World · 31 August 2026
Oil nears $91 a barrel after American strikes target Iranian rocket launchers
Iran's foreign minister Abbas Araghchi ruled out returning to negotiations following the first military exchange in over a month. Shipping companies are still bypassing the Strait of Hormuz, leaving Middle Eastern exports about eight million barrels daily beneath normal operations. These surging global prices led Ofgem, the UK energy regulator, to raise average household bills by £60 a year to £1,723.
Reported by City AM · How we write briefs