Oil prices surged to $115 per barrel on Wednesday after reports confirmed US President Donald Trump instructed officials to prepare for a prolonged blockade of Iran's ports. This action aims to intensify economic pressure on Tehran, which has responded by threatening continued disruption of shipping through the Strait of Hormuz.
The United States has introduced a 100% tariff on patented medicines, although pharmaceutical companies can avoid these levies by agreeing to increase domestic manufacturing or strike pricing deals with the US administration. This move aims to bolster US production of essential medicines and reduce perceived national security risks, with many major drug-makers already securing exemptions.
British marmalade may require relabelling as "citrus marmalade" under a proposed UK-EU food deal aiming to streamline trade and align with updated European regulations. This change would broaden the legal definition of marmalade across Europe, while specific citrus-based products in the UK would adopt the new designation.
