Oil nearing $120 a barrel for first time since 2022 as Trump maintains Iranian blockade – as it happened

Rolling coverage of the latest economic and financial news, as Brent crude approaches highest level since Middle East conflict began

Reliance on Chinese green tech poses ‘serious’ risk for Europe, experts say

Continent ‘sleepwalking’ into series of economic and national security problems due to over-dependence

UK firms in ‘critical financial stress’ jump by a third as costs rise, report finds

Insolvency firm points to tax rises, staff costs and shaky consumer confidence after number increases to 62,193

Lloyds takes £151m hit from Iran war as it forecasts rise in UK unemployment

Bank expects its base case for GDP growth to be 0.5% this year, lower than IMF’s 0.8% prediction for Britain

Inflation jumps to 4.6% in Australia as Iran war fuel shock begins to bite

Financial markets are betting the Reserve Bank will hike interest rates for a third straight meeting next Tuesday

UK faces £35bn hit and risk of recession this year over impact of Iran war, thinktank warns

Niesr says even under best-case scenario, economy would grow at slower pace in 2026 and 2027 because of conflict

UAE quits Opec in ‘pivotal moment’ for oil producing group – as it happened

It’s UAExit as the United Arab Emirates will leave Opec on 1 May, in a blow to the group of oil producers

Rachel Reeves’s fiscal rules buffer should be ‘significantly larger’, say peers

Peers say chancellor and recent predecessors have allowed themselves too little room for manoeuvre

EU faces ‘China shock’ as EV imports drive Beijing’s record surplus with bloc

China sold goods worth about $148bn to EU in first quarter of year, but imported just $65bn

Goldman raises oil price forecasts as Iran war deadlock continues; Shell buying Canada’s ARC in $13.6bn deal – as it happened

Rolling coverage of the latest economic and financial news

G7 central banks poised to hold borrowing costs amid concerns over prolonged Iran war

Critical week for global economy as banks expected to issue warnings over conflict driving up prices

UK urged to deploy EU-style ‘trade bazooka’ against Trump’s tariffs

‘Inadequate economic security’ is putting growth and jobs at risk, says British Chambers of Commerce

UK faces higher prices for eight months after war in Iran ends, says minister

Darren Jones suggests cost of energy, food and flights will remain high after de-escalation and Hormuz strait reopens

Britain risks undermining the care workers it depends on

Labour’s immigration plans tear up the promise made to 300,000 people recruited for a sector in crisis

Unlucky chancellor? Iran shock hits Reeves just as UK seemed to turn corner

The economy and public finances were on the right path, bond yields were falling, interest rates likely to drop further … then came the US-Israeli attack