A major industry group is warning the UK it must boost domestic oil and gas production to avoid growing dependence on imported fuel as global tensions push prices higher.Offshore Energies UK (OEUK) says the government should rethink its ban on new North Sea exploration licences, arguing that Britain risks exposure to supply shocks if more home-grown output is not allowed.Energy markets have...

Larry Fink, chief executive of asset manager BlackRock, warned that oil at around $150 a barrel would likely push the global economy into a deep downturn.He told the BBC that if tensions with Iran persist and energy prices remain elevated, the fallout would be severe for growth and living standards.Fink, who runs a firm with about $14 trillion under management, outlined two broad paths for the...

The Irish government will temporarily reduce excise duty on fuel to ease pressure from recent price spikes.From midnight on Wednesday until the end of May, diesel duty will be cut by €0.20 per litre and petrol by €0.15 per litre.Cabinet approval is expected after leaders agreed the measure on Monday. Officials also plan a backdated rebate for haulage companies and bus operators to help...

Mortgage borrowers, and first-time buyers in particular, are facing a sudden squeeze as lenders withdraw low-deposit deals and interest rates climb sharply.Industry data show more than 200 low-deposit mortgage products have been removed since 6 March, with one day seeing 52 deals pulled and another 30 taken off the market.Overall, over 20% of products available at the start of the month are no...

The Competition and Markets Authority has announced new rules forcing vets to be clearer about what they charge and who owns them.Under the reforms, written prescription fees will be limited to £21 for the first medicine and £12.50 for each additional item.Practices will also need to publish clear price lists for common services such as consultations, routine procedures and cremation. A...

Slovenia has moved to limit how much fuel each motorist can buy, becoming the first EU member state to introduce nationwide rationing as regional tensions push up prices.The government says the measure responds to market disruptions driven by recent strikes in the Middle East that have shaken global energy supplies and sent pump prices higher.Under the new rules, private drivers may purchase up...

Slovenia has announced daily limits on fuel purchases, becoming the first European Union member to introduce rationing amid regional supply worries and rising prices.The government says the move is aimed at preventing shortages and stopping motorists from filling up in Slovenia and returning home with cheaper fuel.Private drivers are now limited to 50 litres per day, while businesses and farmers...

Another surge in energy prices has jolted Europe, reviving memories of the 2022 shock that followed Russia’s invasion of Ukraine.This time the trigger is instability in the Middle East, which has disrupted key shipping routes and sent markets into a fresh tailspin.The EU had vowed to end its heavy dependence on Russian fuels after 2022 and moved quickly: Russia now supplies almost none of the...

A fresh shock from the Middle East has sent energy markets reeling and reopened a debate Europe hoped it had settled.Months after stepping away from Russian fuels, EU capitals now face sharp price jumps and renewed political pressure as supplies tighten.After Russia’s 2022 invasion of Ukraine, the EU moved quickly to cut dependence on Moscow. Oil flows from Russia have almost disappeared for...

A Russian drone hit a residential building in Zaporizhzhia, killing two people and wounding two children, local officials say.The attack came on the eve of new negotiations between Ukrainian and American delegations in the United States.The talks, which had been paused after the recent escalation in the Middle East, are expected to cover Ukraine’s response to Washington’s temporary easing of...