Oil price slides as US and Iran pause fire; cancer treatments help AstraZeneca beat profit forecasts – business live
Summary
Oil prices dropped by over 5% as the US paused strikes on Iran, creating a chance for diplomacy. Meanwhile, DCC Energy agreed to a £5.75 billion takeover, and Shein reported a $99 million loss for its first quarter due to new US tariffs on small packages.Key Facts
- Oil prices fell 5.3% to $91.68 per barrel after the US paused military strikes on Iran.
- Iran paused retaliatory attacks on US allies, but no formal ceasefire was declared.
- DCC Energy agreed to a £5.75 billion takeover by KKR and Energy Capital Partners.
- DCC Energy shareholders will receive £65.25 per share in cash, a £1.47 final dividend, and potential extra payments if a unit sells for $800 million.
- Shein reported a $99 million loss for Q1 2026 after losing a US tariff exemption on small packages.
- Shein plans to raise prices in the US to offset increased costs from new tariffs.
- The EU introduced a €3 fee on low-value e-commerce imports to protect local businesses from competition.
- Shein’s valuation has dropped from a potential $100 billion in 2022 to a current aim of $40-$50 billion ahead of its Hong Kong stock market listing.
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