Oil prices surged more than 3% on Monday as the United States and Iran exchanged attacks in the Gulf of Hormuz, heightening geopolitical risks. Brent crude climbed $2.66, or 3.5%, to $78.66 a barrel, marking a significant jump amid fears of supply disruptions.
Stock Markets Mixed
US stocks traded broadly lower, with the S&P 500 slipping 0.2% and the Nasdaq falling 0.8%, while the Dow Jones Industrial Average managed a 0.4% gain. European markets posted similar modest gains. In London, the FTSE 100 edged up 11 points, or 0.1%, to 10,507, buoyed by energy stocks like BP and housebuilders such as Persimmon.
There is speculation that Andy Burnham, the UK's prime minister in waiting, could revive the help-to-buy scheme, which previously boosted housebuilder sales and profits.
Gold and Currency Movements
Gold prices dropped nearly 2% to $4,037 an ounce, as investors shifted focus to riskier assets. The pound slipped 0.17% against the dollar to $1.3381, amid a pivotal week in UK politics. Burnham is expected to be elected Labour leader on Friday and become prime minister next Monday.
Other Top Stories
- China faces a graduate glut as millions enter a job market with limited opportunities.
- The World Cup quarter-final is projected to generate a £500 million sales boost for the UK economy.
- Struggling pub landlords receive a lifeline from England's World Cup heroes.
- A 'Super' El Niño could cause global food price shocks lasting into 2028, analysts warn.
- Britons are turning away from classic round tomatoes in favor of colored and vine varieties.
- The coffee industry faces inflationary pressures, with a flat white now costing £6.50.
