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Oil soared to its highest level in more than a month on Thursday as traders speculated that Israel could engage in retaliatory strikes against Iran’s oil industry.

West Texas Intermediate climbed as much as 5.5 per cent to trade at $74 per barrel after US President Joe Biden told reporters that such a move was under discussion.

Asked whether the US would support Israel striking Iran’s oil facilities, Biden said: “We’re in discussion of that,” although in his truncated comment the US president went on to say: “I think that would be a little . . . anyway.”

Brent crude, the international benchmark, rose as much as 5 per cent to hit $77.65 per barrel.

Washington has made clear it supports Israel’s right to respond militarily to Tuesday’s missile attack from Iran, and is holding frequent calls with Israeli officials as they plan their next move.

On Wednesday, Biden spoke with the other leaders of the G7 to co-ordinate sanctions on Tehran for the attack and advise Israel on its response.

After that call, Biden said: “All seven of us agree that they have a right to respond, but they should respond in proportion.”

Israel is weighing several options to retaliate against Iran, including attacks on missile launchers or oil infrastructure.

Some Israeli officials have called for strikes against its nuclear facilities, though a person familiar with the matter said this was not being considered. Biden has also said he would oppose such an attack.

Tuesday’s strikes on Israel, in response to the assassination of Hizbollah leader Hassan Nasrallah last week, were much larger than an earlier Iranian attack in April, incorporating about twice as many ballistic missiles — although only a few got through Israel’s air defences.

US national security adviser Jake Sullivan has warned that Iran would face “severe consequences” for the strikes, which he described as “defeated and ineffective”, adding the US would “work with Israel to make that the case”.

But analysts said that the US was not offering Israel a blank cheque for any kind of response, and that its goal was to avoid prompting further Iranian escalation.

Iran currently exports around 1.6-1.8mn barrels per day of crude and condensate, of which 1.5mn b/d goes to China, along with over 0.5mn b/d of oil products, according to Energy Aspects, a consultancy.

Amrita Sen, director of research at Energy Aspects, said oil prices could be sent “spiralling higher” if Israel struck Iranian refineries and if Tehran responded by attacking other oil fields and refineries in the region.

The global oil market has been volatile since the start of the week due to the escalating tensions in the Middle East, with potential disruptions to energy exports.

However, lack of demand from China, as well as the fact that Opec+ producers are sitting on more than 5mn b/d of spare capacity, which could be brought back if Iranian supply were suddenly disrupted, had weighed on the market.

Benchmark chief executive Ed Dymott has said he does not want the business to be referred to as a “consolidator”.

“We don’t like the term ‘consolidator’,” he said, on a panel at the Lang Cat’s HomeGame 4 event in Edinburgh today (3 October).

He said that, although the firm acquires a business on average every six weeks, the majority are “businesses we already know”.

“What’s different about our business model is that most of these firms have been with us for quite some time, typically between five and 10 years,” he said.

“They’ve become familiar with our operations and are integrated into what we do. Ultimately, as part of their exit planning, we often provide a smooth transition into our company.”

He said that ‘consolidators’ are typically businesses backed by private equity, which often has a “clear end goal” in mind.

“This approach comes with the perception that everything is geared towards reaching a specific outcome within three to five years,” he said, at the event.

“However, our business is a financial planning firm owned by Schroders, and we are a long-term investment for them. This long-term focus forms the core of our business.

“When it comes to client relationships, we operate like any other financial planning firm, concentrating on how to maintain and grow these relationships over time.

“This is the primary driver of our business model and influences everything we do. Our client propositions and support are all geared towards long-term relationships.”

Benchmark sets out ambitious growth plans following Unique purchase

There are around 35 private equity-backed consolidated businesses in the advice space.

“The typical cycle with private equity involves these businesses eventually seeking an exit. At some point, there may be an oversupply in the market,” said Dymott.

“Many people wonder if there will be a consolidator of the consolidators – who knows, it’s an interesting trend to observe.”

He said the ‘breakaway adviser’ trend could prove a big challenge to the consolidation model in the future.

“One of the areas we specifically target is what we call the ‘breakaway adviser’ segment. These are experienced financial planners setting up their own businesses.

“And our primary source of lead generation at the moment comes from consolidators.

“These are individuals who have been part of a consolidator but are now either breaking away themselves or, more commonly, it’s the teams working under the principals who sold the business.

“Last year, we helped set up 20 new businesses with established financial planners, many of whom came from consolidated firms and wanted to go independent.

“The breakaway adviser trend is fascinating to watch, and it’s essentially the full cycle. It is a potential challenge to the consolidation model.”

A LUXURY train company that offers day trips across the UK has been named the best train journey in the world.

The British Pullman is a fully restored 1920s train that was designed over a century ago to accommodate passengers accustomed to comfort and opulence.

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And the train still oozes decadence today.

Its 11 carriages feature art deco-style interiors, antique upholstery, and vintage lighting.

Intricate artwork can be seen throughout the train, including magnificent mosaics on the bathroom floors.

Fine dining experiences are served up to guests and there’s a strict dress code to maintain its elegant atmosphere.

While enjoying delicious food and admiring the train’s beautiful interior, passengers can enjoy views of the English countryside and coast.

The British Pullman A Belmond Train was crowned best train journey in the world in Conde Nast Traveller’s 2024 Readers’ Choice Awards.

The awards recognise all areas of the travel industry, from hotels and resorts to airlines, airports, cruises, cities and more.

Based in the South East of England, The British Pullman regularly departs from London Victoria and travels year-round to a wide variety of destinations, including Kent, Hampshire, Oxfordshire and Surrey.

Passengers are welcomed onboard by a uniformed train steward and seated at tables adorned with crisp white linen and sparkling tableware.

They can then enjoy a variety of meals, including brunch, champagne afternoon tea, or a gourmet dinner. 

The train’s chef John Freeman has been part of the British Pullman team nearly two decades.

Having fallen in love with the challenges and fun of cooking onboard a moving train, John serves up food using British produce sourced from the very farms and fields by which the train passes. 

Vegan and vegetarian options are also available.

Destinations include Bath and Oxford, but there are also trips solely focused on afternoon tea and Sunday lunch.

Prices start from £400 per passenger on a table for two.

A British hotel was also a winner in the Conde Nast Traveller awards.

Raffles London at The OWO placed 33 in the best hotels in the world list.

Sun Travel’s favourite train journeys in the world

Sun Travel’s journalists have taken their fare share of train journeys on their travels and here they share their most memorable rail experiences.

Davos to Geneva, Switzerland

“After a ski holiday in Davos, I took the scenic train back to Geneva Airport. The snow-covered mountains and tiny alpine villages that we passed were so beautiful that it felt like a moving picture was playing beyond the glass.” – Caroline McGuire

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Tokyo to Kyoto by Shinkansen

“Nothing quite beats the Shinkansen bullet train, one of the fastest in the world. It hardly feels like you’re whizzing along at speed until you look outside and see the trees a green blur. Make sure to book seat D or E too – as you’ll have the best view of Mount Fuji along the way.” Kara Godfrey

London to Paris by Eurostar

“Those who have never travelled on the Eurostar may wonder what’s so special about a seemingly ordinary train that takes you across the channel. You won’t have to waste a moment and can tick off all the top attractions from the Louvre to the Champs-Élysées which are both less than five kilometres from the Gare du Nord.” – Sophie Swietochowski

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Glasgow to Fort William by Scotrail

“From mountain landscapes and serene lochs to the wistful moors, I spent my three-hour journey from Glasgow to Fort William gazing out the window. Sit on the left-hand side of the train for the best views overlooking Loch Lomond.” – Hope Brotherton

Beijing to Ulaanbatar

“The Trans-Mongolian Express is truly a train journey like no other. It starts amid the chaos of central Beijing before the city’s high-rises give way to crumbling ancient villages and eventually the vast vacant plains of Mongolia, via the Gobi desert. The deep orange sunset seen in the middle of the desert is among the best I’ve witnessed anywhere.” – Ryan Gray

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The price of oil has jumped 5% after US President Joe Biden said the US was discussing possible strikes by Israel on Iran’s oil industry.

Asked on a visit if he would support Israel striking Iran’s oil facilities, Biden said: “We’re discussing that.”

Iran is the seventh largest oil producer in the world, exporting around half its production abroad, mainly to China.

Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year.

Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation.

So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.

The reaction in oil markets has, so far, been far more muted than, for example, to Russia’s invasion of Ukraine in 2022.

But the escalation of violence in the Middle East and threat of further action is now stalking the markets.

Of particular concern is whether any escalation could block the Straits of Hormuz, through which a third of oil tanker traffic and a fifth of LNG frozen gas has to pass.

Since Russia’s war with Ukraine began, the world has become more dependent on shipped frozen gas in LNG tankers.

Even if it is Asia that is most physically dependent on the flow of oil and gas out of the Persian Gulf, the immediate price impact of such developments would be significant.

Bank of England governor Andrew Bailey warned on Thursday of the “very serious” potential impact and that he was watching developments “extremely closely”.

All this could come at the very moment the world’s central bankers declared a quiet victory over the three-year inflation shock from the pandemic and Ukraine war.

It may help explain why G7 leaders are trying to moderate the expected response from Israel to Iran’s attack.

SAVVY shoppers are rushing to Aldi to get their hands on bargain home accessories scanning for just pennies.

The set of three textured vases in cream costs a mere 49p and for that you get three different styles.

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A shopper on the Extreme Couponing and Bargains UK Facebook group posted her find saying simply “49p Aldi!”

Other members immediately reacted. “This is what I was looking for,” cried one woman, who said she hadn’t been able to find them.

“I paid £1.99 last week,” said another. 

A third poster simply added “Wow!”

The vase set was originally on sale in Aldi’s middle aisle for £4.99 and available in neutral shades grey and beige, as well as cream, to suit all styles of decor.

According to Aldi they are “perfect for filling with flowers or pampas grass” and tap into the trend for more organic forms in home decoration, emphasised by their textured finish.

We announced their arrival back in June so this is the retailer clearing stock for new lines, but at a tenth of their original price, they’re worth getting your hands on before they disappear for good.

Bear in mind availability will vary between stores – you can find Aldi’s store locator on its website.

B&M has an almost identical three-vase set on its website for £6, or this Bubble Paper Mache version selling for £5 and this Circular Sculpture for £6.

H&M, too, has a similar set in light beige, but these mini stoneware vases will set you back £12.99. 

Tesco launched its new homewares range last month and you can find a cute recycled heart vase for just £3 and an apothecary-style bud vase for only £1.50.

To get the most for your money always shop around, comparing prices between retailers.

Use platforms such as Google Shopping and apps such Latest Deals or Trolley to check the best prices on particular products. 

Check out discount code websites and sign up to cashback sites, including Quidco and TopCashback to earn money while you spend.

Facebook groups like Extreme Couponing and Bargains UK are a great way to discover what’s on offer in a wealth of stores, while following your favourite brands on social media and signing up to their newsletters mean you’ll be first to hear about new deals and discounts.

For other ways to save at Aldi keep an eye on their regular special buys, check for price reductions in store and on the website, and watch out for red stickers while you’re doing your grocery shop.

Speaking of groceries, Aldi’s Super Six is another great way to save money on your shopping, with six fruit and vegetables on special offer every fortnight. 

Signing up to the Aldi newsletter will also bring you special offers from time to time and look out for money-off vouchers in newspapers.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Brussels is suing Viktor Orbán’s government over a new security law that the bloc says is in breach of citizens’ fundamental rights, the latest escalation in long-running tensions with Budapest.

The European Commission said on Thursday the Hungarian “sovereignty law” that entered into force in February violated EU rules on privacy, freedom of expression and freedom of association. People and organisations deemed a threat to national sovereignty in Hungary — a loosely defined concept — and who are accused of using foreign funding to influence political processes are facing fines and prison terms.

“The law violates several fundamental freedoms of the internal market,” the commission said. Brussels had already requested changes this year but “most of the grievances” remain unaddressed.

During his 14 years in office, Prime Minister Orbán has repeatedly locked horns with Brussels over the gradual erosion of civil rights and the rule of law. His self-styled illiberal regime is often cited as a model by right-wing politicians including US presidential contender Donald Trump.

The EU will refer the case to the European Court of Justice and request “that the case is dealt with swiftly, including if appropriate through an expedited procedure”, according to commission spokeswoman Jördis Ferroli.

Dániel Hegedűs, a fellow at the German Marshall Fund, a US think-tank based in Berlin, said: “The government has increased room to crack down on dissent, they created this tool precisely to use it. There will be more surveillance of regime critics and more of a media campaign against them, but it remains to be seen whether there will be criminal cases too.”

Orbán’s chief of staff Gergely Gulyás said the commission’s move was politically motivated, arguing that the dedicated agency enforcing the Hungarian law had “no power of a state authority so it could not possibly breach fundamental laws”.

The decision comes alongside several other legal steps Brussels is taking against Hungary on other issues. The commission has called out Orbán’s government over a law adopted last year that penalises convicted human traffickers very lightly, making it harder for the bloc to fight illegal migration.

“Such shortened sanctions applicable to persons sentenced for migrant smuggling offences are neither effective nor dissuasive,” the commission said.

The law on traffickers was adopted despite Orbán’s declared desire for “ethnic homogeneity” and his incendiary rhetoric against migrants, which he calls a fundamental challenge to the social and cultural make-up of Europe.

A recent ECJ ruling has also ordered Budapest to pay €200mn and daily €1mn fines for failing to comply with a judgment on the protection of asylum seekers.

Brussels is also pursuing Hungary over a special tax regime that allegedly imposes unfair increased costs on foreign companies in breach of EU law.

The move comes after a complaint by Austrian supermarket chain Spar earlier in the year claiming that a special tax introduced in 2022 was discriminatory, including a 4.5 per cent tax targeting revenues of foreign-owned retailers and an obligation to lower prices on specific products.