{"id":467147,"date":"2026-03-10T04:28:10","date_gmt":"2026-03-10T04:28:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/467147\/"},"modified":"2026-03-10T04:28:10","modified_gmt":"2026-03-10T04:28:10","slug":"oil-prices-today-live-reeves-ready-to-support-release-of-reserves-and-issues-inflation-warning-over-us-iran-war","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/467147\/","title":{"rendered":"Oil prices today live: Reeves ready to support release of reserves and issues inflation warning over US-Iran war"},"content":{"rendered":"

<\/a>Watch: Oil prices surge as Iran names new supreme leaderIran war latest: Oil prices surge as Iran names new supreme leader<\/p>\n

Tara Cobham10 March 2026 04:00<\/p>\n

<\/a>Why aren\u2019t renewables better protecting the UK from energy price shocks amid Trump\u2019s war on Iran?<\/p>\n

Bryony Gooch10 March 2026 03:00<\/p>\n

<\/a>In pictures: Prime Minister Sir Keir Starmer during a visit to a community centre in London\"\"(PA)<\/p>\n

Bryony Gooch10 March 2026 02:00<\/p>\n

<\/a>Watch: Dark smoke fills Tehran sky after Israeli strikes on oil sitesDark smoke fills Tehran sky after Israeli strikes on oil sites<\/p>\n

Bryony Gooch10 March 2026 01:00<\/p>\n

<\/a>Almost $15m worth of wagers made on Polymarket about the extent of the oil crisis<\/p>\n

Almost $15 million has been wagered on prediction markets like Polymarket about the price of a barrel of crude oil by the end of the month as the fuel crisis continues.<\/p>\n

So far, in response to the question \u201cWill Crude Oil (CL) hit__ by end of March?\u201d, $14,621,677 worth of wagers have been made. <\/p>\n

It comes as the platform has faced criticism for millions of dollars worth of bets being placed around the future of the Middle East while the death toll rises across the gulf.<\/p>\n

\"BetsBets made on Polymarket about the price of crude oil (Polymarket)<\/p>\n

Bryony Gooch10 March 2026 00:00<\/p>\n

<\/a>Trump is is waiving certain oil-related sanctions<\/p>\n

President Donald Trump said that the United States is waiving certain oil-related sanctions as a way to ensure adequate oil supply and lower prices.<\/p>\n

At a news conference at his Doral golf club, Trump said oil prices have not spiked as much as he had feared – that\u2019s despite the price of oil soaring above $100 a barrel for the first time since 2022.<\/p>\n

“We have sanctions on some countries. We’re going to take those sanctions off till the Strait (of Hormuz) is up,” Trump said.<\/p>\n

He was not specific, but the US last week issued a temporary, day waiver to allow for the sale of Russian oil currently stranded at sea to India to alleviate pressure on the global oil market. <\/p>\n

Rebecca Whittaker9 March 2026 23:38<\/p>\n

<\/a>Trump has said the US will protect oil shipping<\/p>\n

Andrew Feinberg, the Independent\u2019s White House Correspondent reports:<\/p>\n

President Donald Trump has said the US will protect oil shipping and help to keep energy and \u201coil flowing to the world.\u201d<\/p>\n

“I will not allow a terrorist regime to hold the world hostage and attempt to stop the globe’s oil supply,\u201d he said giving an update on the Iran war from Florida.<\/p>\n

\u201cIf Iran does anything to do that, they’ll get hit at a much, much harder level. I will take out those targets that were easy and that I mentioned just before will take them out so quickly they’ll never be able to recover ever.<\/p>\n

\u201cIf they want to play that game, they better not play that game. In the long run, oil supplies will be dramatically more secure without the threat of Iranian ships, drones, missiles, nuclear menace, or anything so the Strait of the of Hormuz is going to remain safe.”<\/p>\n

Rebecca Whittaker9 March 2026 23:33<\/p>\n

<\/a>Economists expect UK unemployment to rise ‘due to persistent high labour costs and hiring uncertainty’<\/p>\n

Economists said they expect UK unemployment \u2013 which was most recently recorded at 5.2% \u2013 to rise as high at 5.5% this year, in a significant increase from a previous forecast of 5.1%.<\/p>\n

The British Chambers of Commerce expects inflation to remain high through 2027 \u201cdue to persistent high labour costs and hiring uncertainty\u201d.<\/p>\n

David Bharier, head of research at the BCC, said: \u201cThe UK economy remains stuck in a low-growth pattern.<\/p>\n

Our forecast of just 1% growth in 2026 reflects weak productivity, subdued investment and cautious consumer spending.<\/p>\n

\u201cThe recent escalation of conflict in Iran risks interrupting progress made on inflation.<\/p>\n

\u201cHigher energy prices linked to it could keep inflation firmly above the 2% target and lead the Bank of England to hold the interest rate longer than expected.\u201d<\/p>\n

Rebecca Whittaker9 March 2026 23:31<\/p>\n

<\/a>UK inflation \u2018to be pushed higher\u2019 by energy prices amid Iran conflict<\/p>\n

Inflation will be higher than expected throughout 2026 as the conflict in the Middle East pushes up energy prices, the British Chambers of Commerce has warned.<\/p>\n

The BCC\u2019s latest economic report said the geopolitical situation remains \u201chighly uncertain\u201d but could \u201cchange the economic outlook considerably\u201d.<\/p>\n

It predicted that UK Consumer Prices Index inflation \u2013 which was 3% in January \u2013 will be at 2.7% by the end of the year. It had previously predicted it would have slowed to 2.1%.<\/p>\n

Elevated inflation is linked to higher oil and gas prices due to the conflict in the Middle East, which is expected to push up energy prices in the near term.<\/p>\n

The projections indicated that energy prices are then assumed to start easing back, allowing for overall inflation to drop back to the Bank of England\u2019s target of 2% next year.<\/p>\n

It said inflation is likely to drop to 1.9% by late next year as energy prices drop and wage growth moderates.<\/p>\n

Rebecca Whittaker9 March 2026 23:28<\/p>\n

<\/a>Reeves ready to support release of reserves<\/p>\n

Rachel Reeves has said she \u201cstands ready\u201d to support a coordinated release of oil reserves held by the International Energy Agency after speaking with finance ministers from the G7 earlier on Monday.<\/p>\n

She said: \u201cI want to ensure the country that the fundamentals of Britain\u2019s economy are strong. Every step that I have taken since the election has built our national resilience.<\/p>\n

\u201cStability in the public finances, investment in infrastructure in both defence and energy security, and reform to our economy.\u201d<\/p>\n

Rebecca Whittaker9 March 2026 23:23<\/p>\n","protected":false},"excerpt":{"rendered":"Watch: Oil prices surge as Iran names new supreme leaderIran war latest: Oil prices surge as Iran names…\n","protected":false},"author":2,"featured_media":467148,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[49,50,51,47,52,48],"class_list":["post-467147","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/467147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=467147"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/467147\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/467148"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=467147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=467147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=467147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}