Following a massive surge of nearly 10% on Thursday, crude oil prices slipped on Friday morning after the U.S. issued a 30-day license allowing countries to purchase Russian oil and petroleum cargoes that are currently stranded at sea, easing immediate supply worries.

U.S. Treasury Secretary Scott Bessent said the temporary license was intended to help stabilise global energy markets that have been unsettled by the war in Iran.

Crude oil price on March 13

Brent futures fell 71 cents, or 0.71%, to $99.75 a barrel at 0123 GMT, while U.S. West Texas Intermediate (WTI) crude declined 88 cents, or 0.92%, to $94.85.The decision on Russian oil came a day after the U.S. Energy Department announced that the United States would release 172 million barrels of crude from the Strategic Petroleum Reserve to cool surging oil prices following the conflict in Iran. The move is part of a coordinated effort with the International Energy Agency (IEA), which has agreed to release a record 400 million barrels from strategic stockpiles, including the U.S. share.

Are worries over?

Tensions in the region remain high. Iran’s new supreme leader, Mojtaba Khamenei, said the country would continue the fight and keep the Strait of Hormuz closed as leverage against the United States and Israel.
Security risks have also increased. Iraqi security officials said two fuel tankers in Iraqi waters were struck by explosive-laden Iranian boats on Thursday. An Iraqi official told state media that the country’s oil ports have completely halted operations, Reuters reported.Iran warned that global oil prices could climb to $200 per barrel after its forces struck merchant ships earlier this week.

U.S. President Donald Trump, who has not committed to a timeline for military operations, said that he was not yet ready to call an end to the war.

Uncertainty over how quickly the additional oil will reach the market has also weighed on sentiment. While the IEA’s move represents an unprecedented intervention, the agency did not specify the pace at which individual countries will release their reserves or how the oil will be distributed.

Concerns over a prolonged conflict are also overshadowing the IEA’s move. Iran has told regional intermediaries that any ceasefire would require the US to guarantee that neither it nor Israel will carry out future attacks on the country, recognise Iran’s rights, and fund reparations for the damage caused during the war. However, Bloomberg reported that Washington is unlikely to accept these conditions.

At the same time, steps are being considered to limit the disruption. Scott Bessent told Sky News that the U.S. Navy, possibly alongside an international coalition, could escort vessels through the Strait of Hormuz when it becomes militarily feasible.

Saudi Arabia is reportedly paying a premium to reroute tankers through the Red Sea, using its East-West pipeline to move oil to global markets. Meanwhile, Iran is allowing one or two tankers a day to pass through the strait, mainly shipments headed to China, helping maintain some cash flow while keeping China on its side.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

In just over a year, children’s furniture brand Millie & Jones has grown from a small online retailer into a rapidly expanding ecommerce business serving families across the UK.

Behind the brand is British entrepreneur Harry Hammond, who acquired the company with his wife Kelly-Jo in August 2024 and quickly transformed it into a fast-growing, family-focused business built on trust, service and sustainability.

Operating from their family farm in Hertfordshire, the couple set out to build more than just another online furniture store.

“We didn’t just want to sell beds,” says Harry. “We wanted to create a brand that families genuinely trust, somewhere parents feel confident buying from.”

That philosophy has been central to the company’s rapid growth.

Spotting the opportunity

When Harry and Kelly-Jo first acquired Millie & Jones, the business was still in its early stages. The website was basic, the brand identity was underdeveloped, and only a modest number of orders were being placed each month.

But Harry believed the business had significant potential.

With more than a decade of experience in ecommerce and digital marketing, he recognised that the children’s furniture sector was ripe for a specialist brand focused on quality and customer experience.

“The products themselves were good, but the business needed direction,” he explains. “It needed stronger branding, better digital infrastructure and a clear vision for growth.”

The first major step was rebuilding the website from the ground up. The new platform prioritised clear product information, easier navigation and a more polished brand experience for customers.

At the same time, the company began investing heavily in its digital presence, including SEO, paid advertising and detailed buying guides designed to help parents choose the right beds for their children.

The results were immediate.

Within months, Millie & Jones began attracting significantly more customers, and today the company operates at a seven-figure annual revenue run rate.

Furniture designed for real families

Millie & Jones specialises in beds designed for growing children, teenagers and guests.

The range includes bunk beds, mid sleepers, high sleepers, day beds, guest beds and storage beds, furniture designed to maximise practicality in modern family homes.

“A child’s bedroom today has to serve multiple purposes,” Harry explains.

“It’s where they sleep, but it’s also where they study, relax, and spend time with friends. So the furniture needs to be practical as well as stylish.”

Many of the beds feature built-in desks, storage drawers or space-saving designs that help families make the most of smaller bedrooms.

But according to Harry, the products are only part of the story.

Building trust through customer service

From the beginning, Millie & Jones has prioritised customer service as one of the pillars of the brand.

“In furniture retail especially, trust matters enormously,” Harry says. “Parents are buying beds their children will use every day for years, so they need to feel confident in the company they’re buying from.”

The business focuses heavily on clear communication, reliable delivery and transparent product information.

That approach has helped the company build a strong reputation online, particularly through consistently positive feedback on Trustpilot.

“We read every review,” Harry says. “Customer feedback is incredibly valuable because it tells you exactly what people appreciate and where you can improve.”

For Harry, strong customer experience isn’t simply good practice, it’s the foundation of sustainable growth.

“If you look after customers properly, word spreads quickly,” he says.

Sustainability at the core

Another defining feature of the Millie & Jones brand is its commitment to sustainability.

The company operates a tree-planting initiative that funds environmental projects around the world.

For every order placed, multiple trees are planted through sustainability platform Greenspark.

Since launching the programme, more than 12,000 trees have already been planted.

“It’s something we’re very proud of,” Harry says.

“Furniture retail inevitably involves materials and manufacturing, so we wanted the business to contribute positively as well.”

The initiative has resonated strongly with customers, many of whom highlight the programme in their reviews.

“Customers like the idea that their purchase contributes to something positive,” Harry explains.

“And honestly, seeing the tree counter go up is something we genuinely enjoy.”

A track record of purpose-driven businesses

Millie & Jones is not Harry’s first entrepreneurial venture.

Over the years he has built and scaled several businesses, one of his best-known ventures is Raffolux, an online prize competition platform that has raised hundreds of thousands of pounds for charity through its competitions.

“That idea of building businesses that contribute positively has always been important to me,” Harry says.

“Commercial success is obviously important, but creating something that benefits people or communities is just as meaningful.”

That same philosophy has shaped the development of Millie & Jones.

A family business at heart

Despite its rapid growth, Millie & Jones remains firmly a family-run business.

Harry and Kelly-Jo run the company together while raising their own young children, something that strongly influences how the brand operates.

“As parents ourselves, we understand exactly what families care about,” Harry says.

“It’s not a faceless corporate retailer,” Harry adds. “Customers know they’re dealing with a real family business.”

Sris Sinnathamby is a Los Angeles–based Real Estate Developer and Investor with more than three decades of experience across Southern California.

He works at the intersection of real estate and hospitality, focusing on overlooked or underperforming assets and turning them into well-run, enduring properties.

His approach is hands-on and disciplined. He operates as an owner, not a distant investor. He looks closely at cash flow, operations, partnerships, and long-term viability. For Sris, success is not about quick wins. It is about durability.

He often says the 2008 financial crisis shaped his thinking. That period reinforced a core belief: cash flow is paramount and long-term thinking is essential. Since then, he has built his work around steady fundamentals rather than market hype.

Sris believes strong leadership in property development requires patience, integrity, humility, and decisiveness. He regularly reviews performance, adjusts based on real data, and focuses on what truly drives results. He values sustainable outcomes over short-term recognition.

Influenced deeply by his father, Sris carries a values-based mindset into his business decisions. He also believes personal well-being supports better judgement and clearer thinking.

Over the years, he has navigated capital constraints, market shifts, and complex stakeholder dynamics. Through it all, he has remained focused on disciplined execution and creating spaces that stand the test of time.

Sris Sinnathamby on Long-Term Thinking in Property

Q: You have spent more than 30 years in real estate and hospitality. How did your journey begin?

I have always been drawn to building and improving things. Early on, I saw property not just as buildings, but as living systems. They require attention, discipline, and patience. Over time, I focused on overlooked or underperforming assets. I realised that with the right structure and operational focus, those properties could become strong, long-term performers.

Q: What shaped your philosophy as a developer?

My father had a major influence on me. He taught me values that still guide my decisions today. Patience. Integrity. Humility. Decisiveness. In property development, those traits matter. Projects take years. Markets move. You need steady judgement.

I define success as building things that last while staying aligned with my values and commitments. It is about long-term impact, not short-term wins.

Q: The 2008 financial crisis was a turning point for many in the industry. What did you learn?

The crisis was a hard lesson. It made one thing clear: cash flow is paramount and you must always think long-term. When markets fall, optimism does not save you. Fundamentals do.

After 2008, I focused even more on disciplined execution. I paid closer attention to operational details and financial sustainability. That mindset has stayed with me ever since.

Q: You have mentioned facing capital constraints and market shifts. How did you navigate those periods?

I have faced capital constraints, market shifts, and complex stakeholder dynamics. I overcame them by staying disciplined, surrounding myself with a strong team, and remaining adaptable without losing focus.

You cannot control the market. But you can control your decisions, your partnerships, and your daily execution. That is where I put my energy.

Q: How do you manage performance across your projects?

I regularly review progress and adjust based on real data. I stay focused on what actually moves the needle. Emotion has no place in operational decisions.

In real estate, small improvements compound over time. That is where sustainable value is created.

Q: What qualities do you believe are essential for long-term success in property development?

Patience, integrity, being humble, and decisiveness are critical. You must listen to others. You must learn continuously. But you also need to make clear decisions when the time comes.

Sustainable results matter more to me than short-term recognition. Recognition fades. Strong assets endure.

Q: How do you stay grounded during uncertain periods?

Consistent routines help me. Focusing on controllable actions helps me move forward even when outcomes feel uncertain. Markets can be volatile. Discipline keeps you steady.

I also believe continuous learning is essential. Experience teaches you lessons, but reflection and surrounding yourself with smart operators keeps you evolving.

Q: What role does personal well-being play in leadership?

It plays a larger role than many people admit. When personal well-being is strong, decision-making improves and professional success becomes more meaningful. Clear thinking requires balance.

Q: After three decades, how do you measure success today?

I measure success by durability. Are the properties well-run? Are the partnerships strong? Have we created something that can stand the test of time?

If the answer is yes, then the work has been worthwhile.

Tokyo, Mar 13, 2026 -Brent crude inched further above $100 a barrel and stocks fell in early Asian trade on Friday, after Iran vowed to attack oil resources in the Middle East and keep choking the Strait of Hormuz.

Having risen above $100 on Thursday, Brent was up 0.20 percent at $100.66 at around 0020 GMT, while West Texas Intermediate was flat at $95.75.

In Japan, the Nikkei was down 1.4 percent at 53,687.30 points while the Kospi in South Korea fell 2.2 percent to 5,462.97.

With Gulf states slashing production and oil tankers stuck in the Gulf, benchmark oil prices have risen 40 to 50 percent since the United States and Israel attacked Iran on February 28, threatening to curb growth and stoke inflation.

The Strait of Hormuz, a crucial waterway for crude, remains effectively shut.

Saudi forces intercepted dozens of drones on Friday and Israel came under attack from missiles launched by Tehran.
The International Energy Agency has warned that the Middle East war could lead to “the largest supply disruption” in the industry’s history.But US President Donald Trump wrote on social media that defeating Iran’s “evil empire” was more important than crude prices.