Connect with us

Business

Heating oil orders cancelled and prices hiked

Published

on

Heating oil orders cancelled and prices hiked
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

New Fallout Game Cancelled? Xbox Reportedly Cancels New Fallout Game From Internal Studio

Published

on

Fallout game

A new Fallout game was in development at a Microsoft-owned studio but is now unlikely to be released, veteran journalist Jeff Gerstmann reported, delivering another twist in the long-running saga of the post-apocalyptic franchise under Xbox ownership.

Fallout game
Fallout game

Gerstmann, the former GameSpot editor and co-founder of Giant Bomb, made the claim Tuesday during the latest episode of his podcast, “The Jeff Gerstmann Show.” He said he was aware of an unannounced Fallout project at a studio other than Bethesda Game Studios that “I think is no longer going to see the light of day.”

No details emerged about the project’s scope, genre or which of Microsoft’s first-party studios was involved. Gerstmann did not specify whether it was a mainline entry, a spin-off or something smaller, such as a mobile or live-service title. Microsoft and Bethesda have not commented on the report.

The revelation arrives as the Fallout series enjoys unprecedented popularity fueled by Amazon Prime Video’s hit television adaptation. Season 2 of the show concluded without the game announcements many fans anticipated, including rumored remasters of “Fallout 3” or “Fallout: New Vegas.” Instead, the only recent gaming update was a content patch for the live-service title “Fallout 76.”

Gerstmann’s comments came in the context of broader discussion about how Bethesda handles its flagship franchises. He suggested that studio head Todd Howard and the team prefer to expand internally rather than hand major Fallout or Elder Scrolls projects to other Microsoft studios.

Advertisement

“I think Todd Howard and the team probably have a pretty firm grasp of what they want to do with those specific franchises, and instead of assigning that stuff to another team, it would be more likely for them to staff up at Bethesda Game Studios,” Gerstmann said. He added that remakes, including one for “Fallout 3,” are likely being handled by external developers, similar to how Virtuos developed the recent “The Elder Scrolls IV: Oblivion” remaster.

The news fits a pattern of shifting priorities at Xbox following Microsoft’s 2021 acquisition of ZeniMax Media, Bethesda’s parent company, for $7.5 billion. Since then, the gaming giant has faced multiple rounds of layoffs and project cancellations, including the high-profile shutdown of The Initiative studio and its “Perfect Dark” reboot, as well as ZeniMax Online’s unannounced sci-fi MMO codenamed Blackbird.

Earlier reports in 2025 indicated Microsoft redirected resources from canceled projects toward the Fallout franchise. Fallout 5 was reportedly “fully greenlit,” with development expected to ramp up after “The Elder Scrolls VI” advances further. Bethesda has confirmed multiple Fallout projects are underway, though details remain scarce.

The original Fallout games launched in 1997 and 1998 from Interplay Entertainment, establishing the series’ signature blend of retro-futuristic satire, open-world exploration and dark humor. Bethesda acquired the rights in 2007 and released “Fallout 3” in 2008, a critical and commercial success that sold millions and introduced the series to consoles on a grand scale.

Advertisement

“Fallout: New Vegas,” developed by Obsidian Entertainment (now also under Microsoft), followed in 2010 and remains a fan favorite for its writing and choice-driven storytelling. “Fallout 4” in 2015 and the controversial online spin-off “Fallout 76” in 2018 expanded the universe further, despite launch issues with the latter that Bethesda has since addressed through years of updates.

The Amazon series, which premiered in 2024 and returned for Season 2 in 2025, dramatically boosted interest. Viewership numbers propelled “Fallout 4” and “Fallout 76” back onto sales charts, with permanent increases in player bases reported across platforms. Howard has publicly stated that Bethesda is working on “even more Fallout” and that the next mainline game will incorporate elements inspired by the show.

Yet fans have grown impatient for concrete news. Social media buzzed after Season 2’s finale, with many expecting a “Fallout 3” remaster announcement that never materialized. Recent toy listings online appeared to reference the remaster project, reigniting speculation, while a tweet from Iron Galaxy Studios — a studio that previously worked on Fallout titles — turned out to promote only a “Fallout 76” update.

Industry observers note that Microsoft’s strategy appears focused on protecting Bethesda’s core vision. By staffing up internally for new entries and outsourcing remakes, the company avoids diluting the creative direction that has defined the series since “Fallout 3.” Obsidian’s success with “New Vegas” proved external teams can deliver quality Fallout content, but Gerstmann’s report suggests Microsoft is not repeating that model for unannounced projects.

Advertisement

The canceled project’s fate remains unclear. It could have fallen victim to budget constraints, shifting corporate priorities or creative differences — common reasons for unannounced cancellations in the industry. Microsoft has not disclosed any recent studio closures tied to Fallout development.

Bethesda continues to support “Fallout 76” with seasonal events and new storylines, keeping the online world active. Rumors persist of a “Fallout: New Vegas” remaster or enhanced edition, potentially developed externally, which could arrive sooner than a full sequel.

Fallout 5, whenever it materializes, is years away. Howard has emphasized that the studio’s primary focus remains “The Elder Scrolls VI,” with Fallout 5 entering full production afterward. The delay has not dampened enthusiasm; the franchise’s cultural footprint — from memes about Nuka-Cola to debates over the best power armor — continues to grow.

Microsoft’s broader Xbox strategy includes a push into more first-party releases in 2026, with titles like the next “Gears of War,” “Halo” and “Fable” on the horizon. Fallout’s absence from that slate underscores the challenges of managing a portfolio after years of aggressive acquisitions and cost-cutting.

Advertisement

Gerstmann’s track record lends weight to the claim. As a longtime industry voice with deep connections, his off-the-cuff podcast remarks often preview developments later confirmed through official channels. Still, without corroboration from Microsoft or Bethesda, the report remains unverified.

Fans took to forums and social media Wednesday expressing disappointment mixed with cautious optimism. Many pointed to the TV show’s success as proof the franchise has legs, hoping internal staffing at Bethesda will yield stronger results than a rushed external project might have.

As of March 12, 2026, no further details have emerged. Microsoft’s next major gaming showcase could provide clarity, but history suggests Fallout announcements arrive on Bethesda’s timeline, not Xbox’s quarterly calendar.

The series that began as a niche PC RPG has become one of gaming’s most resilient brands. Whether the reported cancellation represents a minor footnote or a missed opportunity, the wasteland endures — and players remain ready for whatever comes next.

Advertisement
Continue Reading

Business

Deutsche Post Has Been Solid, But Out For Now (Rating Downgrade)

Published

on

Deutsche Post Has Been Solid, But Out For Now (Rating Downgrade)

Deutsche Post Has Been Solid, But Out For Now (Rating Downgrade)

Continue Reading

Business

Court to decide fate of 765 Yeovil homes as judicial review proceeds

Published

on

Business Live

Friends of Mudford Action Group launches crowdfunder to cover legal costs

View of the Up Mudford urban extension site in Yeovil.

A v iew of the Up Mudford urban extension site in Yeovil(Image: Somerset Council)

The fate of a major Yeovil housing development will be decided by a judge in Bristol as a judicial review against the plans move forward.

Advertisement

The Abbey Manor Group secured outline planning permission from Somerset Council in October 2024 to deliver the Up Mudford urban extension north of Primrose Lane, comprising 765 homes, commercial space, a community hub and an extension to Primrose Lane Primary School.

The legal agreements to deliver the development were finally signed off by the council in mid-July, including a series of walking and cycling improvements to the A359 Mudford Hill and Lyde Road.

Mudford Parish Council was given the green light by the High Court in December 2025 to pursue a judicial review against the decision, leaving this new estate and a neighbouring development of 252 homes at Sock Hill hanging in the balance.

The Friends of Mudford Action Group (FOMAG) has now confirmed the case will be held at Bristol Crown Court on April 28 – with a crowd-funder being launched to cover £15,000 of associated legal costs.

Advertisement

The village of Mudford currently comprises 339 homes – meaning the Primrose Lane development, and its immediate neighbour, could quadruple the parish’s population within the space of a decade.

The parish council raised the following issues in its submission to the High Court:

Flooding risk: Mudford already experiences “severe flooding”, with the parish council alleging that the planned attenuation ponds at the Primrose Lane site will not be deep enough to slow surface run-off from the new homes

Traffic impacts: the council claims there will be “a substantial rise in vehicle movements on already pressured local roads”, with limited public transport options currently in place

Advertisement

Lack of affordable housing: the parish council feels the development “does not significantly address the local need for genuinely affordable homes” – with the Primrose Lane site only delivering 15 per cent affordable homes (the equivalent of 115 properties)

Insufficient infrastructure: the parish council has concerns about “the capacity of local services”, along with the pressure on the existing road network and drainage systems

Historic anthrax contamination: part of the Primrose Lane site were used as “burial or disposal locations” for animals infected with anthrax during the 1950 and 1960s – with the parish council arguing that testing may not have been “sufficiently thorough” to ensure the public were no longer at risk

Severe landscape change and loss of rural identity: the parish council believes the developments would “transform open countryside into continuous housing, leading to the complete loss of Mudford’s rural character”.

Advertisement
View of the Up Mudford urban extension site in Yeovil.

View of the Up Mudford urban extension site in Yeovil(Image: Somerset Council)

FOMAG chairman James Cary confirmed the hearing date on the campaign group’s official Facebook page on Friday (March 6). He said: “The judicial review will be heard on April 28 in Bristol.

“You will know that judicial reviews are expensive – and it just got real.

“Whatever happens on April 28, the work of FOMAG will need to continue.

“We have already pledged £5,000 to Mudford Parish Council to help with legal costs. And so our immediate goal is to raise that £5,000 to replenish FOMAG’s coffers and, ideally make another contribution.”

Advertisement

Residents can donate to the FOMAG crowd-funding campaign by visiting www.gofundme.com/f/friends-of-mudford-action-group.

The group has raised £790 as of Wednesday morning (March 11), with the goal being to secure £15,000 by July 1.

Mr Cary added: “Why not be among the first to get this campaign off to a flying start?

“That way, FOMAG can continue to scrutinise and challenge these enormous planning decisions and make local voices heard.”

Advertisement

Revised plans for the first phase of the Sock Hill development (comprising 109 homes) were put forward by Bloor Homes South West in early-December 2025.

Somerset Council is expected to determine this application by the summer – around the time the judicial review result is anticipated.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

Advertisement
Continue Reading

Business

Michelin-starred Midlands chef Aktar Islam to open new restaurant in Bristol

Published

on

Business Live

Kush Bristol will be located in the former home of The Mint Room on Clifton Road

Birmingham chef Aktar Islam

Birmingham chef Aktar Islam is expanding into Bristol

A Michelin-starred chef is poised to launch a new Indian restaurant in Bristol. Aktar Islam, the holder of two Michelin Stars, is preparing to officially unveil his latest venture, Kush Bristol, in Clifton, though an exact opening date has yet to be announced.

The announcement follows a special supper club series that was promoted on OpenTable in January, and now the shopfront on Clifton Road appears primed for an imminent launch. The new eatery will occupy the former premises of The Mint Room, another Indian restaurant which shut its doors in 2024 after nearly a decade, reports Bristol Live.

The renowned chef, who has featured on programmes such as Saturday Morning Kitchen and Great British Menu, already operates a two Michelin star restaurant in Birmingham, named Opheem. Before the supper club series in January, Aktar and his team said: “Bristol is all about community, and these evenings are rooted in the way Indian meals are meant to be enjoyed: communally, with shared plates, shared stories, and the kind of warmth that turns fellow epicureans into friends.

“Growing up, food was never just food – it was ritual. It was laughter around the table, debates over spice levels, and the comfort of dishes that tasted like home. That’s the spirit we’re bringing to Kush and to these intimate evenings, before we officially launch.

Advertisement

“Each night will showcase a generous feast inspired by recipes from across the Indian subcontinent. Some dishes will feel familiar, others will be rare gems – regional delicacies carrying the soul of a place, a people, a memory.”

The Kush by Aktar Islam Instagram account published its inaugural post back in September 2024, mere months following The Mint Room’s closure, with the simple message: “Something exciting coming soon…”

A post on the Curry Society UK Instagram page revealed The Mint Room receiving fresh signage displaying ‘Kush by Aktar Islam’ on the window. The Curry Society, who dubbed Aktar Islam the ‘enfant terrible’ of the Indian culinary world, added: “This is big news and all our friends in the restaurants game in and around Bristol are all so excited, without exception. Welcome to Bristol, Chef Islam!”.

Advertisement
Continue Reading

Business

Why flights are getting more expensive after jet fuel spike

Published

on

Why flights are getting more expensive after jet fuel spike

Travelers wait in line at a Transportation Security Administration (TSA) checkpoint at William P. Hobby Airport in Houston, Texas, US, on Monday, March 9, 2026.

Mark Felix | Bloomberg | Getty Images

The surge in fuel prices since the U.S. and Israel attacked Iran nearly two weeks ago is already driving up airfare. Consumers’ appetite for travel this year will dictate just how much.

Advertisement

Cathay Pacific on Thursday said it would roughly double fuel surcharges on tickets starting March 18.

Earlier this week, Australia’s Qantas said it is raising fares to help cover its costs, Scandinavian Airlines said the “unusually rapid and substantial increase” in fuel prompted it to raise prices, and Air New Zealand pulled its financial outlook “until fuel markets and operating conditions stabilise,” adding that it has made “initial fare adjustments.”

“If the conflict leads to continued elevated jet fuel costs, the airline may need to take further pricing action and adjust its network and schedule as required,” Air New Zealand said.

U.S. airline CEOs and other executives will update investors on Tuesday at the J.P. Morgan Industrials Conference in Washington, D.C.

Advertisement

Analysts expect an earnings hit at least in the first quarter if not the first half of the year, though the impact will depend on how long higher fuel prices last.

“We think a hit to 1Q EPS appears almost certain at this point,” UBS airline analysts Atul Maheswari and Thomas Wadewitz wrote in a note last week.

United Airlines CEO Scott Kirby said last week on the sidelines of an event at Harvard University that higher fares were likely on the way because of the surge in fuel prices.

Kirby said travel demand is still strong, however. Two other senior airline executives at U.S. carriers, speaking on the condition of anonymity because they weren’t authorized to speak to media, also said travel demand has held up. If those trends persist, it could give airlines more pricing power, but that will depend on the war’s duration.

Advertisement

“Airlines never met a higher fare they didn’t want,” said Scott Keyes, the founder of flight-deal company Going, previously known as Scott’s Cheap Flights.

So what should consumers do?

Keyes said travelers can’t lose by booking early, as long as they’re not buying restrictive basic economy tickets. That way, customers can try to exchange or cancel their tickets and buy cheaper ones if airfare ends up falling.

“If you book a $500 summer flight today, and two weeks from now the price drops to $350, you can call up the airline and get the $150 difference back as a credit. Heads you win; tails the airlines lose,” he said.

Advertisement

Read more about the Middle East conflict’s travel impact

Fuel costs

Line Service Technician Austin Beadles refuels a plane using a Federal Aviation Administration approved unleaded aviation fuel at Sheltair at Rocky Mountain Metropolitan Airport in Broomfield on Tuesday, Feb. 17, 2026. Sheltair, a fixed-base operator, will offer the Swift UL94 unleaded aviation alternative gas to pilots. (Photo by Matthew Jonas/MediaNews Group/Boulder Daily Camera via Getty Images)

Matthew Jonas | Boulder Daily Camera | MediaNews Group | Getty Images

Oil prices surged to roughly four-year highs after the initial attacks. Energy prices have since swung wildly since then as traders assess just how long the war — and all the logistics headaches — could last.

Advertisement

U.S. jet fuel prices were up more than 60% from before the attacks to a peak last week, according to pricing data assessed by Platts. Jet fuel can rise by a greater degree than crude because it includes the price of processing and ever-more difficult and costly transportation from oil fields to refineries to airplane fuel tanks.

On Feb. 27, the day before the before the attacks, the cost to fill the fuel tanks of a Boeing 737-800 would have would have been about $17,000 based on average prices in New York, Houston, Chicago and Los Angeles, compiled by Argus. Less than a week later, on March 5, it would have cost more than $27,000, based on Argus prices. On Tuesday, after oil prices fell following President Donald Trump‘s comment that the Iran war could end “very soon,” it would have cost around $23,000.

After prior fuel price surges, airlines started making customers pay for bags — or charging them more. Even seemingly minor changes in weight can save airlines hundreds of thousands, if not millions of dollars, a year in fuel. United in 2018 changed to a lighter paper stock for its in-flight magazine. In 2014, American Airlines said it would switch to digital manuals for flight attendants, following changes for pilots. It said at the time that it would save $650,000 in fuel a year.

All about capacity

High fuel prices don’t automatically mean higher fares. The ongoing strong demand for travel is a key factor and so is capacity, or the amount that carriers fly.

Advertisement

If airlines raise fares and passengers balk, then capacity will likely go down in the form of fewer frequencies on a route or broader cuts, in more severe cases.

“Airlines love to say fuel is expensive so you have to pay more. What they’re doing is they’re setting the expectation,” said Courtney Miller, founder of Visual Approach Analytics, an airline-industry advisory firm. “They price to prevent empty seats.”

If fuel prices come down, “they’re not suddenly saying ‘We’re making too much money,’” Miller added. “But they are likely to add another flight.”

Capacity, especially to and from the Middle East, is constrained because of airspace closures and other stop-and-start flights. More than 46,000 flights have been canceled to and from the region since the Feb. 28 attacks began, aviation-data firm Cirium said.

Advertisement
The Iran war is causing chaos at the Dubai airport. Here’s what travelers need to know.

Those constraints are driving up fares as well as demand, as United’s Kirby said, from regions where customers are looking for alterative routes.

Airspace closures are also requiring airlines to take longer, more fuel-guzzling routes, but many have strong demand, too.

Qantas, for example, told CNBC that its flight from Perth, Australia, to London is temporarily stopping in Singapore to refuel, allowing it to pick up another 60 customers, and that its Perth-London and Perth-Paris routes are more than 90% full this month, 15 percentage points higher than normal for this time of year.

Finnair said the increased demand for travel to Asia from Helsinki, Finland, has pushed up its prices by 15% on average.

“The impact of higher fuel prices will be reflected in market fares with a delay, as airlines typically hedge at least part of their fuel purchases,” it said.

Advertisement

Airlines have been grappling with airspace closures for years, including from on-and-off conflict in the Middle East and since Russia’s 2022 invasion of Ukraine, that have left a large swath of airspace out of use for many carriers.

‘You can’t dry up an airport’

Most U.S. airlines no longer hedge fuel costs, or lock in prices using futures and other securities. Southwest Airlines was one of the last holdouts, and it quit last year. A spokesman for the Dallas-based airline told CNBC that Southwest currently has “no plans” to resume hedging.

That leaves U.S. carriers more susceptible to price swings.

Travelers at William P. Hobby Airport in Houston, Texas, US, on Monday, March 9, 2026.

Advertisement

Mark Felix | Bloomberg | Getty Images

Kirby said there would likely be an impact to United’s first-quarter results and to the second quarter if the war — and blockage of the Strait of Hormuz, a key shipping channel — persists. However, he said demand was increasing sharply from regions that have been affected by the thousands of flight cancellations and airspace closures in the Middle East.

Because of airlines’ upbeat outlooks on demand to start the year, “the environment is conducive for passing along fare increases. Further, should jet fuel stay higher for longer, it should help push off-peak capacity lower,” supporting unit revenues, UBS analysts said.

Rick Joswick, who heads of near-term oil research and analytics at S&P Global Energy, told CNBC that “demand for jet fuel is inelastic. You cannot shortchange an airport. If the cost of jet fuel goes up, it’s not like the plane will choose not to fly that day.

Advertisement

“You can’t dry up an airport,” he said.

Read more CNBC airline news

Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Continue Reading

Business

Saffioti flags more housing budget measures

Published

on

Saffioti flags more housing budget measures

The Treasurer has hinted at an expansion of the first home buyer scheme, while reassuring land developers infrastructure backlogs should ease.

Continue Reading

Business

Dick’s Sporting Goods (DKS) earnings Q4 2025

Published

on

Dick's Sporting Goods (DKS) earnings Q4 2025

FILE PHOTO: People queue during Black Friday sales in front of a Foot Locker shoe store, in Zurich, Switzerland November 27, 2020.

Arnd Wiegmann | Reuters

Dick’s Sporting Goods said Thursday it saw a better-than-expected holiday quarter, but the retailer issued weak profit guidance for the year ahead as its acquisition of Foot Locker continues to weigh on its bottom line. 

Advertisement

The company is expecting fiscal 2026 adjusted earnings per share to be between $13.50 and $14.50, weaker than the $14.67 analysts had expected, according to LSEG. 

Dick’s said it expects Foot Locker to get back to both profit and sales growth during the year, but it’s still doing the costly work of clearing through stale inventory and closing unproductive stores that it acquired during the merger last year.

The company expects those efforts, along with other expenses associated with the deal, to cost between $500 million and $750 million. It said around $390 million of those costs were recorded in fiscal 2025, with more expected in the current fiscal year. 

In an interview with CNBC’s Sara Eisen, executive chairman Ed Stack said the company is “basically done” with its efforts to rightsize the Foot Locker business. 

Advertisement

“In retail you’re never really done cleaning out the garage,” said Stack. “Anything else going forward is normal course of business.” 

Dick’s beat Wall Street’s expectations on the top and bottom lines for the three months ended Jan. 31. Here’s how the company did in its fourth fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

  • Earnings per share: $3.45 adjusted vs. $2.87 expected
  • Revenue: $6.23 billion vs. $6.07 billion expected

Dick’s posted a net income of $128.3 million, or $1.41 per share, a 57% decline from $299.97 million, or $3.62 per share, a year earlier. 

Sales rose to $6.23 billion, up from $3.89 billion a year earlier, when the business didn’t include Foot Locker.

Six months ago, Dick’s acquired Foot Locker in a $2.5 billion deal, and the combined entity is now one of the largest distributors of products from key athletic brands like Nike, Adidas and New Balance. The merger gave Dick’s an in with a new type of customer, allowed it to expand its international presence and gave it more negotiating power with brands at a time when athleticwear companies are less reliant on wholesalers.

Advertisement

While the acquisition led to a 60% increase in sales during the fiscal fourth quarter, it also saddled Dick’s with a business that’s underperformed for years and earns most of its revenue from a sprawling store footprint heavily concentrated in malls. 

Since acquiring the business, Dick’s has worked to clcose poor performing stores. In fisal 2025, it shuttered 57 stores globally across Foot Locker, Champs, Kids Foot Locker and WSS. 

It’s started a pilot program with 11 Foot Locker stores dubbed “Fast Break” that’ll test changes in products and the in-store presentation. So far, Dick’s said the pilot has delivered “standout performance” through improved storytelling and presentation and a streamlined assortment. The retailer plans to expand the model later this year.

Prior to the acquisition, Foot Locker’s former CEO Mary Dillon had been leading an aggressive store transformation strategy that sought to move shops to off-mall locations and renovate existing doors with a refreshed concept. It’s unclear if Fast Break will be different from the strategy Foot Locker already had underway. 

Advertisement

Dick’s said it expects to see an inflection in Foot Locker’s comparable sales and profitability beginning with the back-to-school shopping season. For the full year, it expects Foot Locker comparable sales to grow between 1% and 3%.

Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Continue Reading

Business

Inspired Homes, founder Vasko Spaseski fined over defects

Published

on

Inspired Homes, founder Vasko Spaseski fined over defects

The founder of collapsed residential builder Inspired Homes has been fined more than $30,000 over defects in several Perth properties.

Continue Reading

Business

On the Beach shares fall as it tears up profit guidance amid Middle East crisis

Published

on

Business Live

The online travel agent has scrapped its profit guidance for the forthcoming year after warning that conflict has sparked a sharp slowdown in bookings to Turkey, Greece, Cyprus and Egypt

A crowded beach at Benalmadena on the Costa Del Sol in Spain

On the Beach says bookings to countries including Turkey and Cyprus have fallen(Image: PA)

On the Beach has scrapped its guidance for the coming year after cautioning that Middle Eastern tensions have triggered a marked decline in bookings.

Advertisement

The online travel agent had previously projected pre-tax profit of between £39m and £43m.

“Whilst the group has limited exposure to destinations in the Middle East, it has experienced a significant slowdown in demand following the onset of conflict in the region, particularly to destinations such as Turkey, Greece, Cyprus and Egypt,” the Manchester-based firm said.

“The timing of when the conflict will end and the shape of recovery in demand to these destinations are unknown.”

On the Beach has been “working round the clock to support directly impacted customers in resort and to enable a return home as soon as possible,” chief executive Shaun Morton said.

Advertisement

Shares in On the Beach plummeted as much as 14.5 per cent to 165p on Thursday morning, though recovered a little later. The stock has dropped by more than a quarter since the beginning of the year, as reported by City AM.

The development adds On the Beach to an expanding roster of London-listed travel firms that have endured steep share price falls following the eruption of conflict in Iran.

Budget carrier Easyjet has witnessed its shares tumble by a fifth over the past month, whilst package tour operator Jet2 has declined by 11 per cent.

Oil prices surged back above triple figures on Thursday morning, climbing as much as nine per cent in Asian markets following reports that two tankers were hit in the Gulf. An Iraqi news agency reported that 38 crew members have been rescued from the vessels whilst one person has perished.

Advertisement

This follows Iran’s pledge to block “one litre of oil” from leaving the region until the strikes from the US and Israel cease. The Israeli military confirmed it had conducted an “extensive” wave of air strikes targeting Tehran overnight.

The International Energy Agency (IEA) intervened on Wednesday to stabilise oil prices through the release of a record 400 million barrels from emergency oil reserves in an attempt to contain surging prices on Wednesday – though market response remained subdued.

The IEA’s executive director Faith Birol stated on Wednesday the market “challenges we are facing are unprecedented in scale”.

Yet Brent crude – the international benchmark for oil – scarcely responded to the measure, remaining steady above the $90 threshold. Meanwhile, the FTSE 100 reversed to a decline, dropping 0.5 per cent during the day’s trading.

Advertisement

Analysts at investment bank Macquarie have suggested the continuing tensions surrounding the Strait of Hormuz could drive the price of Brent crude to “$150 or higher”.

“The timeline for an extremely large oil price move is very short,” they stated, noting that several weeks of closure for the strait – through which approximately a fifth of the world’s oil supply passes – would trigger a “domino effect”.

Bookings on the up Prior to the latest upheaval, On the Beach recorded a 10 per cent rise in bookings during the six months ending February, with reservations from returning customers climbing 19 per cent.

The firm noted that an increasing number of users are arranging holidays via their mobile devices, with a 58 per cent surge in bookings made directly through the app.

Advertisement

On the Beach is also anticipating revenue from AI chat tools, having recently submitted its app to ChatGPT.

Continue Reading

Business

Aussie shares tumble as oil spikes after tankers struck

Published

on

Aussie shares tumble as oil spikes after tankers struck

Australian shares have nosedived on reports Iran has attacked two oil tankers in Iraqi waters, snuffing de-escalation hopes and slingshotting crude prices skyward.

Continue Reading

Trending

Copyright © 2025