UK central bank warns that CPI inflation will be higher in the near term as a result of the ‘new shock to the economy’ from Middle East crisisWhy are mortgage rates going up when the Bank of England base rate hasn’t changed?Fed holds interest rates steady as Iran war drives up oil prices and i nflation fearsMiddle East crisis live: Trump threatens to ‘blow up’ entire South Pars gasfield if Iran strikes QatarEuropean stock markets have dropped sharply at the start of trading, hit by worries about surging energy prices.In London, the FTSE 100 blue-chip share index has tumbled by 162 points, or 1.6%, to 10,142 points.“Fears of a sustained energy shock have resurfaced after the escalation in the Iran war sent oil and gas prices soaring. The prospect of a longer, more drawn-out conflict is in sharp focus, as both sides ratchet up attacks on energy infrastructure.Brent crude remains highly volatile but has traded as high as $114 a barrel today, threatening to climb back towards recent scorching levels. Gas prices have surged by 25%, reaching a range not seen since early January 2023.The Company is ready to restart production and exports quickly with an improvement in the security environment. Continue reading... ...read more read less