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Crude futures fell sharply after insiders confirmed a tentative agreement in Vienna, risking a rapid easing of sanctions on Tehran. The deal still requires Trump’s signature, but markets reacted as if the deal were already sealed.
Global oil prices tumbled nearly 5% overnight after negotiators in Vienna confirmed a breakthrough in indirect US-Iran talks aimed at halting hostilities linked to the Israel-Hamas conflict. Asian stock indices surged in response, with markets in Tokyo, Seoul, and Singapore posting gains exceeding 2% by midday trading.
Saudi Arabia has quietly shelved over $100 billion in megaprojects, including NEOM’s The Line and Jeddah Tower, as oil revenues plummet and debt risks rise. The move signals the end of an era of unchecked expansion under Crown Prince Mohammed bin Salman.
A spike in global oil prices following recent Iranian strikes has triggered an unexpected surge in UK mortgage rates, economists warn. The Bank of England now faces a delicate balancing act between inflation control and economic stability.
The Bank of England is set to maintain interest rates at 5.25% next week as geopolitical tensions from the Iran conflict drive economic uncertainty. Analysts warn of prolonged inflation risks tied to disrupted oil supplies and supply chain shocks.
Downing Street remains silent on Labour’s migrant residency rule changes amid internal party tensions. Meanwhile, Israeli strikes on Iran’s South Pars gas field threaten to ignite a regional energy and military escalation.