The United Arab Emirates has announced its departure from the Opec and Opec+ oil-producing blocs, a move it attributes to its 'long-term strategic and economic vision' and changing energy landscape. The withdrawal concludes nearly 60 years of UAE membership.
Chancellor Rachel Reeves asserts the UK faces no immediate petrol, diesel, or jet fuel shortages, despite international warnings and escalating energy prices stemming from the Middle East conflict. The government plans energy policy shifts, including North Sea exploration and electricity price reform.
Europe could face severe jet fuel shortages within six weeks, according to the International Energy Agency (IEA), following the closure of the Strait of Hormuz. The crisis, exacerbated by US and Israeli actions, threatens flight cancellations and significant economic disruption, with current measures unlikely to fully replace lost supplies.
Major lenders have begun to reduce rates on new mortgage deals, offering a glimmer of relief to first-time buyers after a surge in borrowing costs linked to the conflict in Iran. The shift follows market speculation regarding a potential long-term truce, though experts caution that the situation remains precarious.
