Renewed fighting in Middle East weighs on financial markets; Shein shares tumble after Hong Kong stock market debut
UK government borrowing costs have risen to the highest since 2008, as higher oil prices stoke inflation fears. Brent crude, the global oil benchmark, is now up 1.3% at $91.69 a barrel.
The yield on the 10-year gilt has jumped 7 basis points to 5.223%, the highest since June 2008.
Despite satellite tracking firms suggesting oil flowing through Hormuz is around 6m barrels a day, that is well below pre-conflict levels.
In the meantime, the buffers the global oil market has been relying on are becoming exhausted. US inventories are nearing minimum levels, while China’s ability to keep imports low will be tested as seasonal demand picks up.
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