Oil prices today live: Reeves ready to support release of reserves and issues inflation warning over US-Iran war

As the fuel crisis continued, almost $15 million was bet on the barrel price of crude oil by the end of the month in prediction markets such as Polymarket.

“Will Crude Oil (CL) hit__ by the end of March?” So far, $14,621,677 has been bet on the question.

It comes as the platform faces criticism for placing millions of dollars worth of bets on the future of the Middle East as the death toll rises across the Gulf.

President Donald Trump said the United States is waiving some oil-related sanctions as a way to maintain adequate oil supplies and lower prices.

At a press conference at the Doral golf club, Trump said that although oil prices rose above $100 per barrel for the first time since 2022, oil prices did not rise as much as he feared.

Trump said, “We have sanctions on some countries. We will lift these sanctions until the Strait of Hormuz is completed.”

It did not make a specific statement, but the United States last week issued a temporary one-day waiver allowing the sale of Russian oil stranded at sea to India in a bid to ease pressure on the global oil market.

Independent’s White House Correspondent Andrew Feinberg reports:

President Donald Trump said the United States would protect oil transportation and help keep energy and “oil flowing around the world.”

Giving an update on the Iran war from Florida, Obama said, “I will not allow a terrorist regime to hold the world hostage and try to stop the world’s oil supply.”

“If Iran does anything to do that, they’re going to be hit at a much harder level. And I’m going to take out the easy targets I just mentioned so quickly that they’ll never recover.”

“If they want to play this game, they better not play this game. In the long run, without Iranian ships, drones, missiles, nuclear threat or any other threat, their oil supplies will be significantly safer, so the Strait of Hormuz will remain safe as well.”

Economists stated that they expect unemployment in the United Kingdom, which was last recorded at 5.2%, to rise to 5.5% this year, which is a significant increase compared to the previous estimate of 5.1%.

The British Chamber of Commerce expects inflation to remain high until 2027 “due to persistently high labor costs and recruitment uncertainty”.

David Bharier, head of research at BCC, said: “The UK economy remains stuck in a low growth pattern.

Our forecast for growth of just 1% in 2026 reflects weak productivity, weak investment and cautious consumer spending.

“The recent escalation of conflicts in Iran risks interrupting the progress made on inflation.

“Related higher energy prices could keep inflation above the 2% target and lead the Bank of England to keep the interest rate on hold for longer than expected.”

The British Chamber of Commerce has warned that inflation will be higher than expected through 2026 as conflicts in the Middle East drive up energy prices.

The geopolitical situation remains “highly uncertain” but “could significantly change the economic outlook”, the BCC’s latest economic report said.

UK Consumer Price Index inflation, which was 3 percent in January, is expected to reach 2.7 percent at the end of the year. It had previously predicted it would slow to 2.1%.

High inflation is linked to rising oil and gas prices due to conflicts in the Middle East, which is also expected to increase energy prices in the near term.

Forecasts showed that it was assumed that energy prices would then begin to ease, allowing overall inflation to fall to the Bank of England’s 2% target next year.

It was stated that inflation is likely to fall to 1.9% late next year as energy prices fall and wage growth moderates.

Rachel Reeves said she was “ready” to support a coordinated release of oil reserves held by the International Energy Agency after a meeting with G7 finance ministers earlier on Monday.

He said: “I want to help the country ensure that the fundamentals of the British economy are strong. Every step I have taken since the election has increased our national resilience.”

“Stability in public finances, investment in infrastructure in both defense and energy security, and reform of our economy.”