23 Oct 2026, 01:15 PM

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Rolling coverage of the latest economic and financial newsAnd pressure continues to build this morning, with oil prices rising again. Brent crude, the international benchmark for oil, is up 1% this morning to $114 a barrel.Richard Hunter, of the broker Interactive Investor, points out that oil is now up by about 60% since the start of the US-Israeli war against Iran, and up around 90% in the year so far.Widespread reports that the US is considering renewed military strikes on Iran after the midterm elections rather than pursuing a diplomatic route was enough for the price to pop, after what many had considered would be a brief conflict is now in its eighth month.At the same time, the attacks on Saudi Arabia’s facilities by Houthi rebels have intensified this week, and for ships attempting to cross the strait of Hormuz, it’s still a dangerous journey, with projectiles still be fired.Ukraine’s bombardment of Russian diesel refineries is adding to supply concerns. The deteriorating situation is once again fanning inflation fears, with companies unlikely to keep absorbing higher energy and freight costs. The longer the conflicts rage, the greater the chance of higher prices becoming more embedded in the economy, and that’s why bets have increased on central banks hiking rates more rapidly. Continue reading...

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