How the war in Iran could impact £3bn of UK pensions
As a barrage of Iranian missiles rained down on the Fujairah oil terminal, the explosion was deafening and the destruction dramatic: a brutal fire, thick black smoke stretching into the sky – and untold damage to one of the region’s crucial pieces of fossil fuel infrastructure.
The Fujairah terminal is part of the UAE’s key oil export route because it bypasses the Strait of Hormuz, loading up ships with about 1.7 million barrels per day. The attack on 4 May was one of many it has come under since the start of the war in the Middle East. Pension holders in Cambridgeshire, Dorset, and Leicestershire may be alarmed to discover that their savings are invested in it.
Theirs aren’t the only savings being put at risk by the ongoing war. We have found that local government pension schemes across the UK have invested almost £3 billion in funds holding assets that have been hit, stranded or put in the direct line of fire in the ongoing war. The money has been invested via funds managed by firms like BlackRock – the asset manager run by billionaire Larry Fink – that make billions of dollars in fees for investing UK savers’ money.
How the war in Iran could impact £3bn of UK pensions
New analysis from the Bureau of Investigative Journalism and The Independent finds that billions of pounds of UK pensions have been left exposed to the ongoing conflict in the Middle East. Josephine Moulds and Nick Ferris report
Maira Butt5 June 2026 11:40
Middle East conflict pushing millions into hunger, WFP says
The World Food Programme has warned on Friday that the Middle East conflict is pushing millions of people closer to hunger due to rising fuel and transport costs while funding shortfalls force aid agencies to scale back assistance.
In March, the WFP forecast as many as 45 million people could fall into acute food insecurity if oil prices remained around $100 per barrel through June. That scenario is now unfolding, the agency said.
In Somalia, 6.5 million people – roughly a third of the population – are expected to face severe hunger in 2026, while Afghanistan could see 17.4 million people affected, the WFP said. The situation is projected to worsen, with an additional 2.5 million Somalis and 2.3 million Afghans at risk of falling into food insecurity if disruptions persist. Both countries are reliant on imported energy and food.
The Middle East crisis comes amid a deep funding shortfall for aid agencies. The WFP said it expected to serve 1.5 million fewer people globally in 2026, and an extra 9 million fewer if the situation persists for six months.
World Food Programme Deputy Executive Director Carl Skau visits the Falastin camp nutrition site, operated by WFP cooperating partner Ard el Insan, during a joint mission with UNICEF Deputy Executive Director Ted Chaiban in Gaza City, January 20, 2026 in this handout picture obtained by Reuters on June 2, 2026. (Reuters)
Maira Butt5 June 2026 11:15
UK PM Starmer says Defence Investment Plan will be published before Nato summit next month
British Prime Minister Keir Starmer said on Friday that the country’s Defence Investment Plan, delayed from last year, will be published before a Nato summit on July 7.
It comes after chief of the defence staff Richard Knighton told BBC Radio on Friday: Russia is definitely raising the stakes and risks crossing a line. We need to spend more on defence and do it faster.”
(AFP/Getty)
Maira Butt5 June 2026 10:54
Trump’s approval rating hits another new low on 500th day back in the White House
President Donald Trump marks the 500th day of his second term in the White House Thursday, but the milestone coincides with a poll showing his approval rating at a new low.
The latest survey from The Economist and YouGov places Trump’s net approval rating at -25, down 1.1 points in a week, and reveals that only 35 percent of the American public approves of the job he is doing in the Oval Office, with a massive 60 percent disapproving and the remaining 5 percent unsure.
The news magazine explains that the results make the president the most unpopular U.S. commander-in-chief since it began polling in 2009.
Maira Butt5 June 2026 09:32
Watch: Trump says he does not need deal with Iran to get enriched uraniumTrump says he does not need deal with Iran to get enriched uranium
Maira Butt5 June 2026 09:00
In pictures: Israeli strikes on Lebanon continue
(Reuters)
Smoke billows from southern Lebanon following an Israeli strike, as seen from Nabatieh, Lebanon, June 5, 2026. REUTERS/Stringer (Reuters)
Smoke billows from southern Lebanon following an Israeli strike, as seen from Nabatieh, Lebanon, June 5, 2026. (Reuters)
Maira Butt5 June 2026 08:35
Trump says he would be ‘honoured’ to meet new supreme leader
President Donald Trump said on Thursday that he would be honoured to meet new supreme leader Mojtaba Khamenei, despite ordering air strikes that killed his father, reportedly also his wife and child.
“I don’t want to meet but if I did meet I would be honoured to meet him,” Trump told reporters on Thursday. “If we make a deal it’s possible that we would meet.”
“Do you think because Epic Fury killed his killed his dad and his wife and his kid that he’s has hard feelings?” a reporter asked.
The US leader replied: “I would say I’m not his favourite person, but with that being said, he’s probably a pro—I don’t know him—he’s probably a professional in some circles, he has a very good reputation actually, you know, sometimes when people say bad, but a lot of people say bad about me. It’s totally false, of course.”
(Reuters)
Maira Butt5 June 2026 08:07
Operations at Oman’s main crude oil terminal have resumed
Operations at the Mina Al Fahal crude oil export terminal have resumed and are proceeding normally, according to the country’s state news agency.
Oman suspended oil loading operations at the facility, which is its main crude oil export terminal following an explosion nearby.
The blast occurred between the terminal’s SBM 1 and SBM 2 single-buoy mooring berths and was allegedly caused by a drone attack, sources familiar with the matter told Reuters. Operations were resumed on Friday morning.
Maira Butt5 June 2026 07:38
UN nuclear watchdog says it’s been unable to inspect Iranian facilities
The UN nuclear watchdog has been unable to inspect nuclear facilities in Iran affected by the war last June, according to a confidential report by the UN nuclear watchdog circulated to member states and seen Thursday by The Associated Press.
The International Atomic Energy Agency reported that it “cannot provide any information on the current size, composition or whereabouts of the stockpile of enriched uranium in Iran or whether Iran has suspended all enrichment-related activities.
“The IAEA warned that it was “unable to discharge its safeguards responsibilities” that it has under the Safeguards Agreement of the Nuclear Non-Proliferation Treaty, adding that it is “indispensable and urgent” for Tehran to implement its obligations under that Treaty.
The only nuclear facility inspected in Iran by IAEA inspectors since the last report in February has been the Bushehr nuclear power plant, which was visited on June 1-3.
The reactor currently running at Bushehr uses uranium from Russia enriched to 4.5 per cent, a low level needed for power generation in such plants.
The confidential report comes as tensions have flared in the Middle East.
Shweta Sharma5 June 2026 07:15
Oil executives warn Trump that Iran war will cause gas prices to spike within weeks due to dwindling supplies: report
For more than three months, Americans have been forced to confront high gas prices as a result of President Donald Trump’s war with Iran. The conflict has disrupted global oil production because Iran has effectively closed the Strait of Hormuz, through which roughly 34 percent of the world’s oil passes.
Shweta Sharma5 June 2026 06:53