The UK is set to experience the steepest slowdown in growth among G20 economies as a result of the war involving Iran, the OECD warns.The organisation now expects UK GDP to expand by just 0.7% this year, a marked downgrade from its earlier 1.2% forecast.At the same time, UK inflation is projected to rise to about 4%, up sharply from previous estimates. Global forecasts were also adjusted.While...

President Donald Trump used his Truth Social account to sharply criticise NATO partners and Britain over their responses to recent tensions with Iran.He accused allies of failing to assist the United States and warned they would be remembered for their lack of support.He also urged Iranian negotiators to accept a settlement quickly, saying delay could lead to irreversible consequences. Trump...

President Trump has signaled a desire to step back from the conflict with Iran, but his approach remains muddled as Washington balances threats and talks.In a dramatic 48-hour stretch this week, the Pentagon ordered more than 1,000 paratroopers toward Iran while US negotiators sent Tehran a new 15-point peace proposal.The White House publicly urged acceptance even as it warned of tougher action...

A major industry group is warning the UK it must boost domestic oil and gas production to avoid growing dependence on imported fuel as global tensions push prices higher.Offshore Energies UK (OEUK) says the government should rethink its ban on new North Sea exploration licences, arguing that Britain risks exposure to supply shocks if more home-grown output is not allowed.Energy markets have...

President Donald Trump said there were "very strong talks" with Iran and hinted at a chance for a full halt to hostilities, but Tehran quickly denied any formal negotiations and described the claims as misleading.What exists so far are tentative, low‑level contacts rather than a clear breakthrough.Officials familiar with past discussions say exchanges between Iranian foreign minister Abbas...

Chancellor Rachel Reeves says the government is drawing up contingency plans to shield the most vulnerable households if the war in the Middle East drives UK energy costs higher.Reeves warned the full economic fallout is still unclear but promised measures would focus on those most in need, while sticking to borrowing limits and a goal of keeping inflation and interest rates down.Households in...

A leading offshore trade group has urged the UK government to allow more North Sea oil and gas activity, warning that shrinking domestic output is leaving the nation exposed to volatile global markets.Offshore Energies UK (OEUK) said recent supply shocks and rising crude prices have underlined the need for more home-grown hydrocarbons to reduce import dependence.The trade body pointed to...

Another surge in energy prices has jolted Europe, reviving memories of the 2022 shock that followed Russia’s invasion of Ukraine.This time the trigger is instability in the Middle East, which has disrupted key shipping routes and sent markets into a fresh tailspin.The EU had vowed to end its heavy dependence on Russian fuels after 2022 and moved quickly: Russia now supplies almost none of the...

Unconfirmed US reports say Iran launched two ballistic missiles toward the US-UK base on Diego Garcia, but neither weapon hit its target.One missile reportedly malfunctioned mid-flight and the other was intercepted by a US naval vessel, though the exact timing of the launches remains unclear.The BBC says the accounts are credible, and Britain’s Ministry of Defence accused Iran of escalating...

A fresh shock from the Middle East has sent energy markets reeling and reopened a debate Europe hoped it had settled.Months after stepping away from Russian fuels, EU capitals now face sharp price jumps and renewed political pressure as supplies tighten.After Russia’s 2022 invasion of Ukraine, the EU moved quickly to cut dependence on Moscow. Oil flows from Russia have almost disappeared for...