Highest Level

• Average US gasoline prices have climbed to $4.50 per gallon, marking the highest level since 2022 and reflecting broader energy market pressures linked to Middle East tensions and OPEC production decisions. • The price surge comes amid ongoing negotiations between the Trump administration and Iran, which have created uncertainty in global oil markets and affected domestic fuel costs. • Energy analysts attribute the increase to geopolitical risk premiums, reduced supply confidence, and reduced refinery capacity following seasonal maintenance.

Rise in bond yields due to fuel prices and stability concerns will eat away at Rachel Reeves’s fiscal headroomBusiness live – latest updatesThe UK government’s long-term borrowing costs have hit their highest level since 1998, amid rising fuel prices and concerns about political stability.The yield – effectively the interest rate – on 30-year UK government bonds (gilts) hit 5.76% at lunchtime on Tuesday, up 0.11 percentage points – exceeding the 27-year high reached last autumn. Continue reading...

Analysts say Americans have now paid $21.7bn more to fill their tanks since the start of the US war on IranExxon and Chevron quarterly earnings fall despite soaring oil pricesSign up for the Breaking News US newsletter emailThe average price for a gallon of gas in California rose to $6 this week as fuel prices across the US reached their highest level in almost four years.The American Automobile Association reported on Friday that California consumers were paying an average of $6.06, while the national average hit $4.39. The Golden state is the most expensive US market for gas but costs have also risen nationally with a 27-cent rise this week following two weeks of falling prices, AAA said in a statement. Continue reading...

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...

• Crude oil prices have climbed to their highest levels since 2022, driven by geopolitical tensions from the ongoing Iran war and uncertainty over shipping through the Strait of Hormuz. • President Trump extended his self-imposed deadline to "obliterate" Iran's power plants to April 6, contingent on Iran allowing oil tankers to freely exit the Persian Gulf through the Strait of Hormuz. • The elevated oil prices are contributing to market volatility, with Wall Street experiencing daily fluctuations as investor sentiment shifts between hopes for war resolution and renewed concerns.

About 38% of children in London live in relative poverty, compared with 29% in England as a wholeLondon has England’s highest levels of child poverty and most extreme concentrations of hardship, data has revealed. In two boroughs more than half of children live below the breadline.In Britain, child poverty rates flatlined in 2024-25 compared with the previous year. About 4 million youngsters (27%) live in households earning less than 60% of the national median income after housing costs are taken into account. Continue reading...