Business
Iran oil attacks trigger 35% gas price spike – and fears of interest rate rises
Britain is to “step up” defensive support for Gulf states after Iran attacked energy sites across the region in a “serious escalation” of the war that could push up inflation and interest rates.
The price of Brent crude climbed as high as $119 a barrel and European gas prices briefly surged by 35 per cent after Iran pounded Qatar’s Ras Laffan energy hub and other Middle Eastern oil and gas infrastructure with missiles.
Interest rates were held at 3.75 per cent instead of the previously expected cut, as the Bank of England warned that the war could push inflation as high as 3.5 per cent by July on the back of rising energy bills, and that rates could rise – creating misery for homeowners.
It came as:
- US defence secretary Pete Hegseth said “ungrateful” European allies should be thanking Donald Trump for the war
- Trump claimed he was unaware of Israel’s strike on Iran’s South Pars gas field
- Oman called the US/Israel attacks a “grave miscalculation”
- Europe’s biggest airlines warned of higher fares
Iran’s attacks were in retaliation to an Israeli strike on the vital South Pars gas field, which drew condemnation from the Gulf states as well as Tehran. It was the first attack of the war so far on an energy production facility. Tehran fired missiles at multiple energy sites across the Gulf, including a Saudi oil refinery, Qatari gas facilities and two more oil refineries in Kuwait.
While Sir Keir Starmer and Emmanuel Macron called for de-escalation, President Trump threatened to “massively blow up” the South Pars facility if Iran did not halt its retaliatory attacks, repeating his claim that US forces had “obliterated” Iran’s navy and military, adding that the war was “substantially ahead of schedule”. He denied that plans were being made to send more American troops to the region.
John Healey, the UK defence secretary, said Tehran’s tit-for-tat responses threatened to further destabilise the region and Europe’s economies. He called them a “serious escalation”, adding: “They further destabilise the region and we will step up the defensive support that we can offer to those Gulf states.”
British forces are already deployed to the Middle East, with RAF jets flying defensive sorties against Iranian drones across the Gulf and British air defence systems protecting critical infrastructure in Saudi Arabia. UK military planners have also joined US Central Command to help formulate proposals for opening the Strait of Hormuz, a critical trade route for the world’s oil and gas.But there were signs of growing frustration towards Washington’s war aims in the Gulf states, with Oman’s foreign minister claiming that the conflict was President Trump’s “greatest miscalculation”.
In the most scathing attack on Washington’s foreign policy yet by a Gulf state, Badr Albusaidi said “this is not America’s war” and criticised Mr Trump for supporting Israel. Writing in The Economist, he called on American allies to help extricate it from the conflict, which has continued for a third week despite failing to achieve the US and Israel’s stated aim of instigating regime change in Tehran or stopping its nuclear programme.
Meanwhile, the Bank of England has warned that it may have to put up interest rates if the war continues to drive up inflation and unemployment. Its governor, Andrew Bailey, said the impact was already being felt by consumers as petrol prices surge and that he is “ready to act as necessary to ensure inflation remains on track to meet the 2 per cent target”. That would pave the way for a rate hike as early as the end of April.
Bets on the financial markets suggest a 50/50 chance that Britain will face higher interest rates from next month – and the possibility of two more rises by the end of the year.
Danni Hewson, head of financial analysis at AJ Bell, said: “Markets are now pricing in an almost 50 per cent chance that April’s meeting will see rates rise to 4 per cent with the potential for two additional rate hikes by the end of the year. But no one has a crystal ball. No one knows how long the conflict will last or the amount of damage that could be inflicted on crucial energy infrastructure by the time it ends.”
Deliveroo is set to significantly broaden its offerings beyond its core takeaway service, introducing a new feature that will allow customers to book restaurant reservations directly through its platform.
The initiative, named Deliveroo Reservations, is scheduled to launch initially in London this Thursday.
Customers will gain the ability to secure tables at a range of prominent London eateries, including Dishoom, Dove, Hide, Kricket, Barrafina, and Kolae. This expansion marks a strategic move for the company, which was acquired by US-based DoorDash for £2.9 billion last year.
The new reservation system integrates technology from SevenRooms, a restaurant booking platform business that DoorDash also purchased for approximately £900 million.
This integration follows DoorDash’s own expansion into restaurant bookings on its platform in the United States late last year, setting a precedent for Deliveroo’s latest venture.
This move is central to Deliveroo’s ambitions to grow beyond its established takeaway delivery model in the UK. While the feature will first be rolled out to restaurants in London, Deliveroo has indicated plans to extend the service across the wider UK later in the year.
Suzy McClintock, vice president for consumer and new verticals at Deliveroo, commented on the development: “This launch is about supporting restaurants to grow in new ways. Whether it’s a Deliveroo order or a reservation in store, we want to drive discovery, demand and revenue across every channel.”
She added: “By fully integrating SevenRooms into the Deliveroo app, we’re giving restaurants access to new customers and giving diners an easier way to discover and book some of London’s best tables – all in one place.”
Joel Montaniel, vice president and co-founder of SevenRooms, echoed this sentiment, stating: “Bringing reservations into the Deliveroo app gives London restaurants a new way to connect with diners and grow, while making it easy for consumers to discover and book great restaurants.”
Business
Warner Bros. Discovery books $2.9 billion net loss tied to Paramount deal, restructuring costs
An American flag flies at Warner Bros. Studio in Burbank, California, on Sept. 12, 2025.
Mario Tama | Getty Images
Warner Bros. Discovery on Wednesday reported a staggering net loss for the first quarter, but it has an explanation.
The company booked a net loss of $2.9 billion, far larger than the net loss of $453 million it reported in the year-earlier quarter.
The figure included $1.3 billion of “pre-tax acquisition-related amortization of intangibles, content fair value step-up and restructuring expenses” as well as the $2.8 billion termination fee that Warner Bros. Discovery owed Netflix after their pending transaction fell through in February.
Netflix walked away from its proposed deal to buy WBD’s assets after Paramount Skydance came in with a higher offer. Paramount agreed to pay the termination fee as part of its agreement to buy the entirety of WBD, but the cost lives on WBD’s books until the close of that deal.
Since the amount is refundable to Paramount under certain circumstances, such as if it were to terminate the deal with Paramount for a higher offer, the obligation would be shifted to WBD.
Paramount’s proposed acquisition received approval from WBD shareholders in April and is currently in the midst of a regulatory review process. On Monday, Paramount said in its earnings release that it has “made significant progress” toward closing the deal, which it expects to be completed in the third quarter.
WBD on Wednesday also reported first-quarter revenue that was down 1% year over year to $8.89 billion. The company’s adjusted earnings before interest taxes, depreciation and amortization was up 5% to $2.2 billion. WBD had $33.4 billion in gross debt at the end of the quarter.
Streaming continued to be a highlight for the company.
Total streaming revenue was up 9% to about $2.89 billion as subscriber revenue increased due to the expansion of HBO Max — WBD’s flagship streaming platform — in international markets. Advertising revenue for the unit was up 20% due to an increase in customers subscribing to the ad-supported tier.
The company said in a shareholder letter it exceeded its guidance of more than 140 million global streaming customers at the end of the first quarter, and it remains on track to surpass 150 million global subscribers by the end of the year.
WBD’s portfolio of pay TV networks, which includes CNN, TBS and the Discovery Channel, continued to weigh on the company. The linear TV networks reported $4.38 billion in revenue, down 8% from the prior year. The company said linear advertising revenue was down 11%, which was primarily driven by the absence of NBA media rights from its portfolio.
Revenue for the film studio division, meanwhile, increased 35% to $3.13 billion year over year.
Virgin Media O2 recorded its highest-ever broadband traffic spike as millions across the UK tuned in to watch Arsenal‘s Uefa Champions League semi-final victory over Atletico Madrid.
Peak downstream traffic on the network surged by 17 per cent compared to an average Tuesday evening, marking an unprecedented event in Virgin Media’s broadband history.
This figure was 4.2 per cent higher than the previous record, established during Liverpool’s Champions League match against Real Madrid last November.
Jeanie York, chief technology officer at Virgin Media O2, commented on the phenomenon: “Live sport is one of the biggest drivers of broadband traffic in the UK and last night’s Champions League semi-final set a record on our network.
“As more people stream the biggest sporting moments from home, reliable, high-capacity connectivity has never been more important.”
Bukayo Saka delivered the decisive goal at the Emirates Stadium on Tuesday night as Arsenal secured a 2-1 aggregate triumph over Atletico Madrid to reach the Champions League final in Budapest on May 30 – their first on Europe’s grandest stage for 20 years.
And although Arsenal have received an official allocation of just 16,824 tickets from UEFA for the final at the 67,000-capacity Puskas Arena, Declan Rice wants the Hungarian capital to be a sea of red for the fixture against either Bayern Munich or Paris St Germain.
He said: “Bring it on, bring it on, I’ll be ready. I want every Arsenal fan out there, 200,000 of you, come out. Let’s try and do it because we’re going to need all the support, all the energy and let’s make it special.”
Mikel Arteta, meanwhile, hailed his “incredible” players for “making history” after securing the win.
Arteta said: “It was an incredible night. We made history again together and I cannot be happier and prouder for everybody that’s involved in this football club.
“The supporters were with us for every ball. They made it special and unique, and I have never felt it like that in this stadium.
“We knew how much it meant to everybody, we put everything on the line, the boys did an incredible job and after 20 years, and the second time in our history, we are back in the Champions League final.”
Looking back on nearly a century of World Cup balls.
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