Oil climbs above $90 as US-Iran ceasefire ends; UK wage growth eases

Oil markets reacted to the collapse of the US-Iran temporary ceasefire, pushing Brent crude to $91.60 a barrel and US West Texas Intermediate to $85.25, reflecting renewed concerns over supply disruptions after a senior Iranian official said Tehran would adopt a fully offensive military posture. The rise came as diplomatic efforts to secure a lasting peace stalled. Meanwhile, the UK Office for National Statistics reported that average earnings growth, bonuses included, declined to 4.1% in the three months ending June, a slight dip from 4.3% in the prior quarter and a modest miss of the 4% forecast.

Excluding bonuses, regular pay increased to 3.5%, beating the 3.4% expected by forecasters. Liz McKeown noted a softening in the labour market despite overall stability, with the unemployment rate falling to 4.9% and vacancies dropping by 7,000 to 712,000. Economists such as Felix Feather highlighted easing private-sector wage growth and a recent payroll decline of 13,000 jobs, suggesting the Bank of England may keep rates unchanged for the remainder of the year.