UK housing market gets Brexit delay boost; oil jumps after tanker fire – business live

Rolling coverage of the latest economic and financial news, as surveyors report signs of life in Britain’s property market

8.21am BST

News that an oil tanker has caught fire in the Gulf of Oman is fuelling fears of geopolitical unrest in the region.

Neil Wilson of Market.com explains:

Oil has shot up sharply after slumping to 5-month lows overnight. Reports of an oil tanker being on fire in the Sea of Oman rattled markets and sent Brent up $2 in a matter of minute, but await to see whether this will hold or is an algo-based kneejerk that will be faded.

We know that geopolitical tensions in the region are worsening and raise supply-side concerns in terms of short-term outages etc – but with OPEC already curbing output and US production at a record high the market is far less susceptible to a shock.

8.11am BST

Newsflash: The oil price has just surged on reports that a tanker in the Gulf of Oman is on fire.

Details of the incident are sketchy, beyond that it happened near the Iranian coast.

Oil surges after a report that a crude tanker was on fire in the Gulf of Oman https://t.co/szCTA9F3s4 #OOTT pic.twitter.com/LcaoVLAXkV

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Source: The Guardian
UK housing market gets Brexit delay boost; oil jumps after tanker fire – business live