Price

• Oil prices surged amid Iran-U.S. conflict threatening global supplies, but U.S. stocks remained resilient near record highs driven by strong earnings from Visa and Starbucks on April 29, 2026. • S&P 500 edged down 0.1%, Dow fell 286 points or 0.6%, Nasdaq up 0.1%; Visa shares jumped 8.3% on resilient consumer spending per CEO Ryan McInerney, Starbucks climbed 8.6% with higher per-visit spending in North America. • Federal Reserve officials hinted at no 2026 rate cuts, nearly eliminating investor bets and nearly favoring hikes due to inflation from energy prices; bond market trembled.

ECB interest rate decision looms as growth across bloc stumbles and price rises gather pace, up from 2.6% in March and 1.9% in FebruaryBusiness live – latest updatesAir France-KLM cuts forecasts amid $2.4bn fuel bill riseInflation across the eurozone has soared to 3% this month as the Iran war drove up energy prices, and growth stumbles.Consumer prices rose by 3% a year across the single currency bloc in April, new data from statistics body eurostat showed on Thursday morning, up from 2.6% in the year to March, and 1.9% in February. Continue reading...

Oil markets spooked as Donald Trump appears willing to maintain the US Navy blockade and Iran keeps strait of Hormuz all but shutThe price of Brent oil soared above $126 a barrel on Wednesday, its highest level since 2022, after Donald Trump warned the US blockade of Iranian ports could last months and peace talks remained stalled.Surging more than 13% in 24 hours, Brent crude hit a record price since the war began on 28 February. Not since Russia’s 2022 invasion of Ukraine has Brent topped $120, with the price then peaking at $139. Continue reading...

Foreign affairs minister says China has agreed to facilitate exports of jet fuel to ease supply disruptions. Follow today’s news liveGet our breaking news email, free app or daily news podcastGood morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then it will be Nick Visser with the main action.Penny Wong has been busy on her latest overseas trip, saying China has agreed to negotiate on jet fuel sales to help ease the global oil crisis. Continue reading...

Rise in electricity demand in first quarter of 2026 was moderated by record output from rooftop solarGet our breaking news email, free app or daily news podcastMore datacentres and warmer conditions helped push electricity demand to record highs in the first three months of the year, according to Australia’s Energy Market Operator, while growth in batteries kept average wholesale prices down.Electricity demand – from households, business and industry – reached record levels of 25GW in Q1 2026, an increase of 1.2% compared with the same quarter last year. Across the grid, this growth was offset by record output from rooftop solar. Continue reading...

Blockade threat in vital strait and Trump’s stance lift crude, pushing pump prices to highest level since 2022Sign up for the Breaking News US email to get newsletter alerts in your inboxAverage US gas prices have hit a new high at $4.23 per gallon, their highest since 2022 and a record since the start of the war with Iran, according to the motor club AAA.The price of Brent crude, the benchmark that influences the price of US gasoline prices, now stands at $114.60 a barrel, up nearly 25% from the recent low since mid-April. US gas prices a year ago averaged $3.16. Continue reading...

Rising oil prices are cutting into incomes for more than 2 million people across the country’s fishing sector, as costs climb and catches fall.

Oil prices surged after negotiators remained gridlocked over reopening of strait of Hormuz, sending prices $1 higher than last yearUS gas prices rose to their highest level in four years on Thursday, reaching an average $4.18 a gallon at the pump as US-Israeli peace talks with Iran remain at a standstill.The last time average US gas prices breached $4.15 a gallon was in April 2022, when oil prices soared shortly after Russia invaded Ukraine. Average gas prices are now $1 higher than just a year ago, when they were closer to $3.15 a gallon. Continue reading...

Energy company hails ‘exceptional’ contribution of oil trading operations as profits hit $3.2bn in the first quarterBusiness live – latest updatesBP’s quarterly profits have more than doubled amid a jump in oil and gas prices linked to the conflict in the Middle East.The energy company said on Tuesday that underlying profits for the first quarter were $3.2bn (£2.4bn), up from $1.38bn in the equivalent period a year ago and outstripping City forecasts of $2.67bn. Continue reading...

• U.S. stock futures fell late Sunday with Dow Jones Industrial Average futures down 130 points or 0.3%, S&P 500 futures and Nasdaq-100 futures also declining after record highs on Friday. • West Texas Intermediate crude futures rose 2% above $96 per barrel following collapsed U.S.-Iran talks announced Saturday. • The Federal Reserve's interest-rate committee meets Tuesday-Wednesday, with Chair Jerome Powell's likely final press conference anticipated amid market highs.

Beyond cutting back on driving, households are slicing deeper into their budgets, with some even forgoing healthcareFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastAs soon as petrol prices started to rise in response to the Middle East conflict, many Australians – already grappling with high living costs – changed their spending habits.Beyond cutting back on driving, households are slicing deeper into their budgets, with some even forgoing healthcare. Continue reading...

Darren Jones suggests cost of energy, food and flights will remain high after de-escalation and Hormuz strait reopensThe UK faces higher prices for food and fuel for at least eight months after the war in Iran ends, a minister has said. The closure of the strait of Hormuz, a key shipping lane that carried a fifth of global oil and gas, has sent oil prices soaring since the US and Israeli attacks on Iran began in February. Darren Jones, the chief secretary to the prime minister, said the conflict would probably continue to raise prices for energy, food and flights in the coming months as potential issues around energy supplies affect production, rather than lead to shortages on supermarket shelves. The UK government has urged motorists to fill up their cars as usual amid higher prices at the pumps and for air travellers not to change their plans over potential jet fuel shortages. Jones told the BBC’s Sunday with Laura Kuenssberg programme: “You’re going to see prices go up a bit as a consequence of what Donald Trump has done in the Middle East. “That’s probably going to come online not just in the next few weeks, but the next few months. There’s going to be a long tail from this.” Asked how long higher prices might remain, Jones suggested it would be around eight months after the strait of Hormuz was unblocked and a de-escalation of the conflict had taken place. “I think our best guess is eight-plus months from the point of resolution that you’ll see economic impacts coming through the system,” he said. Donald Trump announced an indefinite extension of the US ceasefire with Iran last week that paused most of the fighting, but further efforts towards ending the conflict have been unsuccessful after the US president told his envoys not to travel to Pakistan for talks at the weekend. The UK government is stepping up planning for how to offset the impact, focusing on the live monitoring of stock levels and what plans are in place for addressing supply chain disruption. Jones said: “The government here in the UK, the work that I’m doing with the prime minister is looking at all of those things and saying, ‘What can we do within our power to help people to get through those difficult times?’” The government is also looking to secure stocks of carbon dioxide, which is used in the food industry and by breweries to make drinks fizzy, as well as for defence purposes and medical uses such as MRI scanning. Jones said he was seeking to ensure there was an adequate supply of beer for fans watching the men’s football World Cup which starts on 11 June. He said: “I raised this issue because if there is a problem with jet fuel on holidays and carbon dioxide on beer, the summer might be pretty depressing for people, but we’re doing everything we can to make sure that it’s not the case.” The Liberal Democrats have called for a bill to be included in the next king’s speech in May to put food security at the top of the government’s agenda. Continue reading...

• President Donald Trump outlined sweeping healthcare reforms in an Oval Office address, announcing what he described as the largest prescription drug price cuts in U.S. history. • The announcement represents a major domestic policy initiative focused on reducing medication costs for American consumers. • Trump simultaneously signaled potential progress in Iran conflict negotiations, suggesting possible diplomatic breakthroughs as ceasefire talks continue.

Consumer confidence hit its lowest level since October 2023 this month, with surveys showing the cost pressures companies are facingConfidence in the UK economy has fallen sharply amid the mounting economic fallout from the Iran war, surveys show, as businesses prepare to raise their prices and consumers brace for a fresh cost of living shock.Highlighting the knock-on impact of the Middle East crisis in Britain, several closely-watched surveys of business activity and consumer confidence blamed the ongoing US-Israeli war on Iran for a marked deterioration in the outlook in April. Continue reading...

Lawsuit follows exchange on X in which airline suggested customer should clear their cache or book with incognito windowSign up for the Breaking News US email to get newsletter alerts in your inboxJetBlue has been sued in a proposed class action claiming it uses customers’ personal data to set ticket prices, after its response to a social media post raised concern that the carrier employed “surveillance pricing” to make flying more expensive.According to a complaint filed late Wednesday in Brooklyn federal court, JetBlue conceals its use of “trackers” to set prices dynamically, and shares data with third parties whose programs help it decide when to raise fares. Continue reading...

• US stock indexes rose on April 22, 2026, with the S&P 500 up 0.9% nearing its all-time high, Dow Jones Industrial Average gaining 317 points or 0.7%, and Nasdaq composite jumping 1.3%. • Brent crude oil surged 3.6% to $102.04 per barrel due to uncertainty over the US-Iran war impacting Persian Gulf petroleum flows. • Corporate earnings boosted shares: GE Vernova soared 12.1% after exceeding first-quarter profit expectations, Boston Scientific rallied 8.6%, Boeing climbed 5.7%, and Philip Morris rose 6.9%.

Data shows the market is at its tightest ever with rents going up in most capitals. Follow today’s news liveGet our breaking news email, free app or daily news podcastGood morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then it will be Nick Visser with the main action.Mark Butler told the ABC last night that the Albanese government’s sweeping changes to the national disability insurance scheme are expected to save the federal budget $35bn over four years. More coming up. Continue reading...

Farmers have been calling for higher prices for weeks, amid soaring diesel and fertiliser costs and limited supplyGet our breaking news email, free app or daily news podcastColes has increased home-brand milk prices by up to 20c a litre, with Woolworths set to follow as war in the Middle East starts to hit Australian grocery costs.The price rise will support the company’s bottom line against pressure from higher fuel and operating costs, while some of the revenue will be temporarily passed on to dairy farmers. Continue reading...

Annual March rate adds to pressure on household finances and follows warnings of slowdown to UK economyUK inflation rose by 3.3% in March amid the surge in fuel prices for motorists triggered by the Iran war.Figures from the Office for National Statistics (ONS) show the consumer prices index increased last month from 3% in February, adding to pressure on household finances already battered by a cost of living crisis. The rise matched City economists’s forecast of an increase to 3.3%. Continue reading...

Senior manager at supermarket giant gives evidence on day two of case brought by the Australian Competition and Consumer CommissionFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastA senior Woolworths executive has defended relaxing rules designed to protect shoppers from misleading discounts by preventing the supermarket or suppliers from “gaming” the “Prices Dropped” promotional program.Woolworths’ chief commercial officer, Paul Harker, gave evidence on the second day of a landmark trial between the Australian Competition and Consumer Commission and Woolworths in the federal court on Wednesday. Continue reading...

Karex produces more than 5 billion condoms annually and is a supplier to leading brands like Durex and Trojan, as well as the NHS The world’s top condom producer, Malaysia’s Karex Bhd, plans to raise prices by 20% to 30% and possibly further if supply chain disruptions drag on due to the Iran war, its chief executive has said.Karex is also seeing a surge in condom demand as rising freight costs and shipping delays have left many of its customers with lower stockpiles than usual, CEO Goh Miah Kiat told Reuters in an interview on Tuesday. Continue reading...

Move marks government’s most radical attempt to weaken impact of soaring wholesale gas prices on electricity costsClean energy generation exceeded rise in global electricity demand in 2025The government has confirmed plans to move older wind and solar farms which make up almost a third of Great Britain’s power market on to fixed-price contracts to help protect households and businesses from future gas market shocks.Under the plans, first revealed by the Guardian, renewable energy projects that earn subsidies on top of the market price will be asked to sign up to contracts that pay a set price for electricity as part of the government’s plan to “delink the price of electricity from the price of gas”. Continue reading...

Climate leaders say Democrats need to extol clean energy as a way to cut costs for Americans as war roils oil marketsDemocrats should get louder in championing clean energy’s affordability and resilience from global shocks, according to some of the party’s leading voices on the climate.As the Iran war roils economies by raising the cost of oil and gas, countries are aiming to accelerate their shift to cleaner energy. But in the US, Donald Trump has sought to kill off any alternative to fossil fuels while opposing Democrats have been reluctant to tie the conflict to any action on the climate crisis. Continue reading...

Norway leads the way in terms of switching as data shows 224,000 new EVs were registered in MarchBusiness live – latest updatesSales of electric cars soared 51% in continental Europe last month, amid a rise in petrol and diesel costs driven by the Iran war.Data shows that 224,000 new electric vehicles (EVs) were registered in March, and 500,000 across the first three months of the year – a 33.5% increase on a year earlier, according to analysis of national sales data in 15 countries by New Automotive and E-Mobility Europe, a trade body. Continue reading...

FTSE 100 slides and UK gas prices up amid fears strait of Hormuz will be closed for extended periodBusiness live – latest updatesOil prices rose sharply and European stock markets fell on Monday, after the US seizure of an Iranian vessel hit hopes for a peace deal.Brent crude, the international benchmark for oil prices, rose by as much as 5% on Monday to $95.50 (£70.75) a barrel. Continue reading...

Chris Wright says ‘I don’t know’ when asked about lower cost of gas as average price soars to $4 a gallon in USChris Wright, the Trump administration’s energy secretary, acknowledged Sunday that it might not be until 2027 before US gas prices come back under $3 a gallon.Asked by Jake Tapper, the CNN State of the Union host, when he thought “it’s realistic for Americans to expect the gas will go back to under $3 a gallon”, Wright replied: “I don’t know. That could happen later this year. That might not happen until next year.” Continue reading...