UK diesel prices experienced their most substantial monthly drop in 26 years during November, with experts attributing the decline to easing geopolitical tensions and a reduction in crude oil costs. This follows a period of elevated prices linked to Middle East instability.
The UK economy experienced a 0.1% contraction in April, the first monthly decline since August last year, with official data indicating that the ongoing Iran war contributed to increased business costs and reduced turnover. The conflict, initiated by the US and Israel, has particularly affected the services sector and global oil prices, impacting UK household energy bills and consumer spending.
US President Donald Trump has stated that a peace deal to end hostilities with Iran is 'scheduled to get signed' on Sunday, which would include the reopening of the Strait of Hormuz. However, Iran's Foreign Ministry has cast doubt on the immediate timeline, indicating that while a deal is close, the exact signing date remains uncertain.
