Oil prices rise and gold hits two-month high after Trump makes new deal demands on Iran – business live
Summary
Oil prices briefly rose above $90 a barrel and gold reached a two-month high after President Donald Trump made new demands for a deal with Iran. At the same time, UK housebuilder Bellway lowered its profit forecast due to weaker demand and higher costs, reflecting challenges in the housing market.Key Facts
- Brent crude oil price jumped over 2% to above $90 per barrel before falling slightly to $87.53.
- A small cargo ship flying Tanzania’s flag was reportedly attacked by Yemen’s Iran-aligned Houthis in the Red Sea, possibly causing crew deaths.
- This attack would be the first Houthi strike causing casualties on a ship since conflict escalated in the Middle East after U.S.-Israeli attacks on Iran.
- Bellway, a major UK housebuilder, cut its full-year profit outlook to at least £320 million, down from a previous range up to £330 million.
- Bellway’s sales slowed after April due to higher mortgage rates, political uncertainty, and rising energy costs.
- The company completed nearly 9,700 homes in the past year, better than expected, but has a smaller forward order value.
- Bellway announced a new £50 million share buyback, adding to an ongoing £150 million program.
- Flexible office space provider IWG saw its shares drop over 11% after analysts flagged cash flow risks.
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