Shell boss warns of ‘huge impact on trade’ if Israel-Iran conflict escalates
An escalation in the Middle East conflict could have a “huge impact on global trade”, the boss of the oil company Shell has warned, as Donald Trump suggested the US could enter the air war between Israel and Iran,Shell, one of the biggest traders of oil and natural gas in the world, said it had contingency plans in case the conflict disrupted flows from the region,There is a risk that a blockage in the strait of Hormuz could shock the energy market,Speaking at an energy conference in Tokyo, Wael Sawan, the chief executive of Shell, said: “If that artery is blocked, for whatever reason, it has a huge impact on global trade… We have plans in the eventuality that things deteriorate,”About a quarter of the world’s oil trade passes through the strait of Hormuz, which links the Persian Gulf to the Indian Ocean.
Oil prices have risen over the last week as the conflict has escalated.On Thursday, Brent crude rose nearly 1% to more than $77 (£57) a barrel.“What is particularly challenging right now is some of the jamming that’s happening,” said Sawan, referring to the interference in navigation signals in and around the Persian Gulf.The growing risk in the area has also more than doubled the price to charter large oil tankers through the strait of Hormuz, according to figures from the data and analytics firm Clarksons Research, reported by the Financial Times.The daily price to charter a very large crude carrier, which is capable of carrying 2m barrels of oil, from the Gulf to China rose from $19,998 two days before Israel’s attack on Iran last week to $47,609 on Wednesday.
The sharp rise in costs far outpaces the 12% increase in the wider Baltic Dirty Tanker index over the same period,The index tracks crude oil tanker rates across the world,Meanwhile, global stocks slipped slightly on Thursday, as investors bought assets that are typically more stable during volatile periods such as gold and the US dollar,Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionThe precious metal ticked up 0,1% to $3,372.
36 an ounce, while the dollar rose against the euro, as well as the Australian and New Zealand dollars.Trump said on Wednesday he had not yet made a final decision about the US entering the war.“I may do it, I may not do it.I mean, nobody knows what I’m going to do,” the president said.Kyle Rodda, a senior financial markets analyst at Capital.
com, said: “Market participants remain edgy and uncertain.Speculation remains rife – fed probably strategically by the Trump administration – that the US will intervene, something that would mark a material escalation and could invite direct retaliation against the US by Iran.”“Such a scenario would raise the risk of a greater regional conflict, with implications for global energy supply and probably economic growth,” Rodda added.
Thames Water renationalisation plans being stepped up, says minister
The environment secretary, Steve Reed, has said the government is stepping up preparations for temporary nationalisation of Thames Water, indicating it will reject pleas from the company’s creditors for leniency from fines and penalties.Thames Water’s largest creditors control the utility and have made a bid to cut some of its debts and provide £5.3bn in new funding to try to turn it around.However, the creditors have said their plan needs considerable leniency from the water regulators Ofwat and the Environment Agency over fines for environmental failings.The Guardian this month revealed that the creditors had asked for immunity from prosecution for serious environmental crimes in return for taking on the company
Ministers set out plans to spend £725bn on UK infrastructure over 10 years
Ministers have pledged to spend £9bn a year on fixing crumbling schools, hospitals, courts and prisons over the next decade as part of the government’s infrastructure strategy.Darren Jones, the chief secretary to the Treasury, set out plans on Thursday to spend a minimum of £725bn over 10 years to boost UK-wide infrastructure and achieve a “national renewal”.Jones announced that £6bn a year would go to repairing hospitals in England, £3bn to fixing and upgrading schools and colleges in England and £600m to courts and prisons in England and Wales.The money will fund building improvements including removing crumbling reinforced autoclaved aerated concrete (Raac) in hospitals and strengthening safety and security in prisons.Jones told MPs: “Done properly it will result in tangible improvements to the fabric of our country, our local roads and high streets renewed so communities are even better places to live
Trump signs order granting TikTok a third reprieve from US ban
Donald Trump has signed an executive order to delay the ban or sale of TikTok for the third time. The order gives the Chinese-owned social media company another 90 days to find a buyer or be banned in the US.“I’ve just signed the Executive Order extending the Deadline for the TikTok closing for 90 days (September 17, 2025),” the president said in a Truth Social post.Trump’s first executive order giving TikTok a reprieve came on his first day in office – just three days after the supreme court ruled to uphold the ban. Trump issued the second executive order in April
UK Uber drivers’ earnings cut after secretive algorithm changes
Many Uber drivers are earning “substantially less” an hour since the ride hailing app introduced a “dynamic pricing” algorithm in 2023 that coincided with the company taking a significantly higher share of fares, research has revealed.The findings are in a study released on Thursday by academics at the University of Oxford. They analysed data provided by 258 UK Uber drivers responsible for 1.5m trips.Having initially taken a fixed 20% cut of the UK fares charged, which subsequently rose to 25%, Uber introduced dynamic pricing in 2023, an algorithm that variably sets pay for drivers and fares for passengers
Kirsty Coventry vows to stay humble as the first female president of the IOC
Kirsty Coventry has promised to not let power go to her head when she becomes the first female president of the International Olympic Committee next week.Her predecessor, Thomas Bach, would always stay in a suite paid for by the IOC at the five-star Lausanne Palace hotel, costing about £2,000 a night, whenever he was in the city. However, the Zimbabwean confirmed her family would not be following suit.“We won’t be staying in the Palace,” she said. “I really want my kids to grow up doing the same thing that I did, making beds and doing our chores and being kids
Royal Ascot 2025: Trawlerman nets biggest prize with Gold Cup triumph – live
5pm BRITANNIA STAKES HANDICAP bettingRaafedd 11/2Brave Mission 7/1La Botte 8/1Arabian Story 9/1Fifth Column 9/1Teroomm 11/1Fearnot 12/1Parole D’Oro 14/1Consolidation 18/1The Lost King 22/1Shout 22/125/1 BAR- 30 RunnersFull betting at Oddschecker: horse-racing/royal-ascot/17:00/winnerTrawlerman made every yard of the running in the Gold Cup to go one better than last year for John and Thady Gosden in the Royal Ascot highlight. Second to Kyprios 12 months ago, the Godolphin-owned seven-year-old took full advantage of the dual winner’s retirement under an excellently judged ride from William Buick.Illinois, who had stepped into Kyprios’ shoes for Aidan O’Brien, was well placed if good enough, but inside the final furlong Trawlerman (85-40 favourite) began to pull away and ran out an impressive seven-length winner. Dubai Future was third for Saeed bin Suroor in the Godolphin colours. PA Media5pm BRITANNIA STAKES HANDICAP previewThe usual huge field for the Britannia and obvious potential for a big-priced winner (although it has to be said that in recent years, there have been plenty in the 8-1 to 16-1 range just behind the market leader)
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