Oil and gas prices rise as US and Iran trade strikes; UK house prices fall – business live
Summary
Oil and gas prices have risen after the United States and Iran exchanged attacks, reducing hopes for a peace deal. Brent crude oil reached $94.29 a barrel, and UK gas prices increased by nearly 6%. Meanwhile, UK house prices fell in May.Key Facts
- The US military struck Iranian radar and drone control sites in Goruk and Qeshm Island as a self-defense action.
- Iran's Islamic Revolutionary Guard Corps targeted a US air base in southern Iran without naming it.
- Brent crude oil prices increased by 3.5% to $94.29 per barrel after hitting a six-week low.
- British wholesale gas prices rose by almost 6% since the Iran conflict started.
- President Donald Trump said Iran wants to make a deal, but markets remain skeptical.
- Bank of England is monitoring public-sector pay hikes as a possible inflation risk.
- UK house prices dropped in May, adding to economic concerns.
- UK Competition and Markets Authority found some fuel retailers increased profit margins amid the Middle East conflict.
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