Oil rises and global stocks wobble amid worries over ‘fragile’ ceasefire deal in Middle East – business live

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Tufton Assets, a UK fund that invests in second-hand ships, has just completed charter renewals on two oil tankers: at a 47% higher rate.

The ships, which range from 30,000 to 40,000 deadweight tonnes and are designed to transport refined petroleum products, have had their charters extended by 12 months. Their new rates are now 47% higher at a net $20,738 per day, compared with a previous rate of $14,072.

A further eight vessels are due for charter renewals this year and we anticipate achieving higher daily rates on average, generating additional income for the company.”

Tankers may be forced to navigate mined waters and a heightened military presence, all of which will keep insurance premiums high and freight costs elevated.

The conflict is already piling on financial pain for consumers, especially motorists. Diesel has jumped above £1.90 a litre – a rise of around 50p a litre in some areas of the UK since the outbreak of the war. Petrol is also up by around 30p a litre. Anyone travelling longer distances on motorways during the Easter holidays will be stung more aggressively, with diesel prices hitting £2 a litre at some service stations.

While it’s been a tough start to the year for equity investors, the bigger picture needs to be kept in mind. The S&P 500 has already rallied more than 7% from its 30 March low and is now down less than 1% year-to-date. While progress towards a more permanent resolution in the Middle East will dominate short-term market moves, it’s earning power that drives stock prices in the long term. Some corners of the market have seen their share prices get caught up in the broader market sell-off, despite a resilient or improving earnings picture, so there’s something to be said for being greedy when others are fearful.

Brent crude prices recovered some of yesterday’s sharp losses this morning, moving nearly 2% to around $97 per barrel following further Israeli strikes on Lebanon…Oil prices will likely remain elevated and choppy until a more permanent agreement is struck between all parties, and on that front, US Vice President JD Vance is set to lead a US delegation to Islamabad for direct talks with Iran this weekend.”