Pound gives up ground as oil climbs
Higher oil prices and a stronger US dollar could affect borrowing costs as traders increased expectations of Federal Reserve rate rises. Over the weekend and into Monday, US and Iranian forces exchanged missile and drone attacks, while Tehran said it had again closed the Strait of Hormuz. Brent crude reached $77.60, and sterling traded 0.1% lower at $1.339.
Understand this story
How does this affect UK trade? What is the Strait of Hormuz? Why are things more expensive? Why does oil cost more?Lost in this story? That's the point of BriefTea.
Open it in the app and tap Learn from this — the Knowledge Galaxy turns the story into a map of everything it assumes you know, one tap at a time. Free, no ads, no paywall.
Get BriefTea on the App Store