UK News

Oil price tumbles and stock markets soar on hopes Middle East war will end soon – business live | Business

Published

4 months ago

April 1, 2026

info@oxinfo.co.uk

Introduction: Oil tumbles and markets rally on hopes of Middle East de-escalation

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

After its biggest monthly gain ever, the oil price has dropped sharply on hopes of de-escalation in the Middle East.

Brent crude has dropped around 13% since last night, back down to $103 a barrel, as investors welcome signs from Washington DC that the Iran war might end soon.

Yesterday, US president Donald Trump said the United States could end its military attacks on Iran within two to three weeks, declaring:

Now we’re finishing the job. I think in two weeks or maybe a few days longer, we’ll do the job. We want to knock out everything they’ve got.

Trump is expected to address the US at 9pm ET tonight (2am BST tomorrow morning).

Asia-Pacific markets have started April in good heart too.

China’s CSI 300 index is up 1.5%, Japan’s Nikkei has surged 4.9% and South Korea’s KOSPI has leapt by 9.5%.

That follows gains in New York last night, where the Dow Jones Industrial Average jumped by 2.5%.

Investors are also cheered by reports that Iranian President Masoud Pezeshkian has said Iran is willing to end the war but only if there are guarantees “to prevent the recurrence of aggression”.

Chris Weston, head of research at Pepperstone, says the “more constructive commentary” from both the US and Iranian camps is encouraging traders to move bac into riskier assets:

We saw reports breaking in Asia yesterday from the WSJ that Trump was willing to end the war without taking the Straits of Hormuz. In fact, he encouraged other international peers to take the strait without US involvement. There are different ways to interpret that, both positive and negative, but the market has taken this as a small step towards appeasing and compelling the Iranian camp.

The Iranians have also come out with more constructive rhetoric for risk, signalling the necessary will to end the war. They have outlined their conditions, some of which were already known. But the combination of the narrative, driven through headlines, has certainly seen risk come back into play.

The agenda

9am BST: Eurozone manufacturing PMI for March
9.30am BST: UK manufacturing PMI for March
10am BST: eurozone unemployment data
10.30am BST: Bank of England releases financial stability report
2.45pm BST: US manufacturing PMI for March

Key events

Chances of two Bank of England rate rises this year fall

City traders are slashing their bets on UK interest rate rises this year, as hope builds that an end to the Iran war might possibly be close.

The money markets are now pricing in around 41 basis points (0.41 percentage points) of increases to UK Bank rate by the end of 2026. That means that two quarter-point rises are no longer fully priced in.

Yesterday, the market was anticipating 66bps of rate rises by Christmas, and last week 75bs (or three quarter-point increases) were fully priced in.

Gold has risen to its highest level in almost two weeks.

After jumping 3.5% yesterday, gold is up another 0.8% today to over $4,700 an ounce.

Tony Sycamore, market analyst at IG, says an end to the Iran conflict could prove a double-edged sword for gold:

On one hand, a lasting peace agreement would remove the geopolitical safe haven bid that supported prices in the run-up to the conflict.

On the other hand, it would allow for lower oil prices and easing inflation fears, which would revive expectations for Federal Reserve rate cuts later in 2026. This dynamic, combined with the underlying structural demand from central banks who have been accumulating gold for diversification, means we could still see upside.

European stock markets are set to rally when trading begins in around 30 minutes, reports Emma Wall, chief investment strategist at Hargreaves Lansdown:

“Markets paint an optimistic picture this morning – choosing to believe the optimism from the White House that the war in Iran will be over in a couple of weeks. US President Donald Trump yesterday announced that he saw the war ending within a couple of weeks, and that he would be addressing the nation with further details later today.

This was enough to propel the S&P 500 into a relief rally, up 2.9%, the best day for the market since May last year. Asian markets have continued the optimism early today, with the Hang Seng in Hong Kong up nearly 2%, and the Nikkei in Japan jumping 4.56%. European futures are also looking positive, with markets in the UK, France, Germany and Italy set to open up.

UK food inflation forecast tripled to 9%

Ouch! UK food inflation is forecast to hit at least 9% by the end of this year, as the cost of living crisis is reignited by the Iran war.

The Food and Drink Federation has revised its food inflation forecast upwards – triple its previous forecast.

Having previously expected food prices inflation to end the year around 3%, the FDF now fear it will have risen to between 9% and 10%.

They say

This is a fast-moving situation, and our update is based on assumptions that the Straits of Hormuz opens within 2-3 weeks and energy production in the Middle East returns to normal within a year

As one of the UK’s energy intensive and most globally connected sectors, food and drink manufacturing is unusually exposed to these shocks, with cost pressures on multiple fronts hitting the industry at once

As well as the surge in energy costs, food producers also face a spike in the cost of fertilisers.

Last month, the boss of one of the world’s largest fertiliser companies – Yara International – has said global food supplies could be badly damaged this year if the Iran war becomes an extended conflict.

UK hit by ‘awful April’ shower of bill increases

An end to the war in the Middle East, and a drop in energy prices, would be a relief to UK households as we enter Awful August.

UK households face a bill surge this month, in which the annual cost of essentials, including council tax and water, will increase by more than £200.

The price jumps caused by the Iran war will add to that financial hit. More here:

Introduction: Oil tumbles and markets rally on hopes of Middle East de-escalation

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

After its biggest monthly gain ever, the oil price has dropped sharply on hopes of de-escalation in the Middle East.

Brent crude has dropped around 13% since last night, back down to $103 a barrel, as investors welcome signs from Washington DC that the Iran war might end soon.

Yesterday, US president Donald Trump said the United States could end its military attacks on Iran within two to three weeks, declaring:

Now we’re finishing the job. I think in two weeks or maybe a few days longer, we’ll do the job. We want to knock out everything they’ve got.

Trump is expected to address the US at 9pm ET tonight (2am BST tomorrow morning).

Asia-Pacific markets have started April in good heart too.

China’s CSI 300 index is up 1.5%, Japan’s Nikkei has surged 4.9% and South Korea’s KOSPI has leapt by 9.5%.

That follows gains in New York last night, where the Dow Jones Industrial Average jumped by 2.5%.

Chris Weston, head of research at Pepperstone, says the “more constructive commentary” from both the US and Iranian camps is encouraging traders to move bac into riskier assets:

We saw reports breaking in Asia yesterday from the WSJ that Trump was willing to end the war without taking the Straits of Hormuz. In fact, he encouraged other international peers to take the strait without US involvement. There are different ways to interpret that, both positive and negative, but the market has taken this as a small step towards appeasing and compelling the Iranian camp.

The Iranians have also come out with more constructive rhetoric for risk, signalling the necessary will to end the war. They have outlined their conditions, some of which were already known. But the combination of the narrative, driven through headlines, has certainly seen risk come back into play.

The agenda

9am BST: Eurozone manufacturing PMI for March
9.30am BST: UK manufacturing PMI for March
10am BST: eurozone unemployment data
10.30am BST: Bank of England releases financial stability report
2.45pm BST: US manufacturing PMI for March

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UK News

Driver killed in Bedford train crash named

Published

1 month ago

June 21, 2026

info@oxinfo.co.uk

The family of Shaun Burton, say they are “devastated” by the loss.

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UK News

Spain v Saudi Arabia: World Cup 2026 – live | World Cup 2026

Published

1 month ago

June 21, 2026

info@oxinfo.co.uk

Key events

In the opening half an hour against Cape Verde, Mikel Oyarzabal, the centre-forward, did not get a single touch.

Oyarzabal profile

Kyle Green gets in touch: “Your highlighting of Lalas and his absurdity is something that has prevented me from wanting to watch the coverage on Fox. While every channel has its pros and cons I just can’t.

“I’m 45 and probably the youngest of anyone who remembers him as a player instead of an opinionated insert insult here. As for the match this could be more competitive than it looks on paper Spain need a win the pressure is on them. Saudi Arabia could hold out for a draw and see what happens in their last match. “

News from the England camp, and it seems to be good news on Declan Rice.

“I’m ready and fit, raring to go. I was feeling a little bit of neural pain in my hamstring, which I was managing from after Christmas with Arsenal for a very long time. Obviously, not a lot of people would have known that. It was all behind-the-scenes stuff but it was a smart decision.

“In the end, that last 20 minutes is probably where you pick up the most, and it’s where you play a 70-minute match. But that last 20 is where you really feel your body going for it. And I think it was a smart decision because the last few days I felt really, really good.”

Alex Reid has penned today’s weekend special Football Daily.

Portugal v Uzbekistan on Tuesday enticingly pits the incredibly nice, incredibly 41-year-old-superstar-tolerant Roberto Martínez against Fabio Cannavaro, who’s won a Ballon d’Or as a player and the Chinese Super League as a coach. While the fixture following that game really does see the dream of Thomas Tuchel – in his first international job with England – taking on Queiroz, who is in charge of his ninth national side with Ghana.

The expected formations are 4-2-3-1 for Spain, and 5-3-2 for the Saudi Arabians.

The Saudi team features two Donis changes: Ali Lajami, a defender, and Nasser Al Dawsari, a midfielder, are preferred to Mohammed Abu Al Shamat and Mohamed Kanno. You may recall Salem Al Dawsari, the Saudi captain, as the man who scored the winner against Argentina.

An entertaining read, even for those of us who have just seen the clips.

In a conversation where his co-panelist is casually reminiscing about his days playing alongside Messi or exchanging shirts with Ronaldo Nazário at the World Cup, what exactly is Lalas going to talk about – coming on as a second-half substitute for Earnie Stewart in a friendly against Scotland in 1998? Helping the Kansas City Wizards finish last in the 1999 MLS Western Conference? Did Lalas enjoy an elite playing career? No. But does he do the background reading that could compensate for his relative lack of standing in a conversation with titans like Henry and Zlatan? Also no. But is he charming or funny or charismatic or otherwise magnetic on screen? Eh, no.

For the record, I once interviewed Alexi Lalas on the challenge of playing against Romario in the 1994 World Cup. He had this to say:

“He could kill you in so many different ways. If you remember from that World Cup, he scored so many types of goals. That ranged from solo adventures to an outside-of-the-right-foot half-volley off a corner kick. Romario was both the most difficult to play against and the best that I have faced.

“Roberto Baggio was doing his thing, but in terms of consistency and living up to the hype, he [Romario] was the best. As with all stars, there was a moment when the fans sit up in their seats, and that was a feeling I got with Romario. When it got close to him and the potential for his involvement in a play was there, everybody sat up in their seat. They knew that something spectacular would be happening.”

Saturday’s match reports here.

The Saudi Arabia coach, and Blackburn legend, Georgios Donis, spoke about the challenges facing his team: “Spain is not the same ⁠team when Yamal or Williams are on the bench.

“While they still have plenty of possession, they lack the individual one-on-one penetration when these two are ⁠missing. I’m not saying it’s a problem for Spain, but when those players are missing, they play in a different way. We saw this very clearly against ‌Cape Verde.

“We are playing against one of the best teams in the world, and it’s very important that when you play against these kinds of teams, you ‌should enjoy the experience and respect the opponent, but not too much.

“It is very hard for any team playing against Spain to have any time in possession. So what we must do is to be more in control of our movement and compact, and when the ball goes through the lines, be able to defend dynamically.

“It’s nice to see miracles in football, and we’ve seen favourites losing against underdogs. Of course, it’s great for Saudi football to have a great memory of the result against Argentina, but we aren’t drawing anything from that.

“I think we’ll feel more pressure in that [Cape Verde] game than we will against Spain.”

The Spain coach, Luis De La Fuente had this to say in his Saturday press conference: “This generation of footballers is highly competitive and really fired up… It’s going to be a completely different story,” he said at his pre-match press conference on Saturday. There is no drama or crisis. The bottom line is simply that we need to win tomorrow.”

Four changes for Spain: Lamine Yamal, Pedro Porro, Dani Olmo and Alex Baena also come into the side with Marcos Llorente, Fabian Ruiz, Ferran Torres and Gavi dropping out.

The teams – Lamine Yamal starts

Spain: Simon, Porro, Cubarsi, Laporte, Cucurella, Gonzalez, Rodri, Yamal, Olmo, Baena, Oyarzabal. Subs: Raya, Joan Garcia, Pubill, Grimaldo, Eric Garcia, Llorente, Merino, Torres, Fabian, Gavi, Pino, Williams, Zubimendi, Munoz, Iglesias.

Saudi Arabia: Al Owais, Abdulhamid, Tambakti, Lajami, Al Amri, Al Harbi, Nasser Al Dawsari, Al Khaibari, Al Juwayr, Al Buraikan, Salem Al Dawsari. Subs: Al Aqidi, Al Kassar, Majrashi, Yahya, Al Shehri, Al Boushal, Kadesh, Al Johani, Al Ghannam, Al Hajji, Al Hamdan, Mandash, Kanno, Thakri, Abu Al Shamat.

Referee: Raphael Claus (Brazil)

Perhaps one of the Saudi -players can write themselves into this high-grade selection?

Perhaps it can be their goalkeeper.

Al-Aqidi profile

Madrid screening of Spain v Saudi Arabia cancelled due to heat

The public screening of Spain’s World Cup match against Saudi Arabia in Madrid on Sunday has been cancelled because of extreme heat forecast for the Spanish capital, officials said.

The match, due to kick off at 6pm local time on Sunday, had been scheduled to be shown on a giant screen installed by the Spanish football federation (RFEF) at a fan zone in Plaza de Colón in central Madrid.

Madrid city council and the federation decided to cancel the screening after national weather agency AEMET issued an orange heat warning – the second-highest level – for the Madrid region, with temperatures forecast to reach 40C.

“The decision has been taken with the aim of protecting the health of attendees, event staff and support services involved in the event,” Madrid city hall said in a statement, apologising for any inconvenience.

Officials urged supporters to watch the match indoors in air-conditioned spaces and avoid prolonged exposure to the heat.

Large parts of Spain are experiencing unusually high temperatures for June as a mass of hot air from North Africa moves across the Iberian Peninsula.

A total of 13 of Spain’s 17 regions are on orange alert for heat on Sunday, while the northern Basque Country bordering France is on red alert, the highest level.

Authorities advised residents and visitors to take precautions during the heatwave, including drinking water regularly, staying in cool environments, limiting outdoor physical activity during the hottest hours of the day and taking extra care of vulnerable people. AFP

Can Saudi Arabia repeat the magic of 2022?

Argentina arrived in Qatar on a 36-game unbeaten run. When Lionel Messi opened the scoring from the penalty spot after 10 minutes, a comfortable afternoon seemed in the offing. Saleh al-Shehri and Salem al-Dawsari had other ideas, Argentina had three goals disallowed for offside in the space of 13 minutes and the greatest comeback in Saudi Arabia football history was made. Argentina went on to lift the trophy, while defeats to Poland and Mexico meant the Saudis did not reach the knock-out stage.

Unai Simon over David Raya is a controversial choice for De la Fuentes. The Arsenal keeper could lay claim to being Europe’s best this season.

“Those at the Champions League final had a few more days, so I got there on the Wednesday night,” Raya says. “I arrived a bit before Fabián [Ruiz]. I was saying hello to some of the others in reception when he arrived. I went to say congratulations; that was almost the first thing I did. I couldn’t really talk [to him] after the final; I just didn’t have it in me. The next day we talked about the game properly. Just two mates chatting … I was happy for him that he could lift the trophy for a second time.”

A high pressure game for the European champions, as Sid Lowe reports.

“If we had scored one, the game would have changed,” Martín Zubimendi said. Immediately after the game, De la Fuente had offered a simple analysis: when the ball doesn’t want to go in it doesn’t want to go in, he insisted. Spain had racked up 27 shots, after all. Ferran Torres had hit the bar and seen another clear opportunity saved. Vozinha, the 40-year-old goalkeeper who stopped that, saved six more and was named the man of the match. “There’s nothing to reproach the team for,” Rodri said. “We generated chances but couldn’t put it away; the good thing is they created almost nothing.”

We wait to see what role Lamine Yamal will play today. His coach would surely like to be able to use him.

The worst mistake we could make would be to compare him to anyone. He is the midst of a process. He has exceptional footballing maturity and lives it all with total naturalness. He has great serenity and strength. We have to let him follow his path but those players who have something different are ready for that. They’re geniuses, like Dalí [who] can paint a picture, or Michelangelo. They’re different. What is exceptional to us, isn’t to them. In those extremes, they feel comfortable. Why? Because they are different. What we think is exceptional, they consider normal.

Lamine Yamal profile

Preamble

Spain’s campaign did not get off to a flying start, and Luis de la Fuentes may wake up in the night to visions of Cape Verde’s Vozinha. He will have Georgia on his mind ever since Monday. Saudi Arabia are no pushovers and gave Uruguay a scare in their opening match. Memories of downing Argentina four years ago still abound, and so Spain might beware. They can ill afford to go into the final game with Uruguay at a disadvantage. All eyes on Lamine Yamal, whose fitness situation remains opaque, though Spain need their other forwards to come to the party.

Kick-off 5pm UK, 1pm ET, 2am AEST. Join me.

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