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business5h ago
UK mortgage shelf-life nosedives amid market uncertainty; Iran crisis pushing oil price higher – business live
- The average shelf-life of a UK mortgage fell to 14 days in March, the lowest since August 2023, signaling rapid lender re-pricing amid market uncertainty.
- Rightmove reported a 0.8% rise in March in average asking prices, keeping price growth modest despite higher rate expectations.
- Analysts say supply remains high, with the number of homes for sale at an eleven-year peak, limiting significant price gains.
- Oil markets rose as Iran tensions weighed on supply, with Brent around $105.80 a barrel and US crude above $100.
- The Strait of Hormuz disruption raised concerns about fertiliser shipments and potential food shortages.
- EU policy chief warned that closing Hormuz is dangerous for energy supplies and fertiliser production.
- BP and Shell rose as top gainers on the FTSE 100, with expectations of higher profits from crude prices.
- Prime Minister Starmer planned to announce support for households hit by energy prices tied to the Iran conflict.
- A tanker cleared Hormuz and headed toward Pakistan, signaling continued oil flows despite tensions.
- The FTSE 100 opened higher, with gains led by energy and materials stocks as markets priced in rate uncertainty.
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