UK Chancellor Reeves stands ready to act if market conditions worsen later this year
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UBS raises September forecasts by USD 10/bbl to USD 105/bbl for Brent and USD 97/bbl for WTI; if supply disruption lasts longer, oil prices could overshoot in the short term in order to trigger significant demand destruction
Since last night, 30 ship owners and captains have been coordinating with the IRGC Navy to pass through the Strait of Hormuz.
UK Chancellor Reeves stands ready to act if market conditions worsen later this year
IEA Chief Birol says oil markets could enter a red zone in July-August as stocks deplete and summer demand returns
BofA expects BoE to hike interest rates by 25bps in July and September (prev. June and July)
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- Establish a GBP 350mln fund for critical chemical resilience, a GBP 150mln fund for ceramics industry.
- Must ensure those who benefit from energy price volatility pay their share.
- Bringing forward changes to taxation of foreign branch profits.
- Expects these reforms to raise hundreds of millions of pounds per year.
- Announces 10p per mile increase in tax-free mileage rate.
- Announces temporary cut to VAT on some attractions from 20% to 5%.
- Changes will apply from June to 25th to September 3rd.
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