UK Economy Remains Resilient Despite Iran War and Higher Energy Prices

The UK economy grew 0.4 per cent between April and June, official data has revealed, in a sign that businesses and consumers have so far weathered the worst shocks of the war in Iran. The growth figure from the Office for National Statistics was in line with analysts’ expectations but came alongside a surprise boost of 0.3 per cent in June, ahead of forecasts. Figures for May were revised down from 0.1 per cent growth to no growth. City economists polled by Bloomberg had predicted that growth in the second quarter would be 0.4 per cent while…

Market Context

Global crude oil markets remain sensitive to a combination of macroeconomic signals, OPEC+ production policy, and geopolitical developments across key producing regions. Brent crude and WTI serve as the primary price benchmarks, with spread movements reflecting regional supply-demand imbalances and refinery demand shifts.

Energy traders and analysts closely monitor inventory data from the U.S. Energy Information Administration (EIA), which releases weekly petroleum status reports that frequently move markets. Rising inventories typically signal demand weakness or oversupply, while draws support price recovery.

What to Watch

Analysts and traders will be watching upcoming EIA inventory reports, OPEC+ output decisions, and macroeconomic indicators — particularly U.S. Federal Reserve policy signals and China demand data — for directional cues on crude prices in the near term.