Brent crude hits $116 a barrel as Trump threatens to ‘blow up’ Iran’s oil wells and export hub
The price of oil rose sharply to $116 a barrel on Monday as Donald Trump threatened to “blow up” and “completely obliterate” Iranian electricity plants, oil wells and its export hub Kharg Island if it did not agree to a deal.Brent crude, the international benchmark for oil, rose by 1.6% on Monday after Trump wrote on his social media platform Truth Social that if a deal was not agreed and the strait of Hormuz was not reopened, the US would take further action.He wrote: “We will conclude our lovely ‘stay’ in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!), which we have purposefully not yet ‘touched’ …“This will be in retribution for our many soldiers, and others, that Iran has butchered and killed over the old Regime’s 47 year ‘Reign of Terror’.”The US president threatened to seize the Iranian export hub of Kharg Island in an interview with the Financial Times on Sunday.
Trump said: “To be honest with you, my favourite thing is to take the oil in Iran, but some stupid people back in the US say: ‘Why are you doing that?’ But they’re stupid people.”“Maybe we take Kharg Island, maybe we don’t.We have a lot of options,” he said.The oil price rose by 2% to $116 in early trading on Monday, before paring back to $114.42 a barrel.
In Europe, stock markets rose slightly, with the European Stoxx 600 index rising by 0,7%,The UK’s blue-chip FTSE 100 share index rose 1%, led by the miners Rio Tinto and Glencore,On Wall Street, the S&P 500, Dow Jones and Nasdaq all advanced about 0,8%.
Natural gas prices dropped slightly in Europe on Monday.Dutch month-ahead futures fell 0.9% to €53.69 a megawatt-hour.In Asia, where economies are highly exposed to the shortage in oil and gas coming out of the Gulf, stock markets dropped sharply before Trump’s latest post.
Japan’s Nikkei fell by 2.8%, while the South Korean Kospi dropped 3%.Hong Kong’s Hang Seng index shed about 0.8%.Investors have grown increasingly nervous as the conflict in the Middle East has escalated in recent days as a further 3,500 US troops have arrived in the Middle East.
Houthi rebels in Yemen have now also entered the conflict, firing ballistic missiles at Israeli sites in a dangerous spread of the war that could also worsen the global energy crisis.“There’s still no sign of a clear end to the conflict, and given the various headlines, investors remain fearful about a fresh escalation,” analysts at Deutsche Bank said.The war in the Middle East has ramped up oil prices to historic levels, with Brent crude now poised for its biggest monthly gain ever – up by 59% since the start of March – beating the previous record of 46% in September 1990 after Saddam Hussein invaded Kuwait.The disruption has fed through to prices at the petrol pump.The breakdown company RAC found that average petrol prices in the UK are now at 152p a litre, the highest level in 28 months.
Diesel has reached 181,2p a litre, its highest level since December 2022, the RAC said,Industry figures have warned that there could be “temporary shortages” at petrol pumps in the UK,Keir Starmer is expected to hold talks on Monday afternoon with bosses from Shell, BP and the Norwegian energy company Equinor, as well as executives from the finance, insurance and shipping industries, about the crisis in the Middle East,The UK prime minister is expected to discuss what emergency measures might be needed to contain the crisis from the blockade in the strait of Hormuz.
Brent traded as high as $119.50 a barrel during March, its highest level since June 2022, after Iran all but closed the strait, through which a fifth of global oil and gas would normally pass.Ipek Ozkardeskaya, a senior analyst at Swissquote, said: “There are bets that crude could rise to $150 and even to the $200 per barrel level if the war doesn’t end quickly.I believe that demand would be heavily hit if prices go that high.Above $120-130 per barrel, global recession odds would take the upper hand and tame upside pressure.
”Aluminium prices jumped more than 5% in Asia after Iran struck aluminium producers in Bahrain and the UAE over the weekend, she added.Meanwhile, the chancellor, Rachel Reeves, is expected to tell G7 nations that they must move faster on clean energy to insulate economies against global price shocks from oil and gas, as she and the energy secretary, Ed Miliband, virtually meet G7 finance and energy ministers on Monday.
Brent crude hits $116 a barrel as Trump threatens to ‘blow up’ Iran’s oil wells and export hub
The price of oil rose sharply to $116 a barrel on Monday as Donald Trump threatened to “blow up” and “completely obliterate” Iranian electricity plants, oil wells and its export hub Kharg Island if it did not agree to a deal.Brent crude, the international benchmark for oil, rose by 1.6% on Monday after Trump wrote on his social media platform Truth Social that if a deal was not agreed and the strait of Hormuz was not reopened, the US would take further action.He wrote: “We will conclude our lovely ‘stay’ in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!), which we have purposefully not yet ‘touched’ …“This will be in retribution for our many soldiers, and others, that Iran has butchered and killed over the old Regime’s 47 year ‘Reign of Terror’.”The US president threatened to seize the Iranian export hub of Kharg Island in an interview with the Financial Times on Sunday
FCA to release details of UK car finance scandal compensation scheme
Millions of drivers will discover how much can they claim over the car finance scandal on Monday, as the City regulator sets out the final terms of its compensation scheme.The Financial Conduct Authority (FCA) will release the details of its redress programme for 14m motor finance agreements after 4.30pm, ensuring that the information comes out after stock markets close for trading.Regulators want to avoid large price fluctuations in the share prices of the biggest stock market-listed car loan providers, including Lloyds Banking Group, Santander, Barclays, and the specialist lender Close Brothers.The companies have been lobbying against the FCA’s proposals, which were put out for consultation in the final months of 2025, arguing that they amounted to a too-generous compensation bill for drivers
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If you had been keeping tabs on the news about church attendance in Britain lately, you would be forgiven for thinking the country was in the midst of a Christian revival.Stories of swelling congregations, filled with young people returning to the flock, spurred on by everything from social media to a rise in bible sales appeared to be confirmed by a 2024 report from the Bible Society.Based on data collected by a YouGov survey, it claimed church attendance was increasing in England and Wales. The findings drove headlines, and the narrative was established.There was just one problem – the survey turned out to be based on “fraudulent” data and has been withdrawn
F1 must find answers to safety crisis after Bearman’s escape but there are no easy fixes | Giles Richards
Oliver Bearman emerging unhurt from a huge accident at the Japanese Grand Prix was considered a lucky escape. Formula One must think it is catching a break given there is a full month to work out how best to mitigate against it happening again. It is going to need every minute of that time given the complexity of the problem.Bearman’s Haas car was travelling at 307kmh (191mph) when he was forced to veer off track as he came up behind the relatively slow-moving Alpine of Franco Colapinto. The closing speed between the two cars was 50kmh, a frightening pace
Worcestershire overseas signing leaves one-day final early to catch flight to England
Worcestershire’s new overseas signing has arrived under a cloud after leaving a one-day final in South Africa in order to catch his flight to England. Beyers Swanepoel was playing for Lions against Titans on Sunday when, according to a report by Times Live, he set off for the airport “around the 43rd over” of the second innings without informing his teammates as to why. It was widely assumed he had picked up an injury.The all-rounder had bowled his full allocation of 10 overs, but because there was no injury, Lions were denied a substitute fielder for the final stages of the match. Titans went on to chase down the target with a ball to spare
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