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Oil rises above $90 as US-Iran ceasefire ends, fears grow for supplies
UK earnings growth slowed, with total pay including bonuses rising 4.1% in the three months to June, down from 4.3% in May.
Oil prices climbed above $90 a barrel as hopes for a deal to end the Middle East war faded following the end of a US-Iran ceasefire, raising concerns about energy supplies, according to The Guardian Business.
Brent crude was trading above $90 a barrel, while US West Texas Intermediate futures were up 75 cents at $85.25 a barrel after reaching $85.37, the highest level since July 31.
The report also cited comments from Reuters saying Iran would shift to a fully offensive military stance as efforts toward a permanent end to the war have stalled and Washington ruled out extending the temporary ceasefire pact.
In the UK, official data showed wages are cooling amid a cost of living squeeze. The Office for National Statistics reported average total earnings growth including bonuses fell to 4.1% in the three months to June from 4.3% in May, while regular pay growth excluding bonuses edged up to 3.5% from 3.4%.
The unemployment rate dipped slightly to 4.9% in the three months to June from 5.0% previously, and the number of job vacancies fell by 7,000 to 712,000. Liz McKeown, the ONS director of economic statistics, said the figures point to some softening in the jobs market despite a broadly unchanged overall picture, The Guardian Economics added.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%