Oil prices jump after Iranian missile attacks on Israel in Middle East crisis – business live | Business

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British businesses have suffered a fall in sales after disruptions in the Red Sea disrupted deliveries and a cold, wet spring reduced demand for camping kit and clothing.

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The retail group, which owns Millets and Blacks in the UK, said sales at the outdoor kit chain fell 5.3% in the six months to August 3 due to delays in the launch of “key product lines”. Ta. Houthis attack off the coast of Yemen Delivery delays and route changes have resulted in early Easter falling outside of camping season for the first time since 2018.

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The company said bad weather made the problem worse, reducing demand for seasonal outdoor living items such as tents and camping equipment.

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The chilly wet weather also affected the group's main UK JD Sportswear chain, with same-store sales down 4.6% in what the group described as a “challenging and often volatile UK market”.

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JD said, “Unfavorable weather conditions in spring and early summer, reduced customer traffic, and fixed price demand for seasonal products led to a sharp increase in discounts in the market.” [clothing]”.

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Oil prices have bumped up further as European traders switch on – both Brent and West Texas Intermediate are up by more than 2% now.

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That has helped oil companies. BP and Shell are among the top gainers on London’s FTSE 100 index, thanks to higher oil prices. They rose by 2% and 1.9% respectively.

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TotalEnergies, France’s oil supermajor, rose by 2.1%, while Italy’s Eni gained 1.3%.

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Good morning, and welcome to our live coverage of business, economics and financial markets.

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Oil prices rose on Wednesday morning as investors around the world weighed the risk of threats to energy supplies after Iran’s missile attack on Israel threatened to escalate the Middle East conflict.

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The price of Brent crude oil futures, the North Sea benchmark, rose by 1.6% to $74.75, while the price of futures for its North American counterpart, West Texas Intermediate, rose by 1.7% to $70.98.

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Prices surged on Tuesday as reports of Iran’s imminent attack emerged. The attack was a response to Israel’s killing last week of Sayyed Hassan Nasrallah, the leader of Lebanon’s powerful militant group, Hezbollah. Hezbollah is widely seen as an Iranian proxy, and Israeli troops have moved into Lebanon.

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Brent crude oil prices rose 3.8%, posting the biggest intraday price move since April 2023, led analysts said. jim reed in deutsche bank. They wrote:

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There were some signs that the risk of escalation may be higher this time. The Pentagon said about twice as many ballistic missiles were used in the latest attack as in the April attack, but Iranian comments were more vague on whether the attack was a one-off.

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largely Asian stock markets other than China It fell on Wednesday morning, following the lead in the US index overnight. Japan's Nikkei average fell 2.2%, South Korea's Kospi fell 0.6%, and Australia's ASX200 index fell 0.1%.

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but, hong kong stock market Chinese stocks soared 6% on the back of the Chinese government's economic stimulus measures. Stock markets in mainland China were closed for Golden Week.

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Investors are now weighing whether Israel will respond directly to Iran as the Israeli military continues its assault on the Lebanese capital Beirut. Israel has also been fighting west of Gaza for almost a year after the October 7 attack by Hamas.

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mohit kumarChief Economist for Europe jeffriesAs one investment bank put it:

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Risk-off has dominated the market due to the tense situation in the Middle East. Crude oil prices rose in response to geopolitical risks. The market has stabilized after the initial risk-off, and investors are now awaiting Israel's response.

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agenda

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  10am (BST): Eurozone unemployment rate (August, previous: 6.4%, consensus: 6.4%)

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  1:15pm (BST): Changes in the number of U.S. ADP employees (September, previous: 99,000, second: 120,000)

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major events

JD Sports struggles with Red Sea turmoil and rainy weather

sarah butler

The stock with the biggest drop in the FTSE 100 this morning was trainer and clothing retailer JD Sports. It was down 3.6% as of Wednesday morning.

British businesses have suffered a fall in sales after disruptions in the Red Sea disrupted deliveries and a cold, wet spring reduced demand for camping kit and clothing.

The retail group, which owns Millets and Blacks in the UK, said sales at the outdoor kit chain fell 5.3% in the six months to August 3 due to delays in the launch of “key product lines”. Ta. Houthis attack off the coast of Yemen Delivery delays and route changes have resulted in early Easter falling outside of camping season for the first time since 2018.

The company said bad weather made the problem worse, reducing demand for seasonal outdoor living items such as tents and camping equipment.

The chilly wet weather also affected the group's main UK JD Sportswear chain, with same-store sales down 4.6% in what the group described as a “challenging and often volatile UK market”.

JD said, “Unfavorable weather conditions in spring and early summer, reduced customer traffic, and fixed price demand for seasonal products led to a sharp increase in discounts in the market.” [clothing]”.