War in Middle East ‘could wipe out growth in UK living standards’

The Middle East crisis could trigger an energy price shock that more than wipes out the £300 rise in living standards a typical working-age household could otherwise expect this year, a leading thinktank has warned.The Resolution Foundation said a “decent” one-off increase in average living standards in 2026 and a bumper rise for lower-income households could be reversed by rising oil and gas prices as the Iran conflict disrupts supplies.However, if the recent jump in energy prices persists, the foundation said all the gains could be wiped out.While the effect may not be as large as the increase caused by the Russian invasion of Ukraine, which sent the cost of food, oil and gas soaring, a rise this year in oil and gas prices could add a percentage point to UK inflation and £500 on typical annual energy bills, it said.The UK’s reliance on gas from the Middle East makes it especially vulnerable to an effective blockade of the strait of Hormuz, through which about 20% of the world’s liquid natural gas is transported

European stock markets rally after report of ‘secret outreach’ by Iran to try to end war

European stock markets have rallied on a report claiming Iran is engaging in a “secret outreach” to end the war in the Middle East, after several days of heavy losses on indices around the world.The New York Times reported that a day after the attacks began, operatives from Iran’s Ministry of Intelligence indirectly contacted the CIA with an offer to discuss terms for ending the conflict.Officials briefed on the backchanneling are, however, sceptical – at least in the short-term – that either the Trump administration or Iran is really ready for an off-ramp, the report said. There are also questions over whether any Iranian officials could negotiate a ceasefire agreement, as Israeli strikes have taken out many senior figures.The report helped push up the UK’s FTSE 100 share index by nearly 70 points, or 0

Small investors turn on James Watt after BrewDog co-founder admits ‘many mistakes’

The co-founder of BrewDog, James Watt, met with short shrift from small investors who have been left empty-handed by the company’s sale for just £33m, after he admitted to “many mistakes”.Watt issued a mea culpa via the professional social networking site LinkedIn, a platform he has regularly used to espouse political views, including complaints about the level of tax he is asked to pay.The multimillionaire and self-styled punk apologised to more than 200,000 “equity punks”, who invested £75m in the business through multiple crowdfunding rounds but received nothing from its sale to the US cannabis and drinks company Tilray Brands.They lost out partly owing to the terms of an earlier 22% investment by the private equity group TSG, which involved Watt and his co-founder Martin Dickie cashing out to the tune of £100m but left crowdfunding investors with little chance of a return.Watt also said he was “heartbroken” for the 484 staff who lost their jobs in the deal, after Tilray opted to buy only 11 of BrewDog’s bars, leaving 38 having to close their doors

Maritime and port workers: how is the Middle East conflict affecting you?

The conflict in the Middle East is disrupting shipping across the region, including in the Strait of Hormuz, one of the world’s busiest maritime routes.Maritime traffic through the strait, the narrow channel linking the Persian Gulf with the Gulf of Oman, has effectively been closed since strikes on Iran began. Some vessels have been diverted or delayed and ports and shipping companies are dealing with heightened security concerns and uncertainty.Meanwhile, at least six major cruise ships, each carrying thousands of tourists, are anchored in or close to harbours across the region, their passengers confined to the shipsWe would like to hear from maritime workers, port staff and shipping crews about how the situation is affecting your work.You can get in touch with us confidentially by using the form below or by messaging us

Labor says Australia won’t run out of fuel due to the Iran conflict. So how much do we have and how long will it last?

“There is no need to panic-buy petrol.”Those words from the treasurer, Jim Chalmers, on Wednesday were a bid to reassure Australians that the US-Israeli war on Iran did not mean our nation was about to run out of fuel.There has been some breathless reporting of Costco service stations running out of petrol, and long lines at other servos as motorists rush to fill up before the anticipated price rises.Three days after the start of missile strikes on one of the world’s biggest oil producers, Chris Bowen, the energy minister, on Tuesday suggested that the only thing to fear was fear itself.“There are real challenges, but there is no need for panic-buying; that will just make the situation worse,” Bowen said, in advice reminiscent of the Covid toilet paper shortages

UK oil firm fined £13m for repeatedly publishing inaccurate financial results

John Wood Group has been fined nearly £13m for repeatedly publishing inaccurate financial results.The FTSE-listed oil and has engineering company, which is soon to be bought by a Dubai-based rival, has previously admitted that “cultural failings” led to information being kept from auditors.On Wednesday, the Financial Conduct Authority handed Wood Group a £12.9m fine for inaccurate reporting between January 2023 and November 2024. The watchdog began an investigation into the firm in June last year