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Die Baker Hughes Company BKR hat zwei mehrjährige Vertragsverlängerungen mit Equinor ASA EQNR abgeschlossen, um integrierte Bohr-, Welle- und Drahtinterventionslösungen für Offshore-Projekte in der Nordsee zu liefern. Der Vertrag soll dazu beitragen, die Effizienz zu steigern, die Ressourcen zu maximieren und die Produktionsziele von EQNR auf dem norwegischen Kontinentalsockel (NCS) zu erreichen.

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Die Baker Hughes Company (NASDAQ:BKR) ist ein Energie-Technologieunternehmen, das Lösungen für Energie- und Industriekunden weltweit bereitstellt. Die Baker Hughes Company (NASDAQ:BKR) hat am 28. Mai bekannt gegeben, dass sie zwei Vertragsverlängerungen mit Equinor abgeschlossen hat, um integrierte Bohr- und Welle-Dienstleistungen sowie Drahtfadeninterventionsdienste zu liefern. Die Verträge werden über mehrere Jahre laufen und unterstützen die norwegische Energie-Riese bei ihren Offshore-Produktionsoperationen in der Nordsee. Die finanziellen Bedingungen des Deals wurden nicht offengelegt.

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Mithilfe von Simply Wall St können Sie mit unseren einfachen, visuellen Werkzeugen bessere Investitionsentscheidungen treffen. Baker Hughes (BKR) hat sich nach dem Abschluss neuer Verträge mit Petrobras in Brasiliens Santos Becken und Equinor im Nordseebecken für seine Offshore-Bohr- und Eingriffstechnologie ausgewiesen. Diese Offshore-Vertragsgewinne kommen nach einem starken Jahresverlauf von 35,51% zu Stande. Der Aktienkurs hat sich jedoch kürzlich zurückgezogen, mit einem 30-Tage-Aktienkursrückgang von 7,16%. Trotz eines fünfjährigen Gesamtaktienrendite von 176,71% ist der Kursmomentum schwächer geworden. Wenn Offshore-Energie- und Infrastrukturthemen auf Ihrem Radar stehen, könnte es sich lohnen, die 33 Power-Grid-Technologie- und -Infrastrukturstocks zu scannen. Nach einem fünfjährigen Gesamtaktienrendite von 176,71% und einer kürzlichen Korrektur sitzt Baker Hughes nun bei einem geschätzten 16,78%-Rabatt auf eine intrinsic Value-Schätzung. Dies wirft die Frage auf: Gibt es noch einen Kaufanreiz oder ist der Markt bereits in zukünftiges Wachstum eingepreist? Die Gesellschaft hat sich durch ihre starke Dynamik bei der Absicherung großer Dienstleistungsverträge, Rahmenvereinbarungen und technologiegetriebener Aufträge (wie für Datenzentren, LNG, CCS und wiederkehrende Gas-Technologiedienste) einen Höchststand des IET-Rückstands erreicht. Dies führt zu einer starken Sichtbarkeit in die Zukunft und unterstützt eine nachhaltige Einnahmestabilität.

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Nachdem Baker Hughes (BKR) mitgeteilt hat, dass es zwei Vertragserweiterungen mit Equinor (EQNR) abgeschlossen hat, stieg das Unternehmen um 1,9% an. Die beiden Unternehmen haben sich auf die Bereitstellung integrierter Bohr- und Welle-Dienstlösungen sowie Drahtleitungsinterventionsdienste geeinigt. Die finanziellen Bedingungen wurden nicht offengelegt. Unter dem integrierten Bohr- und Welle-Dienstvertrag wird Baker Hughes (BKR) seine Fähigkeiten über seine Wellenbau- und -abschluss-, Intervention- und Messungsbereiche hinweg nutzen, um die Entwicklung auf der norwegischen Kontinentalplatte zu unterstützen. Dazu werden fortschrittliche Technologien wie das Kantori-autonome Welle-Bau-Lösung und die TRU-ARMS-voranschreitende Reservoir-Karten-Dienste verwendet.

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Baker Hughes bietet integrierte Bohr- und Welle-Dienstleistungen für Entwicklungsprojekte in der Nordsee. Die Vertragsverlängerung wird die Lebensdauer und Leistung von bestehenden Wellen in der Nordsee verlängern.

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Matador Resources Company (MTDR) hat eine bedeutende Erweiterung ihres Fußabdrucks im Delaware Basin durch den Kauf von 5.154 Netto-ungeentwickelten Acres in Südost-New Mexico bei der jüngsten Versteigerung von Ölförderlizenzen des Bureau of Land Management angekündigt. Der 1,1-Milliarden-Dollar-Erweiterung stärkt Matadors Position im produktivsten Bereich des Delaware Basin. Der Kauf fügt mehr als 141 neue Bohranlagen hinzu, die voraussichtlich die Produktionsleistung verbessern und Kosten senken werden durch längere zwei-Meilen-Bohrungen, gemeinsame Infrastruktur, besseres Wasserrecycling und stärkere natürliche Gastransportkapazitäten.

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Der Chef von Shell hat Labour aufgefordert, in der Nordsee wieder zu bohren. Er behauptet, dass dies dem britischen Wirtschaftsboom helfen würde. Shell und Equinor haben gemeinsam ein Joint Venture namens Adura, das die Möglichkeit hat, Gas aus der Heimat zu liefern. Der Chef von Shell sagte: 'National Security hängt an der Energie-Sicherheit, und Energie-Sicherheit kann man durch Importe bekommen, aber idealerweise möchte man sie durch heimische Ressourcen bekommen.'

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Brent-Kraftstoff nähert sich 110 US-Dollar pro Barrel, da Trump den Iran-Waffenstillstand als "lebensthrohend" bezeichnet. Gleichzeitig signalisieren Golf-Produzenten, dass Reparaturen an Ölinfrastruktur bis 2027 dauern könnten.

Chinas Ölmotor fährt auf der Stelle: Importe sinken um 2,4 Millionen Barrel pro Tag im April, während Margen für unabhängige Raffinerien in Shandong südlich fallen. Die chinesischen Raffinerien kämpfen mit dem Exportverbot von verarbeiteten Produkten durch die Regierung, was die Lieferungen nach innen lenkt.

Weitere Marktaktualisierungen...

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Zusammenfassung (ca. 500 Wörter)

Subsea7 S.A. (SUBCY) hat einen Vertrag von Noble Energy EG Ltd. erhalten, einem Geschäftsbereich von Chevron Corporation (CVX), für Installationsarbeiten im Rahmen des Projekts „Aseng Gas Monetisation“ in Äquatorialguinea. Dieses Projekt konzentriert sich auf die Entwicklung eines Single-Well-Tieback-Systems, um das Aseng-Gasfeld mit der bestehenden Alen-Plattform zu verbinden. Der Vertrag, der auf zwischen 150 und 300 Millionen US-Dollar geschätzt wird, umfasst die Installation von rund 19 Kilometern starren Produktionsströmungsleitungen und 20 Kilometern Umbilical-Kabeln sowie weiterer Unterwasserinfrastruktur, alles in einer Wassertiefe von 800 Metern.

Das Projekt „Aseng Gas Monetisation“ ist ein wichtiger Schritt zur Nutzung des Potenzials der Gasreserven Äquatorialguineas. Chevron hat kürzlich eine Endinvestitionsentscheidung (FID) für das Projekt getroffen, gestützt auf günstige Steuerbedingungen, die durch eine Vereinbarung mit der Regierung Äquatorialguineas im September 2025 erzielt wurden. Diese Vereinbarung bot wichtige finanzielle Unterstützung und ermöglichte den Fortgang des Projekts.

Subsea7 wird die Ingenieur- und Projektmanagement-Aspekte von seinem Büro in Paris aus verwalten und Unterstützung von Büros in Lissabon und Äquatorialguinea in Anspruch nehmen. Die Offshore-Arbeiten sollen im Jahr 2026 beginnen. Dieser Vertrag erhöht Subsea7’s Auftragspipeline erheblich und bietet erwartete Einnahmen und Gewinnwachstum. Subsea7’s langjährige Betriebserfahrung in Äquatorialguinea – fast 20 Jahre – unterstreicht die strategische Bedeutung der Region.

Der Erfolg des Projekts soll die Versorgung mit LNG aus Äquatorialguinea zu globalen Märkten bis Mitte der 2030er Jahre aufrechterhalten, wobei bestehende Midstream-Infrastruktur genutzt wird. Die Situation wird durch jüngste globale Ereignisse, insbesondere die Störung der LNG-Versorgung aufgrund des Konflikts im Nahen Osten, weiter verstärkt, was die Gaspreise in die Höhe getrieben und die Nachfrage nach zuverlässigen Quellen wie den Gasreserven Äquatorialguineas erhöht hat.

Zacks Research Research weist darauf hin, dass Chevron (CVX) derzeit eine Bewertung von „Hold“ hat, während Subsea7 (SUBCY) eine Bewertung von „Buy“ hat. Sie empfehlen auch andere hoch bewertete Aktien im Energiesektor: Equinor ASA (EQNR) mit einer Bewertung von „Strong Buy“ und Archrock Inc. (AROC) mit einer Bewertung von „Buy“. Equinor profitiert von der gestiegenen Nachfrage aufgrund höherer Gaspreise und seiner Expansion in den Bereich der erneuerbaren Energien, während Archrock von dem wachsenden Bedarf an Gasdruckdienstleistungen profitieren wird.

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Keir Starmer discussed measures to support households with bosses including incoming BP chief Meg O’Neill (left) - Jaimi Joy-WPA Pool/Getty Images

Sir Keir Starmer has admitted the Government cannot tackle the fallout from the war in Iran “on its own”, urging business leaders to help protect households from soaring prices.

The Prime Minister called for a “joint effort” to tackle the issue after summoning bosses from across the energy, shipping and banking sectors to Downing Street on Monday for talks.

Meg O’Neill, the incoming chief executive of BP, and Anders Opedal, the boss of North Sea giant Equinor, were among the executives in attendance.

Sir Keir told them he was working on a “viable plan” to cope with Iran’s closure of the Strait of Hormuz, a waterway that usually carries around a fifth of the world’s oil and gas supplies.

Iran has blocked ships from using the waterway for around a month after the US and Israel first attacked the country. It has triggered an oil price spike that has sent the cost of fuel jumping.

The Prime Minister said the Government would take measures to allay people’s fears about rising energy bills, petrol and food prices, which were “uppermost in their minds”.

However, Sir Keir told the executives that it must be a “joint effort”, saying “the Government can’t do it on its own”.

He added: “You can’t do it on your own. We’re going to have to work together on this.”

Oil prices remained elevated at close to $115 a barrel on Monday after Donald Trump threatened to target Iranian oil wells if it failed to reopen Hormuz “immediately”.

Sir Keir said: “We will defend British interests and British lives in the region, particularly in the Gulf allied states, and obviously our allies there, and we are working on a viable plan for the Strait of Hormuz, which I want to come back to.

“So it’s not our war, but it is our duty to protect British citizens. Particularly their concern will be not just the escalation of the war, but this sense that it’s going to hit them and their families and their households.

“And I think probably uppermost in their minds at the moment is energy bills, petrol and also food prices.”

Sir Keir’s call for cooperation follows his claims that petrol stations have been profiteering from the oil crisis.

Labour’s relationship with business has also been tested by repeated tax raids.

Supermarkets shunned a last minute meeting called by Rachel Reeves last week to discuss prices, with some saying it was just a chance for the Chancellor to criticise grocery bosses.

The meeting has been rescheduled for this week. Peter Kyle, the Business Secretary, will also attend.

08:27pm

Signing off...

Thanks for following our coverage of all the fallout from the war with Iran and efforts from leaders worldwide to avert the threat of a global economic crisis.

Story Continues

You can keep up to date with the latest here.

07:58pm

Shadow transport secretary blames soaring air fares on Labour’s “net zero obsession”

Labour’s failed energy policies have ruined families’ Easter holidays, the shadow transport secretary has said.

Richard Holden, the Conservative MP for Basildon and Billericay, accused the Government of pushing up the cost of air fares by prioritising net zero instead of cheap energy.

Mr Holden said: “Labour’s energy failure is wrecking the Easter getaway before families have even packed their bags, grounding holidays and sending air fares into the skies.

“As conflict in the Middle East drives jet fuel prices higher, airlines will pass those costs straight on to British families already being hammered by Labour’s hikes to air passenger duty and airport business rates.

“This is the direct consequence of Labour’s net zero obsession, destroying our energy security with real and tangible consequences for people up and down the country.”

07:16pm

Rachel Reeves calls for “swift resolution” to Middle East war in talks with G7

Rachel Reeves said she called for a “swift resolution” to the conflict in the Middle East during a meeting with her counterparts from the Group of Seven (G7) countries.

In a post on X, the Chancellor of the Exchequer said she had “reiterated the need for a swift resolution in the Middle East” during talks with finance and energy ministers from the Governments of countries in the G7.

Ms Reeves added: “This is not our war and we won’t be drawn into it, but its economic impacts are global - we must work with partners to strengthen resilience.”

The online talks were also attended by Andrew Bailey, the Governor of the Bank of England, and Ed Miliband, the Energy Secretary.

Alongside the UK, members of the G7 include Canada, France, Germany, Italy, Japan, and the United States.

06:22pm

Oil prices fall to $112 a barrel

Oil prices have fallen after Donald Trump said “great progress” had been made on a deal to end the war in Iran.

Brent crude prices slipped back down to $112 a barrel on Monday after peaking earlier in the day at multi-year highs of more than $116 a barrel.

The price of a barrel of oil has surged to its highest levels in years, as fighting with Iran has caused major disruption to global energy markets.

Brent crude prices are currently at their highest levels since 2022, when Russia’s invasion of Ukraine sparked fears of a global energy crisis.

05:42pm

FTSE-100 finishes trading session higher as Iran war continues

British stocks finished the trading session higher on Monday as the war with Iran entered its fifth week.

Stocks listed on the FTSE-100 index were up by 1.6pc at the end of Monday’s trading session.

It came as the conflict between the US, Israel and Iran entered its fifth week after fighting first broke out on the 28th February.

UK stocks have slumped since the start of the war on concerns about the impacts of the conflict on the global economy.

The losses on the FTSE-100 index over the past month have wiped out almost all of the increases made in the first two months of 2026.

05:24pm

Britain is working on a “viable plan” to reopen the Strait of Hormuz, Starmer says

Sir Keir Starmer has said the UK is working on a “viable plan” to reopen the Strait of Hormuz, including at a “military level”.

At a meeting in 10 Downing Street, the prime minister said opening the narrow waterway would be “easier said than done” as he called on the bosses of energy, shipping and finance firms to work with the Government.

He said: “This is going to have to be a joint effort. The Government can’t do it on its own. You can’t do it on your own.”

Sir Keir added that the Government was “working on a military level on what a viable plan would actually look like” to open the Strait of Hormuz.

The Strait of Hormuz is a vital choke point for the global economy as the shipping route roughly 20pc of the world’s supplies of oil and liquefied natural gas (LNG).

Iranian threats to attack ships travelling through the strait have led to a sharp drop in shipping traffic through the waterway since fighting broke out at the end of February.

04:59pm

Starmer says UK won’t be ‘drawn into the conflict’ with Iran

Sir Keir Starmer has said the UK won’t be “drawn into the conflict” with Iran as he called an end to the fighting.

Speaking at a meeting in 10 Downing Street with bosses from the shipping, energy and insurance industries, Sir Keir said the war with Iran is “not our war”.

The prime minister said: “The political position we’ve taken I think is straightforward, which is we’re not going to get drawn into the conflict proper.”

The prime minister added Britain is working with a coalition of 35 countries from across the globe to de-escalate the conflict.

He said: “It goes without saying that the most important thing we can do is de-escalate the situation and bring an end to the conflict.”

04:09pm

Oman’s biggest port prepares to reopen after drone attack

Oman’s biggest port is preparing to restart operations by tomorrow after it was hit by a drone strike over the weekend, its owner Maersk has said.

Shipping giant Maersk said the Port of Salalah will start to reopen on Tuesday after it was closed following an attack in the early hours of Saturday morning.

The strike caused “sustained damage” to a crane in the port and resulted in one worker suffering minor injuries.

The Port of Salalah was immediately evacuated after the attack and operations have since been suspended.

The Oman port, which is owned by Maersk subsidiary APM Terminals, is one of the largest ports in the world and a key hub for cargo ships travelling between China and Europe.

Maersk said it has now put in place “additional precautionary security measures” as it warned that “some operational constraints might remain for some time.”

03:03pm

Wall Street opens higher on hopes of Iran talks

US shares opened higher on Monday in the wake of Donald Trump’s promise of “serious discussions” with Iranian leaders, even as the conflict across the Middle East widened.

The S&P 500 was up as much as 0.6pc while the Dow Jones climbed 0.4pc after Mr Trump’s post on Truth Social prompted fresh optimism that the war could be nearing an end.

02:42pm

Oil could surge to $200 per barrel, warns Egyptian president

Fears that oil prices could surge to $200 per barrel are “not an exaggeration”, the President of Egypt, Abdel Fattah al-Sisi, has warned.

Speaking at an energy conference in Cairo, Mr Sisi said Donald Trump was the only person who could bring and end to the fighting which has sent oil prices spiralling, Reuters reports.

He said: “I tell President Trump: nobody can stop the war in our region in the Gulf but you.”

Referring to warnings by analysts of further oil price shocks, Mr Sisi said: “The price of a barrel of oil could reach more than $200, and this is not an exaggeration.”

Egypt ranks as the 26th largest oil producer globally, with similar volumes to the UK.

02:14pm

Scott Bessent: ‘Freedom of navigation’ will return to Hormuz

The US Treasury Secretary Scott Bessent has said American forces are prepared to “retake control” of the Strait of Hormuz and return “freedom of navigation” to the contested shipping lane.

Speaking to Fox News, Mr Bessent said: “Over time, the US is going to retake control of the Straits and there will be freedom of navigation, whether it is through US escorts or a multinational escort.”

He added: “The market is well supplied [with oil] and we are seeing more and more ships go through on a daily basis as individual countries cut deals with the Iranian regime.”

His remarks came as brent crude prices briefly climbed above $116 per barrel ahead of a crunch meeting between G7 leaders on how to respond to Iran’s efforts to close the Strait.

Donald Trump on Monday threatened to “obliterate” Iran’s strategic oil base on Kharg Island in the Persian Gulf if its leaders refused to come to a deal to end the conflict.

01:59pm

French oil traders make $1bn profit on Iran chaos

Traders at France’s TotalEnergies have cashed in on surging oil prices after hoovering up crude contracts as hostilities broke out between the US, Israel and Iran.

Oil traders at Total made a reported $1bn in profits by acquiring 70 cargos of physical oil due to load in May that were available to buy in March, according to the Financial Times.

Adi Imsirovic, a lecturer in energy systems at the University of Oxford, said the buying spree appeared to be “the biggest position-taking ever made in the history of oil markets”.

Fabian Ng, head of Asia crude pricing at Argus Media, said that oil buying in the past month had been “completely dominated by just one player”.

Total declined to comment on the report.

01:31pm

Petrol prices hit more than two-year high

Motorists have been hit with the highest petrol prices in 28 months in the wake of the Middle East conflict.

The average price of a litre in Britain has jumped from 132.83p at the end of February to 152.01 on Monday.

Diesel has jumped from 142.38p to 181.20p over the same period, leaving prices at the highest level since December 2022.

RAC head of policy Simon Williams said: “Compared to the start of the Iran conflict, it costs £10.55 more to fill up a typical family car that runs on petrol, and £21.35 more for a comparative diesel car.

“The financial strain on the eight-in-10 motorists that tell us they depend on their cars continues to build, and at a particularly rapid rate for those who drive diesel vehicles.”

He urged drivers to continue to fill up as normal and to use apps to find the cheapest prices, such as the Government’s Fuel Finder or myRAC.Motorists fill up at the Braywick service station in Maidenhead - Jonathan Brady/PA Wire

01:17pm

Jim Ratcliffe’s £3.5bn chemical plant delayed with parts stranded in the Gulf

Sir Jim Ratcliffe’s petrochemicals empire has warned of delays to its €4bn (£3.5bn) flagship plant as it wrangles with the effective closure of the Strait of Hormuz.

Ineos Group told investors it was facing potential problems completing its Project One plant in Antwerp, Belgium, after two of its components were stranded in the Gulf.

The plant, which will make materials for plastic products and was due to be finished by the end of this year, was already suffering from delays after its environmental permit was suspended in 2023 by the Belgian government.Sir Jim Ratcliffe on a visit to the Project One plant in Belgium - Belga News Agency / Alamy Stock Photo

01:03pm

Petrol stations ‘well-stocked’, insists No 10

Petrol stations are “well-stocked nationally and any suggestion otherwise is incorrect”, according to Downing Street.

Number 10 dismissed concerns about fuel shortages as the Chancellor holds a meeting with G7 finance ministers about the economic impact of the Iran war.

Rachel Reeves and Ed Miliband have been holding discussions in the last hour with their counterparts as supplies from the Middle East remain largely choked off by the Iran war.

Asked whether the Government was planning for any shortages, the Prime Minister’s spokesman replied: “We’ll always plan for all eventualities.”

He added: “To be very clear, as the PM (Sir Keir Starmer) has said and as the Government have said, and indeed industry have said, fuel production and imports are continuing.

“The UK benefits from diverse and resilient supply.

“Petrol stations in the UK are well-stocked nationally and any suggestion otherwise is incorrect.”

12:42pm

Trump warns Iran to reopen Strait of Hormuz

Donald Trump warned Iran to reopen the Strait of Hormuz as he said he was holding talks with a “more reasonable” regime.

Oil prices edged lower as the US president said he was having “serious discussions” about ending the war in his latest post on social media.

However, he repeated his threat to attack power plans if the talks fails.

“The United States of America is in serious discussions with A NEW, AND MORE REASONABLE, REGIME to end our Military Operations in Iran,” he wrote on Truth Social.

“Great progress has been made but, if for any reason a deal is not shortly reached, which it probably will be, and if the Hormuz Strait is not immediately “Open for Business,” we will conclude our lovely “stay” in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!), which we have purposefully not yet “touched.”

“This will be in retribution for our many soldiers, and others, that Iran has butchered and killed over the old Regime’s 47 year “Reign of Terror.””

12:33pm

Aluminium prices leap after attacks on Bahrain and UAE

Aluminium prices surged after Iran attacked two major plants in the Gulf.

The metal climbed as much as 6pc and was last up around 4.2pc at $3,435 per tonne on the London Metal Exchange.

Iran’s Revolutionary Guards said they launched missile and drone strikes on aluminium plants in Bahrain and the United Arab Emirates over the weekend, targeting what they described as industries linked to the US military.

The Middle East has become a “crucial supplier” of the metal to the EU, US and Japan after sanctions against Russian aluminium after the invasion of Ukraine, according to analysts at ANZ.

“Any further disruption to deliveries would add upward pressure on aluminium prices and premiums,” they added.

12:09pm

Reeves and Miliband ‘are utterly delusional on net zero’

The Chancellor and Energy Secretary have been urged by Telegraph readers to exploit the North Sea as they try to avoid the “rollercoaster” of fluctuating fossil fuel prices.

Rachel Reeves and Ed Miliband were expected to encourage other nations to switch to renewables during the emergency virtual summit on Monday.

Here is a selection of views from our comment section on what Ms Reeves and Mr Miliband should say, and you can join the debate below.

11:51am

Pound slumps over fears for UK economy

The pound slumped over deepening fears about the impact of the Iran war on Britain’s economy.

Sterling dropped to its weakest level against the euro in three weeks on Monday and was down against the dollar for a fifth day in a row.

Analysts fears Britain’s heavy dependence on imported gas and persistent inflation risked a stagflationary shock on the economy.

Benchmark European gas prices rose a further 2pc on Monday to around €55 per megawatt hour as the conflict in the Middle East shows no sign of easing.

Sterling remains the best-performing currency against the dollar since the war began in early March, falling around 1pc. Over the same period, the euro has fallen about 2.7pc, while the yen has declined by 2.4pc.

However, the pound has fallen as the Government remains in a weak position to offer support to households over rising energy prices, with the public finances already stretched and the cost of government borrowing soaring.

The 10-year gilt yield, a benchmark for what the Treasury pays buyers of its debt, remains close to its highest level since 2008.

Dani Stoilova, an economist at BNP Paribas, said: “The Middle East conflict and related energy price spike have fundamentally changed the UK macroeconomic outlook, reviving concerns about stagflation and debt sustainability.”

11:30am

Starmer to chair Cobra meeting on economic blow from Iran war

Sir Keir Starmer will chair a Cobra meeting on Tuesday following a roundtable with energy bosses on Monday.

The Prime Minister was in Wolverhampton launching Labour’s local election campaign, where he emphasised the impact of the Iran war on the cost of living.

Asked about Monday’s meeting with businesses, the Prime Minister told broadcasters: “We are bringing together the shipping sector, insurance and energy, because obviously that’s a focus of concern.

“A lot of discussion about the Strait of Hormuz and what we can do to get the straits open, which is the single most effective way to bring energy prices down.

“I will have a Cobra tomorrow, another Cobra, to look at the economic impacts of the war and making sure that everything that we need to have in place, everything is monitored and audited properly.”

Asked about whether petrol rationing was being considered, as it has in other European nations, the Prime Minister insisted the advice to motorists is that there was “no need to do anything other than what is normal”.Sir Keir Starmer launches Labour’s local election campaign - Christopher Furlong/Getty Images

11:06am

UK-listed energy stocks hit record high

The FTSE 100 rose as energy stocks were boosted by rising oil and gas prices.

The UK’s flagship stock index was up 0.5pc as energy stocks climbed 1.4pc to ‌a collective record high.

The sub-index of oil and gas companies across the FTSE 100 and FTSE 250 was pushed up to unprecedented levels on Monday as Shell rose by 1.4pc, while BP was up 1.3pc.

Crude oil was last trading around $115 a barrel, with international benchmark Brent on track for a record monthly rise.

Rio Tinto rose 4.9pc, providing the biggest boost to the benchmark index, after the mining giant ‌said operations have resumed ‌at three of ⁠its four Pilbara iron ore port terminals in Australia after a tropical cyclone.

10:52am

Reeves under pressure to support households in energy crisis

Rachel Reeves, Ed Miliband and Andrew Bailey will be flying the flag for Britain this afternoon at a G7 meeting of finance and energy ministers alongside central bank governors.

France, which holds the G7 presidency, convened the emergency meeting, which is pencilled in for around noon.

However, reports suggest it will be another chance to talk rather than act.

Economy minister Roland Lescure said it was the first time in five decades that such a meeting will take place.

Countries will discuss releasing more strategic oil reserves - although a previous agreement brokered by the International Energy Agency (IEA) to unleash an additional 400 barrels of oil failed to affect prices.

They will also continue to discuss how to protect ships travelling through the Strait of Hormuz, which has become a deadly chokepoint in the Iranian war, and according to some reports, the topic of oil price caps may also come up.

While the cavalry may not be on the way just yet, it is clear that countries are eager to limit the economic and political damage from the war.

A number of countries including Ireland, Hungary and Italy have already taken action to reduce prices at the pumps. The Chancellor is under pressure to do the same.

A litre of petrol now costs £1.52 while a litre of diesel will set you back £1.81. That means it now costs roughly £20 more to fill up an average diesel car since the start of the war.

Meanwhile, Ms Reeves herself is scrambling to find energy support that will give the Chancellor the most bang for her buck.

After all, money is tight and a large support package may spook financial markets.Rachel Reeves gave a statement in the Commons on the energy crisis last week, insisting any support would remain within her budget headroom - House of Commons

10:43am

Reeves to insist renewables key to avoiding energy shocks

Rachel Reeves will argue that the only way to bring energy bills down for good is with “clean, homegrown power” as she meets G7 finance ministers later.

The Chancellor will argue that switching to renewables “reduces exposure to volatile global gas markets” following the surge since the start of the war in the Middle East.

In the meeting, which also includes G7 energy ministers and central bank governors, Ms Reeves is expected to stress that stabilising energy markets and keeping critical supply chains moving are essential to global growth.

She is expected to call for “coordinated G7 action that strengthens supply, supports market stability, and protects the recovery”.

10:20am

Record gap between diesel and petrol prices

The price difference between diesel and petrol has reached the highest level since at least 2003 as the Iran oil crisis deepens, new figures show.

Latest data from motoring services company the RAC shows the average price of a litre of diesel at UK forecourts rose to 179.9p on Sunday, 28.5p more than petrol (151.4p).

UK oil refineries are more geared towards producing petrol than diesel, so the country’s supply of the latter is more reliant on imports.

Oil prices - which have a significant effect on the cost of wholesale fuel - have soared in response to Iran’s stranglehold on tankers passing through the Strait of Hormuz, sparking rising pump prices.

The RAC Foundation warned it is the biggest price disparity between diesel and petrol since at least 2003, and possibly ever.

Latest DVLA figures show there were 16.2 million diesel vehicles licensed in the UK as of the end of September last year.

This included the vast majority of light goods vehicles, such as vans.

Steve Gooding, director of the RAC Foundation, said: “Diesel is the lifeblood of millions of small businesses, but today white van man is bleeding cash just to stay on the road.

“Whether you drive or not, soaring diesel prices will take money out of your pocket, either at the pump or in the bills you pay for everything from calling out the plumber to getting a home delivery.

“If oil prices remain at this level the impact on the forecourt could be felt for weeks, if not months.”The difference between diesel and petrol prices is at its widest ‘possibly ever’, according to RAC Foundation - Finnbarr Webster/Getty Images

10:06am

Bangladesh tells civil servants to switch off lights

Bangladesh has ordered civil servants to switch off the lights and turn down air conditioning to save power as the Middle East war worsens an energy crunch.

The country of 170 million people imports 95pc of its oil and gas needs.

The Ministry of Public Administration issued a string of orders regarding office attendance and saving electricity and fuel, ministry official Sakhawat Hossain said on Monday.

“Only the necessary number of lights, fans, air conditioners, and other electrical equipment should be used”, the order said.

It also reminded workers to turn off the lights when they leave, and ordered that air conditioning temperatures must be set at 25 degrees Celsius, or warmer.

Bangladesh has said it is seeking loans of around $2bn (£1.5bn) from multilateral donors to tackle energy worries.

The government has already taken several measures to restrict fuel consumption, including setting limits on fuel purchases, halting production at most fertiliser factories, and deploying police to patrol filling stations.

09:47am

Australia halves fuel duty as prices surge

Australia’s prime minister said the government would halve the excise on petrol and diesel as the Iran war drives up costs.

Anthony Albanese said on Monday he would also remove charges for heavy road users for three months to help households.

Halving the fuel tax would reduce the cost of fuel by 26.3 Australian cents per litre, Mr Albanese said.

The total cost to the government would be about 2.6 billion Australian dollars (£1.3bn), treasurer Jim Chalmers said at a joint press conference.

The measures are the latest in a series of fuel security measures adopted by Canberra since the war began on February 28. It has previously announced the release of petrol and diesel from domestic reserves and the temporary relaxation of fuel quality standards.

The average ⁠retail price of a litre of diesel rose to more than three Australian dollars (£1.55) in Australia last week and petrol to A$2.50 (£1.29).Australian prime minister Anthony Albanese announced he was cutting fuel duty - LUKAS COCH/Reuters

09:20am

Stocks mixed as oil prices rise

UK and European stocks were mixed despite the latest rise in oil prices.

The FTSE 100 was up 0.5pc in early trading, while the UK-focused FTSE 250 was down 0.4pc.

European shares ​were little ‌changed ahead of inflation data.

The pan-European Stoxx 600 was up 0.1pc ahead of Germany’s inflation figures, which will help gauge ⁠the impact of the war on Europe’s largest economy. The Dax in Frankfurt was down 0.3pc.

The Middle East war has driven oil prices sharply higher, fuelling inflation fears ⁠and pushing Europe’s Stoxx 600 toward its steepest monthly fall since March 2020.

France’s Cac 40 was flat on Monday after Yemen’s Iran-backed Houthi militia firing missiles at ​Israel, escalating the conflict and stoking ‌fears of more disruptions to shipping lanes.

French central bank chief Francois Villeroy de Galhau said the ‌European Central ​Bank is determined ⁠to prevent any energy-driven inflation from broadening out, but it is too early to discuss dates ⁠for possible interest rate ​rises.

Brent crude was last up more than 3pc at $116.

08:55am

Labour must let markets do their job to curb worst of energy crisis

In the famous story which used to be known by every schoolchild in the land, at some point in the early 11th century, King Canute famously sat on his throne at the edge of the sea and ordered the tide to stop coming in, writes Roger Bootle.

Needless to say, the tide did not obey.

Some modern interpretations suggest that he wasn’t mad but was rather trying to demonstrate to his courtiers the limits of regal power. Even the King could not stop the tide. Today’s governments need to recognise what little power they have in relation to the current energy crisis.It has become clear that this Labour Government doesn’t really understand or believe in markets - Ian Forsyth/Getty Images

08:28am

Borrowing costs fall over growth fears

The cost of government borrowing edged lower on Monday as investors became increasingly worried that the Iran war could hurt global growth.

Investors snapped up government bonds as they bet that the crisis would force central banks to lower interest rates to support struggling economies.

When investors buy bonds, it pushes down their yield, which is the return offer by governments to holders of their debt.

The yield on 10-year gilts, as UK bonds are known, edged down from 4.97pc to 4.96pc on Monday.

Deutsche Bank analyst Henry Allen said: “So there’s still no sign of a clear end to the conflict, and given the various headlines, investors remain fearful about a fresh escalation.”

He added: “The primary concern this morning has shifted back to the growth side rather than inflation.

“So markets are pricing out the likelihood of imminent hikes and sovereign bond yields have fallen.”

08:04am

FTSE 100 falls at the open

The FTSE 100 declined at the start of the week as the Iran war intensified.

The UK’s flagship stock index was down 0.1pc to 9,960.33 as trading began after the Houthis entered the Middle East conflict at the weekend and Donald Trump signalled he wanted to take control of Kharg Island.

The mid-cap FTSE 250, which is more focused on the UK economy, dropped by 0.2pc to 20,921.98.

07:45am

Families with six-figure incomes do not need help, says minister

Households with six-figure incomes do not need any help with their energy bills, a minister has said.

Emma Reynolds was challenged on the Government’s plans to only provide targeted cost of living support for the poorest households as prices surge because of the war in Iran.

Ms Reynolds, the Environment Secretary, told Times Radio: “If you think about what we did a couple of weeks ago the Prime Minister pledged £53 million for people who are reliant on heating oil.

“But yes, that help is going to go to those who are most in need and we have said all that we can to keep costs down but we will provide targeted support.

“Because we saw what happened with the last government when they provided support to some of the wealthiest families in the country and everyone else and quite frankly those who are on hundreds of thousands of pounds a year shouldn’t really need help with their energy bills.”

07:35am

Dollar poised for strongest month since July

The dollar has surged since the start of the Iran war as investors have dumped riskier assets and sought out the perceived safety of the US currency.

Markets have been rattled this month after the conflict effectively shut the Strait of Hormuz, a chokepoint for about a fifth of global oil and gas flows.

It has surged at its fastest pace against the euro in eight months as the conflict has pushed up the price of oil, driving up costs and threatening to derail global growth.

Prashan Newnaha, an analyst at TD Securities, said: “Where the dollar goes ‌from here is simply a view on oil. Where oil goes, the dollar goes.”

Despite its monthly surge, the dollar was largely unchanged on Monday.

The pound edged up 0.1pc to $1.327 but has fallen by 1.7pc against the US currency during March.

07:11am

Starmer to meet bosses over Iran war

Sir Keir Starmer will gather business leaders in Downing Street on Monday to address the impact of the Iran war.

The Prime Minister is expected to meet senior representatives from the energy, shipping and financial services industries amid warnings the UK could suffer serious economic damage as a result of the conflict.

Discussion is expected to focus on Iran’s ongoing blockade of the Strait of Hormuz, which has disrupted a vital shipping route for the oil and gas industry along with supplies of other products such as fertiliser.

The meeting will also hear an update on the situation in the region from Major General Richard Cantrill, the UK’s maritime operations commander.

Downing Street said the aim of the meeting was to hear directly from businesses and discuss how the Government and private sector can work together in responding to the conflict.

With oil prices spiking and Iran continuing to blockade the vital Strait of Hormuz, Britain is now expected to face higher inflation and lower growth.

Monday is also expected to see Chancellor Rachel Reeves join a virtual meeting of G7 finance and energy ministers and central bank governors along with Energy Secretary Ed Miliband.

Ms Reeves is expected to urge her counterparts to follow the UK’s lead and accelerate the transition away from fossil fuels, arguing this is the only way to get off the “rollercoaster” of international oil and gas markets and cut bills for good.

06:53am

Stocks plunge as Trump threatens to take Kharg Island

Asian shares sank under the pressure of rising oil prices and Donald Trump’s suggestion of an invasion of Kharg Island.

The drops in Asia follow the deep declines on Wall Street last Friday that finished off a fifth straight losing week, its longest such streak in nearly four years.

Japan’s benchmark Nikkei 225 was down 3.2pc to 51,657.79 while South Korea’s Kospi dropped 3pc to 5,275.41.

Both are heavily reliant on the Middle East for imports of oil, which surged as the Iran war has kept the Strait of Hormuz closed. The waterway carries a fifth of the world’s crude and gas exports.

“The longer the Strait remains closed, the sharper the drawdown in buffer supplies that could ​spark dramatic increases in the price of crude oil, natural gas and other commodities,” warned ‌Bruce Kasman, global head of economics at JPMorgan.

“A scenario in which the Strait remains closed for an additional month would be consistent with oil prices rising towards $150/bbl and constraints on industrial consumers of energy supply.”

Hong Kong’s Hang Seng lost 1.3pc to 24,626.80, while the Shanghai Composite edged down 0.1pc to 3,911.86.

Australia’s S&P/ASX 200 lost 0.7pc to 8,461.00.

06:01am

Iran authorises passage of 20 oil tankers

Donald Trump said that Iran’s parliament speaker has authorised the passage of 20 oil tankers through the Strait of Hormuz.

Speaking in an interview published early on Monday by the Financial Times, Mr Trump described the move as a “sign of respect”.

“They gave us 10” Pakistani-flagged tankers, he said.

“Now they’re giving 20 and the 20 have already started and they’re going right up the middle of the Strait.

“Remember I said they’re giving me a present? And everyone said: ‘What’s the present?’ ... When they heard about that they kept their mouth shut and the negotiations are going very well.”

05:51am

Brent crude tops $116 a barrel

Benchmark Brent crude rose above $116 a barrel in early Monday trading.

Prices have surged by more than 50pc since the conflict began on February 28, when Brent was trading just above $70 a barrel.

They briefly eased after Donald Trump extended his self-imposed deadline to “obliterate” Iran’s power plants to April 6, but renewed escalations over the weekend have since driven them higher.Donald Trump seen arriving at the White House on Sunday - AP

05:34am

G7 to tackle financial fallout of war

Ministers from the G7 will hold talks on Monday to unpack the economic consequences of the war in the Middle East, the French government said, as oil and gas prices continue to soar.

French finance minister Roland Lescure said the meeting would include energy and finance ministers, as well as central bank chiefs and the heads of other international agencies.

“There are already differences in the responses largely linked to differences in exposure to the crisis,” Mr Lescure told a news conference on Friday, stressing that Asia was particularly exposed to the turmoil.

“That is one of the reasons why we wanted to convene a G7 of finance, energy and central banks.”

05:18am

Welcome

Good morning.

Thanks for joining me.

5 things to start your day

1. Heathrow’s third runway is under threat from a mounting conflict between airport bosses and airlines over costs and customer service | Operator warns move would threaten plan for third runway as carriers demand radical overhaul

2. The rural firms paying the price for war in Middle East | Soaring heating costs threaten to close businesses in the heart of the British countryside

3. British AI start-up faces backlash amid fears for local power grid | One of Britain’s largest artificial intelligence start-ups is facing a backlash over plans to build a data centre for Microsoft

4. Polluting foreign gas fuels Milliband’s clean power drive | Ed Miliband faces cheating accusations over plans to exclude emissions generated in foreign gas-fired power stations from UK totals.

5. Motorcycle sales to plunge as grant is axed | Electric motorcycle sales are set to plunge over the next five years in a blow to Labour’s net zero plans.

What happened overnight

Oil prices rallied and stocks tumbled again on Monday, as the Middle East crisis intensifies.

The surge in oil prices and the prospect of an extended conflict put more pressure on equities amid fears about a surge in inflation that could hit the world economy.

Tokyo sank more than 4pc and Seoul more than 3pc, while Hong Kong, Shanghai, Sydney, Singapore, Wellington, Taipei, Jakarta and Manila were also sharply down.

The losses followed a bad day on Wall Street, where all three main indexes tumbled after the United States and Israel struck Iranian nuclear sites.

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