Brent crude oil prices have increased to over $91 a barrel following the end of a temporary ceasefire between the US and Iran, with expectations of a more aggressive military stance from Iran. This rise in oil prices comes as the market anticipates potential impacts on global supply and inflation.
In the UK, wage growth has slowed to 2.8% in the private sector, the lowest since October 2020, while public sector pay growth remains higher at 6.1%. The unemployment rate has slightly decreased to 4.9%, but the overall job market shows signs of softening, raising concerns about economic stability as inflation data is awaited.
Watch for how rising oil prices may influence inflation and economic policies globally, especially in the UK. The Bank of England's response to upcoming inflation data will be crucial, as will developments in the job market amid ongoing wage disparities.