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Oil Price Falls to Pre-Iran War Levels as Hormuz Shipping Resumes

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Inflation fell more slowly than expected last month thanks to strong petrol and communication goods price pressures, casting doubt on hopes for immediate rate cuts by the Bank of England.

The price of oil has fallen back to levels not seen since before the Iran war, handing hard-pressed UK businesses the prospect of cheaper fuel as traffic through the critical Strait of Hormuz shipping lane gradually resumes.

Brent crude, the global benchmark, briefly dipped below $72.48 (£55) a barrel, the level it sat at the day before the United States and Israel launched their attacks on Iran on 28 February, before edging back up to $73.23.

Energy markets have endured a torrid few months since Tehran retaliated by effectively closing the strait, a waterway that carries a substantial share of the world’s seaborne oil and gas. For the haulage, hospitality and agricultural firms that have watched their fuel bills balloon since the spring, the retreat in crude cannot come soon enough. Many smaller operators have spent the conflict simply trying to absorb costs they could not pass on, a squeeze Business Matters has tracked among hauliers, hotels and farms pushed into survival mode.

Crude has been falling steadily since 17 June, when Washington and Tehran signed a Memorandum of Understanding setting out a 60-day window for negotiations on Iran’s nuclear programme and other measures aimed at ending the war. Representatives from both sides met in Switzerland last weekend, talks that led the United States to partially lift sanctions on Iranian oil exports.

The number of vessels crossing the Strait of Hormuz has risen sharply since the agreement was struck, according to maritime intelligence firm Kpler. Its latest figures suggest 284 vessels made the transit from 18 June, the day after the deal was signed, although that remains well below the pre-conflict average of around 138 crossings a day. The ships passing through in recent days have included those carrying crude oil, liquefied natural gas, fertiliser and other goods, Kpler told the BBC.

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The United States and Iran have also established a “communication line” to prevent misunderstandings “with the aim of safe passage for commercial vessels through the Strait of Hormuz”, mediators Qatar and Pakistan said in a joint statement on Monday.

Dimitris Maniatis, chief executive of maritime risk advisory firm Marisks, which is working with ships stranded in the region, described a “tremendous shift”, with far more vessels using the strait in recent days. A limited number of ships can cross a northern passageway with the permission of Iranian authorities, he said, while the US navy has set out a southern route cleared of mines and other obstacles laid during the war. Even so, traffic remains below the pre-war norm, when more than 100 ships a day used the route.

For drivers and the firms that run vans and lorries, attention has now turned to how quickly the fall in crude feeds through to the forecourt.

“On the back of the lowest oil price since before the Iran war started, drivers should see the average price of petrol fall below 150p [a litre] in the next week or so,” said Simon Williams, head of policy at the RAC. He added that diesel “ought to go back under 160p”. Petrol peaked at 159.53p a litre on 28 May, according to the motoring group, while diesel has eased from a high of 191.54p on 15 April. Drivers can track the daily averages through the RAC’s Fuel Watch data, and the longer-term trend is laid out in the House of Commons Library’s briefing on petrol and diesel prices.

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In the United States, the average price of regular petrol has slipped to around $3.93 a gallon after touching $4 in April, its highest since 2022, though it remains well above pre-war levels.

The pace of those falls has become political. President Donald Trump on Wednesday ordered an investigation into the major energy companies, accusing Shell, ExxonMobil and others of “gouging” drivers by failing to cut pump prices even as crude costs tumbled. “Oil prices have come down so much and we are not seeing anything at the pump by comparison the way they should be,” Trump told reporters in the Oval Office. The American Petroleum Institute, which represents the US oil and gas industry, countered that fuel prices “don’t move in lockstep with crude oil”.

British energy firms have faced similar accusations of unfairly inflating petrol prices since the war began. Last month, however, the UK competition watchdog said it had found no widespread evidence of profiteering, noting that average margins were “broadly unchanged” between February and March.

For now, the direction of travel offers a measure of comfort to the millions of smaller firms for whom fuel is an unavoidable line on the balance sheet, and for whom relief has been a long time coming. Whether the easing endures will depend on whether the fragile peace holds, and on how far the broader pressure of stubbornly high energy costs on UK business continues to bite.

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Jamie Young

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

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Cavco Industries, Inc. (CVCO) Q1 2027 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Operator

Thank you for standing by, and welcome to the Cavco Industries, Inc.’s First Quarter Fiscal Year 2027 Earnings Call and Webcast. [Operator Instructions] As a reminder. Today’s program is being recorded.

And now I’d like to introduce your host for today’s program, Mark Fusler, Corporate Controller and Investor Relations. Please go ahead, sir.

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Mark Fusler
Director of Financial Reporting, Investor Relations & Corporate Controller

Good day, and thank you for joining us for Cavco Industries First Quarter Fiscal Year 2027 Earnings Conference Call. During this call, you’ll be hearing from Bill Boor, President and Chief Executive Officer; Allison Aden, Executive Vice President and Chief Financial Officer; and Paul Bigbee, Chief Accounting Officer.

Before we begin, we’d like to remind you that the comments made during this conference call by management may contain forward-looking statements. Forward-looking statements include statements about our future or expected business and financial performance and are not promises or guarantees of future performance, their expectations or assumptions about Cavco’s financial and operational performance, revenues, earnings per share, cash flow or use, cost savings, operational efficiencies, current or future volatility in the credit markets or future market conditions.

All forward-looking statements involve risks and uncertainties, which could affect Cavco’s actual results and could cause its actual results to differ materially

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Kate Middleton Is the Monarchy’s “Greatest Asset” as Shared Cancer Battle Deepens Bond With the King

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Kevin Durant

Kate Middleton has become one of King Charles III’s most trusted family members, with royal watchers pointing to a shared cancer diagnosis and years of steady public service as factors that have deepened the bond between the king and the Princess of Wales.

Katie Nicholl, a royal correspondent for Vanity Fair and co-host of the podcast “The Royals Uncensored,” said the princess has consistently proven her value to the institution since marrying into the royal family. “I think Catherine, the Princess of Wales, has always been a very valuable asset to the royal family,” Nicholl told Fox News Digital. “She is the commoner who married into the royal family … [She has made] a seamless transition into that unique world of royalty. It’s not easy … There’s a huge amount of sacrifice that goes into being a member of the royal family.” Nicholl added that Kate has handled that sacrifice with composure. “Catherine’s had to give up a huge amount, and yet she does it all with a great deal of grace and dignity, always with a smile,” Nicholl said. “So she is absolutely the monarchy’s greatest asset.”

The relationship between Charles and Kate has grown notably closer following parallel health struggles both experienced beginning in 2024. Buckingham Palace announced the king’s cancer diagnosis that year, and Charles shared in December 2025 that his treatment would be scaled back in 2026. Kate revealed her own cancer diagnosis in March 2024, shortly after the king’s announcement became public. She completed chemotherapy that September and announced in January 2025 that she was in remission.

British broadcaster and photographer Helena Chard said the king has drawn inspiration from watching Kate navigate her illness. “King Charles sees enormous value in Princess Catherine,” Chard told Fox News Digital. “Not just as the wife of his heir, but as the cornerstone of the monarchy itself. He genuinely loves his ‘darling’ daughter-in-law. His face lights up when he is with her. They share similar interests, and they have shared a similar cancer journey, one that has created a deep bond and understanding that goes beyond duty.”

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Chard said the late Queen Elizabeth II had recognized Kate’s value to the institution well before Charles ascended the throne. “The late queen saw it too,” Chard said. “She recognized Catherine’s superpowers early on — her ability to listen, find solutions and bring calm to difficult situations.” Chard also framed Kate’s role within Charles’s broader approach to his reign. “King Charles fundamentally views his time on the throne as stewardship,” she said. “He sees himself as the caretaker of the institution and is acutely conscious of preparing the next generation. Collaborative preparation between the king and his heir is essential. Having Princess Catherine as the wife of his heir, Charles has struck gold.”

Royal author Sally Bedell Smith, in previous comments to People magazine, described the relationship in more personal terms. “He has always had a very strong bond with her,” Smith told the outlet, adding that Kate is “like the daughter he never had.” Smith said Charles shares a protective instinct toward Kate with his son, Prince William. “He shares with William an impulse to protect her,” Smith said. “They are in this together, Kate and the king.”

When Kate’s diagnosis first became public, Buckingham Palace said Charles was “so proud of Catherine for her courage in speaking as he did.” Author Christopher Andersen has separately written that the king stood by Kate’s side during her treatment “to lend his cherished daughter-in-law moral support.”

Kate has continued advocacy work tied to her cancer experience in the time since her recovery, including a recent charity fundraising climb of the three highest peaks in the United Kingdom for the Royal Marsden hospital. Nicholl said that effort has strengthened public support for the princess. “Thankfully, despite a serious health issue, she has overcome that,” Nicholl said. “We’ve just seen her climb the three highest peaks in the United Kingdom to raise money for the Royal Marsden. She’s turning her experience into something positive, and I think that’s earned her a great deal of respect among the British public, along with a lot of love and affection. People are very much behind her and William.”

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Chard echoed that sentiment, describing Kate’s broader connection with the public. “Princess Catherine connects with people in a way that restores faith in the monarchy,” Chard said. “She has learned every aspect of the institution over many years and has blended in carefully without fuss. Princess Catherine is central to the institution’s success, and King Charles knows this.”

Royal commentators say Kate’s steadiness has taken on added significance as the working royal family has grown smaller in recent years. Prince Andrew stepped back as a working royal in 2019 amid his ties to the late convicted sex offender Jeffrey Epstein, and Charles has since formally stripped him of his princely title and HRH style. Prince Harry and Meghan Markle, the Duke and Duchess of Sussex, stepped back from royal duties in 2020 and relocated to California.

Royals commentator Richard Fitzwilliams said the king’s appreciation for Kate extends to her partnership with William. “Naturally, King Charles recognizes the value of Kate, who is indeed the monarchy’s greatest asset,” Fitzwilliams told Fox News Digital. “We should add, ‘together with her partnership with William and their family.’ While we praise Catherine’s many strengths, William is the future king. She will one day be queen consort. They see themselves as a close-knit couple.” Fitzwilliams also pointed to Kate’s support for William amid reported tension over how to handle Harry. “William is currently at the center of reports that he and the king differ over how to handle Prince Harry, in particular,” Fitzwilliams said. “As she showed when the Sussexes met with the king and Queen Camilla, she fully supports William’s approach.”

Royals expert Hilary Fordwich said Kate’s steadiness has translated into measurable public goodwill. “It’s not at all surprising King Charles and Princess Catherine have bonded,” Fordwich told Fox News Digital. “One can tangibly feel the public also values her wonderful assets from the reception she always receives when in public, as well as in opinion polls. She has become indispensable and has won the public’s trust.” Fordwich attributed that trust in part to how Kate handled her illness. “She handled the strain of her cancer battle with dignity, without any indication of self-pity.”

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Bombardier Inc. (BBD.B:CA) Q2 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Operator

Good morning, ladies and gentlemen, and welcome to the Bombardier Second Quarter 2026 Earnings Conference Call. Please be advised that this call is being recorded. At this time, I would like to turn the discussion over to Mr. Francis Richer de La Fleche, Vice President, FP&A and Investor Relations for Bombardier. Please go ahead.

Francis Richer de La Fleche
Vice President of Financial Planning & Investor Relations

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Good morning, everyone, and welcome to Bombardier’s earnings call for the second quarter of 2026. I wish to remind you that during the course of this call, we may make projections or other forward-looking statements regarding future events or the financial performance of the corporation. There are risks that actual events or results may differ materially from these statements. For additional information on forward-looking statements and underlying assumptions, please refer to the MD&A. I’m making this cautionary statement on behalf of each speaker on this call.

With me today is our President and Chief Executive Officer, Éric Martel; and our Executive Vice President and Chief Financial Officer, Bart Demosky, to review our operations and financial results for the second quarter ended June 30, 2026.

I would now like

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Time for government, companies to adopt artificial intelligence: Deloitte India

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The Economic Times

MUMBAI: In the midst of Indian companies battling the Covid-19 disruption, there is a growing realisation and acceptance that artificial intelligence (AI) is not only unavoidable but it must be adopted quickly to remain competitive in the marketplace, Deloitte India CEO N Venkatram told ET.“Indian companies need to re-skill, train, and acquire more relevant talent, if they are to successfully integrate AI technologies. Most importantly, they

( Originally published on Dec 27, 2020 )

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Thousands take to Kyiv’s main street, firm on calls for defence minister’s return

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Thousands take to Kyiv’s main street, firm on calls for defence minister’s return

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Indian dating apps, services see surge of paying users in small cities

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The Economic Times

NEW DELHI: For Indian dating apps and services, small cities and towns are now driving the growth more than the metros.According to companies like Aisle and Truly Madly, which have millions of users and position themselves as “serious” dating apps, and bespoke high-end dating services like Sirf Coffee, a lot more users from such places are not only keen on using these apps, but also willing to pay for it.While users for these apps from small

( Originally published on Jan 01, 2021 )

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Govt may keep Rs 7,500 cr outlay for IT hardware manufacturing under PLI scheme

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The Economic Times
NEW DELHI: The government may keep an outlay of Rs 7,500 crore under the production linked incentive scheme for IT hardware products like personal computers, laptops, tablets and servers, according to a source aware of the development.

Foreign companies looking for incentives under the scheme may have to invest Rs 500 crore over four years, while the threshold for domestic firms is likely to be around Rs 20 crore for five years, the source who did not wish to be named said.

“Meity (Ministry of Electronics and Information Technology) will take the Cabinet approval of the detailed guidelines soon and is hopeful of rolling out the scheme from next financial year. The incentive outlay is likely to be around Rs 7,500 crore,” the source said.

The government has announced a cumulative production linked incentive of Rs 2 lakh crore for 10 sectors to encourage domestic manufacturing after seeing traction of global giants like Apple’s contract manufacturers, Samsung etc for the scheme in the mobile devices segment.

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According to mobile devices industry body ICEA, India has the potential to scale up its cumulative laptop and tablet manufacturing capacity to over Rs 7 lakh crore by 2025 through policy interventions.

Scaling up laptop and tablet PC manufacturing can take the share of India in the global market to 26 per cent from 1 per cent at present.