Oil prices are rising again after tensions in the gulf have escalated. Iran seized a british tanker in the straits of hormuz on friday, and libyas largest oilfield declared force majeure after interference by an Unidentified Group shut down production. 21 of all the worlds traded oil passes through the straits of hormuz. It is a Critical Energy chokepoint. This morning, theresa may will chair the uk governments Emergency Committee cobra to discuss the next steps and security of shipping in the persian gulf. Irans Oil Exports Fell to less than 300,000 barrels a day last month, according to reuters. That is a big drop from the 2. 5 Million Barrels per day in april last year, which is just before President Trump started reimposing sanctions as he pulled out of the nuclear deal. It removed about 2 of global supplies from the market. The benchmark brent crude has struggled to hold on the gains it made earlier this year, despite the 0pec Producers Group extending its production cuts. It peak
Investment platform. Thanks bro. Thanks for joining Thanks Forjoining us. Mortgages cost more so it is a bit of a Vicious Cycle for First Time Buyers . It is, yes, and there is a bit of respite for people looking to get onto the Property Ladder but they have still got very high costs of borrowing and it will still cost a lot to afford the mortgages once you have got on the ladder and it still costs a lot of money for renting whilst you are trying to get on the ladder. But it is good news for people who are looking to get off the ladder and looking to use their housing as part of that so there is a bit of balance but i suppose house prices matter most when you are trying to change your position. For the vast majority it is a number that changes without us actually trying to change our Housing Position but i think the people trying to get on the Housing Ladder to make the first step are really feeling the squeeze right now. The numbers tell the story. 3. 8 fall in july alone, the fastest
the global monetary pivot that was what some commentators were declaring on wednesday, after the us federal reserve said it had probably finished raising interest rates, and signalled it was planning to start cutting them next year. but clearly, neither the european central bank nor the bank of england got the memo. they left their rates on hold and said it was too early to talk about cutting them. in fact, here in the uk, three members of the bank of england monetary policy committee actually voted to raise the interest rate above its current level of 5.25%. the bank is worried that inflation the rate that prices are rising is still not under control. our economics editor faisal islam reports # last christmas, i gave you my heart.# liverpool s christmas market the festive spirit is here, but little sign of a marked upturn in the economy. people here continuing to have to cope with new surges in the cost of living, even as inflation slows. i sold my car last week. car