces for possible shortages caused by the US-Israel war on Iran.

The government last week approved the release of 15 days’ worth of private-sector reserves, amid concern that the conflict in the Middle East will continue to hinder the flow of tanker traffic along the strait of Hormuz.

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‘We consider every mile we drive’: how fuel shortages are affecting readers worldwide

From a shop owner in India to a community worker in New South Wales, rising fuel prices are forcing people to ration oil usage

Alagesan, 35, needs liquefied petroleum gas (LPG) to run his roadside drink and snack shop in Coimbatore, India, but with the fuel shortage since the US-Israel attacks on Iran, he worries his business could fold.

“I am far away from the Middle East, but my life is affected,” he said. “The gas cylinder is not available because of the war. I don’t know what to do.”

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‘The stakes are enormous’: how a prolonged Iran war could shock the global economy

Donald Trump’s ‘little excursion’ is likely to have long-term effects, from oil prices to inflation to growth, say experts

In the days after the US and Israel first bombed Iran, financial markets bet the economic fallout from Donald Trump’s “little excursion” in the Middle East would be short-lived.

“There are risks from higher oil prices longer term. But this is a tail risk,” one US-based fund manger said after the airstrike killing Iran’s supreme leader, Ayatollah Ali Khamenei. “History has shown time and time again that geopolitical flare-ups like this tend to be short-lived. This one should prove to be no exception.’’

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US lifts sanctions on Iranian oil at sea in bid to ease supply pressures

Treasury secretary Scott Bessent says move will bring 140m barrels to market but insists Tehran will not benefit

The Trump administration has issued a 30-day sanctions waiver for the purchase of Iranian oil at sea to ease energy supply pressures since the start of the US-Israeli war on Iran, US treasury secretary Scott Bessent said.

It is the third time the US has temporarily waived sanctions in about two weeks.

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