Sterling begins Wednesday just under a cent stronger against the euro compared to this time last week. The pound has held up remarkably well, considering the threat of an oil crisis, conflict in the Middle East, along with the possibility all this could scupper the UK’s tentative economic progress. Things can still change in an instant should new headlines divert the course of events.
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The good news is the price of oil has tumbled as world leaders seek a solution to the chaos. US president Donald Trump has softened his language in recent days, indicating that his objectives were close to complete and that the war would only last a few more weeks. Major producers have scrambled to fix their supply chains, a process that has helped oil fall from a peak of almost $120 per barrel to about $85 this morning.
But consumers have already felt the pain at forecourts across the world. Chancellor Rachel Reeves yesterday warned petrol station operators against any price gouging. In a speech to the House of Commons, she highlighted that some retailers were cheekily charging as much as 180p per litre of fuel, while others were selling it for as little as 130p.
Homeowners, businesses and anyone purchasing property overseas are hoping for a swift end to the conflict, which has turned the Bank of England’s meeting next week (19 March) from a likely cut to a likely hold. Yesterday, the Office for Budget Responsibility (OBR) warned a prolonged conflict could add a full 1% to the inflation rate, underscoring the economic risks should things drag on into the weeks and months ahead.
