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2m ago
08.11 BST
Oil
prices have spiked and stocks sank after Donald Trump, in an address from the
White House, offered no timeline to the end of the war on Iran and no solution
to the closure of the strait of Hormuz that has crippled global markets.
The price
of Brent crude, the global benchmark for oil, jumped by over 6% this morning to
$107.63 a barrel – yesterday, hopes of de-escalation in the Middle East had
pushed it below the $100/barrel mark.
All the
major stock markets in the Asia-Pacific region have fallen, after the US
president used his primetime address to vow to hit Iran “extremely hard” for
another two to three weeks.
The UK is
reeling from the biggest shock to its mortgage market since Liz Truss’s
mini-budget in 2022, after the Iran war drove up borrowing costs. New research
from data provider Moneyfacts shows how the cost of fixed-rate mortgages has
surged over the last month, making it harder for new borrowers to get onto the
housing ladder – and meaning those remortgaging face a surge in repayments.
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