Business · 13 July 2026

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.

By BriefTea Editorial · 13 July 2026 at 11:17

Reported by Reuters · How we write briefs

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