Oil more than $100 a barrel and stock markets falling – a round-up of the marketspublished at 12:36 GMT<\/p>\n
12:36 GMT<\/p>\n
Nick Edser
Business reporter<\/p>\n
With oil and gas prices rising – and the markets falling – as a result of the ongoing US-Israel war with Iran, let’s take a quick look at how the financial markets are faring.<\/p>\n
Global oil prices have jumped on fears that there will be a lengthy disruption to energy supplies through the key Strait of Hormuz shipping route. The price of Brent crude reached nearly $120 (\u00a390) a barrel earlier on Monday, before falling back to around $104.<\/p>\n
However, that\u2019s still a big rise on the $93-a-barrel it was at the end of last week.<\/p>\n
Gas prices have also jumped. UK gas prices surged by nearly 25% to 171p a therm when trading started on Monday, before slipping back to about 156p.<\/p>\n
European stock markets are lower, following steep falls earlier in Asia. London\u2019s FTSE 100 index is down 1.1%, Germany’s Dax index has dropped 1.6% while France’s Cac 40 has fallen 2%.<\/p>\n
UK government borrowing costs have continued to rise as markets rethink the prospects for the future direction of interest rates.<\/p>\n
Before the conflict, interest rate cuts had been expected this year, but this has changed given the expected impact of the oil price surge on inflation. On Monday, the yield – or interest rate – on two-year government bonds, which indicates how much it would cost to borrow money for two years, rose sharply to 4.12% from 3.87%.<\/p>\n","protected":false},"excerpt":{"rendered":"Oil more than $100 a barrel and stock markets falling – a round-up of the marketspublished at 12:36…\n","protected":false},"author":2,"featured_media":320719,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-320718","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/320718","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=320718"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/320718\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/320719"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=320718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=320718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=320718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}