Oil price jumps over 4% and gold slides as the US and Iran trade attacks –business live

Jul 13, 2026 - 08:25

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Oil price jumps over 4% and gold slides as the US and Iran trade attacks –business live

Asian shares tumble with South Korea’s Kospi down nearly 10%

Meanwhile, European airline stocks are falling, not surprising given the sharp increase in oil prices as the US and Iran trade attacks and engage in a war of words over whether the strait of Hormuz is open.

The pan-European Stoxx 600 fell 0.2%, after recording its biggest weekly loss since late April on Friday. The travel and leisure sub-index tumbled 1.2% as Ryanair (down 0.9%), Air France (down 2.4%) and International Consolidated Airlines (down nearly 2%), which owns British Airways, Iberia, Vueling, Aer Lingus and other carriers, all fell.

Good luck with that timing, given all the wrangling over spending cuts and tax rises that lies ahead, and with things kicking off again in the Middle East...