UK central bank has left rates on hold, and warned that CPI inflation will be higher in the near term as a result of the ‘new shock to the economy’ from Middle East crisis
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European stock markets have dropped sharply at the start of trading, hit by worries about surging energy prices.
In London, the FTSE 100 blue-chip share index has tumbled by 162 points, or 1.6%, to 10,142 points.
“Fears of a sustained energy shock have resurfaced after the escalation in the Iran war sent oil and gas prices soaring. The prospect of a longer, more drawn-out conflict is in sharp focus, as both sides ratchet up attacks on energy infrastructure.
Brent crude remains highly volatile but has traded as high as $114 a barrel today, threatening to climb back towards recent scorching levels. Gas prices have surged by 25%, reaching a range not seen since early January 2023.
The Company is ready to restart production and exports quickly with an improvement in the security environment.
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Source link : https://www.theguardian.com/business/live/2026/mar/19/bank-of-england-interest-rates-decision-hold-inflation-oil-gas-iran-wage-growth-slows-latest-news-updates
Author : Graeme Wearden
Publish date : 2026-03-19 13:50:00
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