Oil prices fall as US-Iran talks continue; UK manufacturing activity cools in June – business live
Summary
Oil prices dropped about 1% as talks between the US and Iran continued in Doha, aiming for a peace agreement. In the UK, manufacturing activity slowed in June, and several major companies announced changes, including closures of former WH Smith stores and the end of the Halifax banking brand.Key Facts
- Brent crude oil price fell by 1.6% to around $71.62 per barrel, trading near pre-war levels.
- US-Iran talks are ongoing in Doha, with Qatar and Pakistan helping as mediators.
- Up to 150 former WH Smith stores in the UK will close after the high court approved a restructuring plan.
- WH Smith was bought by Modella Capital, rebranded as TG Jones, and employs around 5,000 people.
- Lloyds Banking Group will retire the Halifax brand after 173 years, shifting all accounts to Lloyds branding.
- No bank branches will close due to the Halifax brand change, but signs will be removed starting in early 2027.
- UK manufacturing showed less activity in June, indicating a slowdown in the sector.
- Eurozone inflation slowed to 2.8% in June and factory output had its best quarter since 2022.
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