Oil hits highest level since US-Iran ceasefire began, as conflict hurts Gulf crude production – as it happened

Brent crude hits highest level since the US and Iran first agreed a ceasefire in early April US justice department drops criminal investigation against Jerome Powell Retail sales rise in Britain after Iran war prompted ‘panic at the pumps’ Trump says he will ‘probably put a big tariff on the UK’ if it doesn’t drop digital services tax The oil price has hit its highest level since the US and Iran agreed a ceasefire more than two weeks ago. Brent crude traded as high as $107.48 a barrel this morning, its highest level since 7 April, the day when the US and Iran agreed to a conditional ceasefire. That deal included a temporary reopening of the strait of Hormuz, after Donald Trump had threatened Iran with widespread destruction. But with the strait still largely blockaged, and oil production in the region having more than halved since the war began (see earlier post), anxiety over the conflict is rising again today. Brent crude had been trading around $72 a barrel before the war began, and hit $119.50 in early March (corrected). Oil is up today despite Trump announcing last night that a ceasefire between Israel and Lebanon would be extended by three weeks. But, when asked how