Oil shrugs off Trump’s latest Iran extension; UK consumers feel ‘ripple of fear’ from the conflict – business live

Rolling coverage of the latest economic and financial news

• Middle East crisis live: Trump pausing strikes on Iran energy sites; Houthis say ‘no reason’ to halt Red Sea shipping

Brent crude is climbing higher this morning, further above its levels before Donald Trump gave Iran 10 days to open the strait of Hormuz.

Brent is now trading at $109.58 a barrel, the highest since Monday.

While the delay might reduce some of the immediate escalation risk, it offers no new visibility on the path towards resolution, given Iran’s denials over talks, and while the Strait of Hormuz remains largely closed.

More concrete signs of talks would surely be taken positively by investors, but they also have to grapple with the potential for further escalation, with the Wall Street Journal reporting last night that the US was considering sending as many as 10,000 additional troops to the Middle East.

We note that the CMA, exercising its new direct consumer enforcement powers, has today announced an investigation into a number of companies, including Autotrader and our third-party moderator, in relation to online consumer reviews.

We endeavour always to operate as a responsible and compliant business and will co‑operate fully with the CMA’s investigation.