Oil price jumps 3% and UK pump prices rise as the US and Iran trade attacks – business live
Summary
Oil prices rose by about 3% due to tensions between the US and Iran, causing fuel prices in the UK to increase. The UK recruitment company PageGroup reported a tough jobs market but sees some signs of improvement and is working to cut costs.Key Facts
- Oil prices increased by around 3.4% and Brent crude reached $78.62 per barrel.
- UK petrol prices rose slightly above 151 pence per litre after dropping from recent highs linked to Iran tensions.
- Diesel prices also increased a little, nearing 165 pence per litre after recent decreases.
- PageGroup reported a 5.3% drop in UK gross profit from April to June compared to the previous quarter.
- The company is reducing costs by cutting staff and closing offices, saving £40 million a year.
- About half of PageGroup’s global operations are growing, especially in southern Europe.
- PageGroup expects annual operating profits to increase to £28 million, up from £20.9 million in 2025.
- The company remains cautious about the uncertain economic outlook despite some market improvements.
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