Oil prices slipped on Friday and were headed for their first weekly decline in three weeks, despite rising in the previous session after a Wall Street Journal report said U.S. President Donald Trump was not interested in returning to the terms of an earlier deal with Iran.

Crude oil price on August 28

Brent crude futures fell 50 cents, or 0.6%, to $89 a barrel, while West Texas Intermediate crude futures declined 42 cents, or 0.50%, to $83. Brent was on track to lose 5.3% for the week, while WTI was set to fall 4.3%.
Also read: Six months into Iran war, almost half of global oil flows from war zones

The Wall Street Journal report, citing people familiar with the matter, said the Trump administration had repeatedly told mediators that it did not want to revive the June memorandum of understanding. The position has complicated diplomatic efforts aimed at restarting talks between Washington and Tehran.

The report came a day after Washington said it was not holding talks with Iran, despite efforts by other countries to bring the two sides back to the negotiating table.

The United States on Monday announced what it described as the “toughest sanctions in history” on Iran. Tehran called the measures an “inhumane and hostile act” and said they had lost their effectiveness.
Geopolitical tensions also intensified elsewhere. Moscow warned that it could target British military targets inside and outside Ukraine in response to attacks by Kyiv on Russian territory using British-supplied long-range cruise missiles.Trump, however, said Russian President Vladimir Putin would not attack a NATO country. He also played down media reports that CIA Director John Ratcliffe had warned Russian officials this week against such an attack. Britain is one of NATO’s founding members.

The duration of the disruption will be a key factor for crude prices. JPMorgan estimates that each additional month of disruption could add around $7 to $8 a barrel to Brent prices. If the disruption continues for three months, the bank expects average monthly Brent prices to climb to around $114 a barrel.

Read more:Iran, Oman reach deal on Strait of Hormuz, but reopening hinges on US conditions

Goldman Sachs has also warned that Brent could rise to $120 a barrel if shipping disruptions through the Strait of Hormuz, the world’s most important oil transit route, persist.

At the same time, Goldman Sachs expects Middle East tensions to eventually ease under its base case. The bank forecasts Brent to average $80 a barrel in the fourth quarter and $75 a barrel next year. It said the risks remained tilted to the upside, with disruptions through the Strait of Hormuz and the Red Sea potentially lasting longer than expected.

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

Hundreds of former members of the military have had their pensions slashed after receiving letters telling them to repay thousands of pounds because of a clerical error.

The Ministry of Defence (MoD) confirmed to the BBC that more than 1000 retired service personnel are being pursued for debts. The majority, 335 veterans, were overpaid a total of £5.1m as a result of incorrect National Insurance calculations.

The Forces Pension Society said it is aware of a small number of veterans whose debts were wiped after raising a formal complaint.

Ray Lawton, 70, was told in July he owed £8,000 following six years of overpayments. Days later, his monthly military pension was cut from £550 to £365.

“I haven’t got £8,000 to pay out,” said Lawton, who served 16 years in the Royal Artillery.

“I’ve got a little bit put aside but nowhere near that much.”

The Portsmouth-based veteran told the BBC: “I’ve trusted the army all my life even when I left and I trusted my pension would be right. Then this letter comes and it’s just blown it all out.”

Lawton’s letter was sent from a company called Equiniti, which administers the pension scheme on behalf of the MoD.

It said an error in its system meant he had been overpaid for years.

Lawton is one of many veterans from across the UK who contacted BBC Your Voice after receiving letters out of the blue seeking money they didn’t know they owed.

The Forces Pension Society, a not-for-profit which supports military retirees, said it is aware of many overpayment cases running into the tens of thousands of pounds.

A small number of veterans have been told they owe six-figure sums.

The MoD confirmed errors relating to National Insurance adjustments, Pension Sharing Orders (PSO), Early Departure Payments (EDP) and State Pension Age (SPA). It says it is investigating issues on a case-by-case basis.

It added that of the 335 veterans affected by National Insurance errors, a third have paid off their debt in full and 52 have an agreed repayment plan in place. So far, of the £5.1m, £304,000 has been paid back.

Veterans said they want more clarity about the debt and how it has been calculated. Some have called for it to be wiped.

The government said it has a responsibility to recover the funds.

An MoD spokesperson told the BBC that it recognises that errors to pension payments “may cause uncertainty”, adding that it is contacting veterans and “providing support for anyone who requires it”.

“Where payments have been made in genuine error, we have a responsibility to recover taxpayer funds and will always seek to do so in a sensitive and proportionate way,” the spokesperson added.

However, former Conservative defence secretary Penny Mordaunt, said: “While public bodies have a duty to recoup such costs if it makes financial sense to do so, no such assessment has been made in these cases.

“There is a compelling case in many instances for the debt to be wiped”.

The headline business confidence reading for the region was 45%, compared with 75% in July

Confidence among businesses in the North East fell significantly in August, new research suggests.

Firms in the region reported lower confidence in their own trading outlook, month-on-month, down 24 points at 56%, according to the Business Barometer from Lloyds – a regular survey that gives early signals on economic trends.

North East companies’ optimism in the economy was down 37 points to 33% in the survey which gathered data between August 3 and 17 – a period in which new data showed surprise growth of the economy in the three months to the end of June. Together with the view of their own trading, the scores gave a headline confidence reading of 45%, compared with 75% in July.

Business confidence in the North East now sits below the 12-month average of 56%, with its highest figure of 75% in July. North East firms’ confidence in their own trading outlook was influenced by stronger customer demand (57%) and increased investment in technology (55%), while confidence in the economy was helped by reports of rising market demand (71%).

Regional firms said their top target areas for growth in the next six months are investing in their team , evolving their offering by introducing new products or services and entering new markets. Nearly a third of businesses in the region expect to increase staff levels over the next year, but that is down on hiring intentions last month.

Martyn Kendrick, regional director for North East at Lloyds, said: “While we have seen confidence dip this month, it’s encouraging to see that North East businesses haven’t hit pause, and are remaining notably more positive about their own trading outlook than the wider economy.

“Economic optimism may have softened, but businesses across the region are backing themselves to grow with many already taking practical steps to strengthen their position, from investing in technology to exploring new markets. We’ll continue to support North East businesses as they invest, adapt and plan for the future.”

The North East reading came as overall UK business confidence was up four points in August to 53% – its highest since the start of the Iran conflict earlier this year, and above the 12-month average of 47%. Increased economic optimism was the main driver, up 18 points since June

Meanwhile firms’ outlook on their own trading improved two points to a three-month high of 58% in August, compared to a 12-month average of 56%. Researchers found 66% of businesses expect an increase in output the next year with 8% expecting a decrease.

Amanda Murphy, CEO Lloyds Business and Commercial Banking, said: “It’s encouraging to see business confidence rise for the second month in a row, reaching its highest level since March. While international firms remain more confident, it’s good to see domestic companies register a strong month-on-month increase.

“Overall, businesses are reporting stronger customer demand, greater optimism about the wider economy and growing confidence in their own trading outlook, all of which will be helping to support investment and growth plans.

“While businesses continue to operate in a challenging environment, easing cost pressures and fewer firms expecting to raise prices in the coming year, should allow them to focus less on managing headwinds and more on pursuing growth.”

A Chinese startup is giving the humble bug zapper a sci-fi glow-up, betting Americans will shell out nearly $1,000 for a laser-equipped machine that hunts mosquitoes in midair.

Photon Matrix is selling an indoor version of its laser mosquito air defense system for $988, while its outdoor blue laser model starts at $1,088. The company says the device uses lidar, radar and AI vision to detect and confirm mosquitoes before aiming a precision laser at the insects.

The outdoor version is designed for patios, campsites and outdoor dinners. Company videos show the machine firing bright blue flashes at flying targets.

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Photon Matrix says its outdoor unit scans a 20-foot, 90-degree field in front of the device and can detect insects as small as 2 millimeters traveling up to 3.3 feet per second. A rotating base is designed to give the system 360-degree coverage, while the unit can run for roughly four to five hours from a power bank, according to the company.

The system scans an area and measures the distance to the background, Photon Matrix says. When an insect enters the detection field, the device evaluates its size and fires only if it matches the characteristics of a mosquito.

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The startup says its laser is designed to disable a mosquito’s wings and distinguish mosquitoes from other flying insects, including butterflies. The company also says the laser automatically shuts off if the device cannot identify a solid background within range.

The indoor model uses infrared detection and a laser invisible to the human eye. It is pitched for bedrooms, hotels and other indoor spaces, while the outdoor model’s blue flash provides a visible sign when the device fires.

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Photon Matrix also touts a chemical-free operation, app controls, a 12-month warranty and what it describes as a system safe for pets and children. The device’s performance and safety assertions are the company’s own claims.

Online, the device is already drawing comparisons to sci-fi weaponry. One X commentator dubbed the system an “Iron Dome for mosquitoes,” while another called it a personal mosquito air-defense system that “locks onto a mosquito in 3 milliseconds” before firing a laser.

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The post claimed the device can eliminate up to 30 mosquitoes per second and work in pitch dark, likening the technology to Reagan-era Star Wars missile defense research shrunk down for backyard bug control.

The flashy bug blaster is entering the market as California’s West Nile virus activity reaches a five-year high. The state’s official West Nile virus dashboard, last updated Aug. 21, lists 46 human cases across 14 counties in 2026.

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California’s latest weekly update says four West Nile virus-related fatalities have been reported this year. The state has also logged 437 positive dead birds, 2,644 positive mosquito samples, 64 sentinel chickens and six horses.

West Nile virus is the leading mosquito-borne disease in the United States, according to the Centers for Disease Control and Prevention. Most people infected with the virus do not develop symptoms, but about one in five experience fever, headaches, body aches, vomiting, diarrhea or a rash.

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Fewer than 1% of infected people develop a serious neurological illness affecting the brain or spinal cord. Older adults and people with weakened immune systems face the greatest risk, the CDC says.

Public health officials trap and test mosquitoes throughout the summer to monitor West Nile virus activity. A positive mosquito sample does not necessarily mean people in that area will become infected, but officials say it can serve as an early warning that the virus is circulating locally.

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Health officials recommend eliminating standing water from bird baths, flowerpots, buckets, old tires, children’s toys and other outdoor containers where mosquitoes lay eggs. Trimming overgrown vegetation can also help reduce mosquito activity around homes.

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Fox News Digital’s Brittany Miller contributed to this report.

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