UK Chancellor Reeves says she will take necessary decisions to help families with the cost of living; market movements are likely to put upward pressure on inflation; is ready to support coordinated release of IEA oil reserves

• Stands ready to support a coordinated release of collective international energy agency oil reserves.
• Exploring further action on heating oil.

The UK Chancellor's comments indicate a proactive stance in addressing the cost of living and inflation pressures, suggesting potential government intervention. Her readiness to support an IEA oil reserves release could help mitigate rising energy prices but may also signal concerns about sustained inflation, affecting market sentiment and energy prices moving forward.