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  • Wetherspoon expects full-year profit below forecasts as cost pressures weigh (LSE:JDW)

    Wetherspoon expects full-year profit below forecasts as cost pressures weigh (LSE:JDW)

    J D Wetherspoon (LSE:JDW) said like-for-like sales increased by approximately 4% year to date, while its estate stood at 793 managed pubs after opening eight new locations and disposing of nine. The group has also expanded its franchised business to 23 pubs. During the period, the company continued returning capital to shareholders through the repurchase of more than 6.4 million shares and invested further in acquiring freehold interests, with net debt expected to finish the financial year at broadly similar levels.

    Rising operating costs offset steady trading

    Although trading remained resilient, chairman Tim Martin said the company’s full-year profit is now expected to fall short of current market forecasts. The warning reflects softer-than-anticipated trading during the final quarter, combined with higher operating expenses across food, wages, maintenance, energy and business rates.

    The update suggests that inflationary pressures continue to squeeze margins despite healthy sales growth and ongoing investment across the estate. While Wetherspoon remains committed to strengthening its property portfolio and enhancing shareholder returns through share buybacks, the weaker profit outlook could weigh on investor confidence.

    Financial strengths balanced by leverage concerns

    The company’s investment case continues to benefit from positive technical indicators, with the share price trading above key moving averages and supported by a favourable MACD signal. Cash generation has also improved, providing additional financial flexibility.

    However, these strengths are balanced by a relatively high debt-to-equity ratio, highlighting elevated leverage. Valuation metrics also remain only moderately attractive, with the shares trading on a price-to-earnings ratio of 14.09 and offering a dividend yield of 1.67%.

    About J D Wetherspoon

    J D Wetherspoon plc is a leading pub operator across the UK and Ireland, managing a large portfolio of company-owned and franchised venues. The business focuses on providing competitively priced food and drinks in individually designed pubs, supported by an emphasis on customer service and operational efficiency, making it one of the UK’s best-known value hospitality operators.

  • Delta Gold Technologies expands Strategic Advisory Panel with two academic appointments

    Delta Gold Technologies expands Strategic Advisory Panel with two academic appointments

    Delta Gold Technologies Plc (AQSE:DGQ) (USOTC:DGQTF) (FRA:02J) has strengthened its scientific leadership by appointing Professor Dr Harry Ruda and Professor Ken Knappenberger to its Strategic Advisory Panel, while also announcing the issue of new shares following the exercise of investor warrants.

    The appointments build on the formation of the advisory panel in May 2026, when Dr Thomas P Davis became its inaugural member. The expanded panel is intended to enhance the company’s scientific, commercial and intellectual property expertise as it advances its quantum technology strategy.

    Advisory panel to guide research and commercialisation

    The Strategic Advisory Panel has been established to provide independent guidance to Delta’s board and management on research priorities, scientific investments and commercial opportunities.

    Its responsibilities include assessing research programmes, supporting intellectual property strategy, identifying strategic partnerships, evaluating commercial applications and providing external technical representation. The panel is also expected to help the company identify patentable discoveries and accelerate the commercialisation of its research.

    Professor Ruda and Professor Knappenberger are already closely involved with Delta through sponsored research programmes at the University of Toronto and The Pennsylvania State University, respectively. Their appointments are designed to strengthen the link between the company’s academic collaborations and its commercial development plans.

    Existing advisory panel foundation

    The latest appointments follow the addition of Dr Thomas P Davis in May 2026. Dr Davis, co-founder and chief executive of Oxford Sigma, holds a doctorate in Materials Science from the University of Oxford and was appointed to provide independent advice on Delta’s scientific strategy and research allocation.

    Delta said the advisory panel was created to help transform scientific research into commercially valuable intellectual property and practical quantum technology applications. The inclusion of Professors Ruda and Knappenberger further expands that expertise with two senior academics actively leading research programmes supported by the company.

    Professor Harry Ruda brings nanotechnology expertise

    Professor Harry E. Ruda earned his bachelor’s degree from Imperial College of Science and Technology before completing his PhD at the Massachusetts Institute of Technology. Following an IBM Postdoctoral Research Fellowship focused on quantum nanostructures, he worked as a Senior Research Scientist at 3M Corporation, contributing to the company’s II-VI semiconductor blue laser programme.

    He joined the University of Toronto’s Department of Materials Science and Engineering in 1989, later becoming Director of its Centre for Nanotechnology in 1997. Throughout his career, Professor Ruda has published more than 300 peer-reviewed papers, co-authored four books and holds 14 patents. His research centres on quantum nanostructures, nanoelectronics and nanophotonics.

    Professor Ken Knappenberger strengthens quantum materials research

    Professor Kenneth L. Knappenberger Jr. serves as Professor of Chemistry and Physics and Head of the Department of Chemistry at The Pennsylvania State University. His research focuses on the optical, electronic and spin properties of nanomaterials, particularly gold nanoclusters.

    After completing his doctorate at Penn State in 2005, he undertook postdoctoral research at the University of California, Berkeley before joining Florida State University, where he led the magneto-optics programme at the National High Magnetic Field Laboratory. He returned to Penn State in 2017 and has published more than 100 scientific papers while delivering over 300 lectures. His honours include the Coblentz Award in Spectroscopy, the Young Investigator Award from the Inter-American Photochemical Society, CAREER awards from the U.S. National Science Foundation and Department of Defense, and fellowship status with both the American Association for the Advancement of Science and Optica.

    CEO highlights strategic value of appointments

    R. Michael Jones, Chief Executive Officer of Delta, commented: “We are delighted to welcome Professor Dr Harry Ruda and Professor Ken Knappenberger to Delta’s Strategic Advisory Panel. Together with Dr Thomas P Davis, their appointments bring deep scientific, engineering and intellectual property insight directly into Delta’s strategic decision-making process. Professor Ruda and Professor Knappenberger each lead research programmes that sit at the core of our investment thesis: that gold, engineered at the nanoscale, can form the basis of a differentiated and protectable quantum technology platform. Their participation will help us evaluate progress, identify commercial pathways and continue building a high-quality IP portfolio across quantum computing, sensing and communication.”

    Delta advances quantum technology intellectual property strategy

    Delta Gold Technologies is developing intellectual property focused on nano-scale gold and advanced materials for quantum computing, quantum sensing and quantum communication.

    Its research programmes are conducted through sponsored collaborations with leading academic institutions, including The Pennsylvania State University and the University of Toronto. The company has secured rights to intellectual property generated through these partnerships, including patent applications, and continues to pursue additional patent development, licensing opportunities and strategic partnerships to commercialise its quantum technologies.

    For more information visit – https://www.deltagoldtech.com/

  • U.S. futures advance as earnings from major companies improve investor sentiment: Dow Jones, S&P, Nasdaq, Wall Street

    U.S. futures advance as earnings from major companies improve investor sentiment: Dow Jones, S&P, Nasdaq, Wall Street

    Strong corporate results support pre-market trading

    U.S. equity futures traded higher on Tuesday as investors responded positively to another round of stronger-than-expected corporate earnings, positioning markets for a rebound after Monday’s decline.

    The improved mood followed upbeat quarterly reports from several large companies, encouraging investors to re-enter the market after recent selling pressure.

    3M, General Motors and Novartis lift the market

    Industrial giant 3M (NYSE:MMM) climbed more than 7% in pre-market trading after posting quarterly earnings and revenue above expectations while increasing its full-year guidance.

    General Motors (NYSE:GM) also moved higher after reporting second-quarter results that exceeded analyst forecasts and raising its outlook for 2026.

    Healthcare company Novartis (NYSE:NVS) joined the rally after delivering second-quarter earnings that also surpassed market estimates.

    Technology shares added to the positive tone, with Nasdaq 100 futures gaining around 1.2% ahead of the opening bell.

    Focus shifts to Big Tech earnings

    Despite the stronger start, investors remain cautious ahead of a busy earnings calendar later this week.

    Quarterly reports from Alphabet (NASDAQ:GOOGL), IBM (NYSE:IBM) and Tesla (NASDAQ:TSLA) are expected to provide important updates on enterprise spending, artificial intelligence investment and broader economic trends.

    Oil rally tempers market enthusiasm

    Higher energy prices continued to cloud the outlook for equities.

    U.S. crude oil futures advanced roughly 2% as tensions between the United States and Iran persisted, raising concerns that elevated oil prices could complicate the inflation outlook and delay potential interest-rate cuts.

    Monday ended with broad market losses

    Although Wall Street opened higher on Monday, buying momentum faded as geopolitical risks and rising Treasury yields prompted investors to reduce exposure.

    The Dow Jones Industrial Average dropped 0.6%, the S&P 500 declined 0.2% and the Nasdaq Composite slipped 0.1%.

    Housing stocks led the declines as higher bond yields weighed on the sector, while pharmaceutical, biotechnology, transportation and healthcare shares also lost ground. Software companies were among the session’s strongest performers.

    Separately, the Conference Board reported that its Leading Economic Index fell 0.2% in June, a slightly weaker reading than economists had anticipated.

  • European stocks trade sideways as investors monitor Middle East diplomacy and AI earnings: DAX, CAC, FTSE100

    European stocks trade sideways as investors monitor Middle East diplomacy and AI earnings: DAX, CAC, FTSE100

    Markets hold steady ahead of major technology results

    European equities traded in a narrow range on Tuesday as investors remained focused on diplomatic efforts to reduce tensions between the United States and Iran while awaiting earnings from major U.S. technology companies for further signals on artificial intelligence-related demand.

    The French CAC 40 slipped 0.1%, Germany’s DAX traded marginally above flat, and the UK’s FTSE 100 edged 0.1% higher.

    Kier and mining stocks lead the gainers

    Construction and infrastructure specialist Kier Group (LSE:KIE) was among the session’s strongest performers after the company said it expects full-year revenue and profit to finish at the upper end of market expectations.

    Mining shares also advanced as stronger copper prices supported the sector. Anglo American (LSE:AAL), Antofagasta (LSE:ANTO) and Glencore (LSE:GLEN) all posted notable gains.

    Healthcare and industrial companies attract buyers

    Novartis (TG:NOT) moved higher after reporting second-quarter core operating profit ahead of market forecasts.

    Swedish engineering company Alfa Laval (TG:AA9) also traded higher after announcing a 35% increase in second-quarter order intake.

    Julius Baer (TG:JGE) gained despite reporting that first-half profit more than doubled.

    Recruiters and consumer stocks come under pressure

    On the downside, recruitment firm Sthree (LSE:STEM) fell sharply after reporting a 75% decline in first-half profit, reflecting weaker hiring activity in Germany and the Netherlands.

    Compass Group (LSE:CPG) also retreated despite delivering solid quarterly revenue growth.

    Swiss elevator manufacturer Schindler Holding (TG:SHR) dropped to a two-month low after second-quarter sales missed expectations.

    Meanwhile, watchmaker Swatch Group (LSE:0QM4) declined after first-half earnings came in below analysts’ forecasts.

  • Gold stays above $4,000 as easing Middle East tensions shift focus to the Federal Reserve

    Gold stays above $4,000 as easing Middle East tensions shift focus to the Federal Reserve

    Investors balance geopolitical risks against inflation expectations

    Gold prices extended their advance on Tuesday, holding above the key $4,000-an-ounce level as markets responded to renewed diplomatic initiatives between the United States and Iran that could reduce pressure on oil prices and soften inflation concerns ahead of the Federal Reserve’s next policy meeting.

    At 01:24 ET (05:24 GMT), spot gold (XAU/USD) rose 1% to $4,049.47 an ounce, while Gold Futures increased 1% to $4,054.35. Silver (XAG/USD) climbed 2.6% to $57.87 an ounce, and platinum (XPT/USD) gained almost 1% to $1,611.09.

    Diplomatic progress eases pressure from energy markets

    The precious metal strengthened as investors welcomed signs that Washington and Tehran could return to negotiations, helping offset concerns created by recent military escalation across the Middle East.

    Crude oil prices retreated after posting gains during the previous two sessions as reports of mediation efforts outweighed continued military exchanges and renewed threats from Yemen’s Iran-backed Houthi movement to block Saudi shipping.

    Reuters also reported that mediators have proposed a 10-day ceasefire following comments from a senior Iranian official, raising hopes that last month’s interim agreement could still provide a foundation for wider negotiations.

    Oil had recently climbed to its highest level in more than a month, fuelling expectations that higher energy costs could complicate the Federal Reserve’s inflation fight.

    Markets await Fed guidance

    Attention is now turning to next week’s Federal Reserve meeting, where policymakers are expected to keep interest rates unchanged while offering fresh guidance on inflation and monetary policy.

    Current market pricing suggests a 64% probability of a September rate increase.

    Afdhal Rahman, Executive Director, Wealth Advisory at OCBC, said gold’s strong rally has run into a more challenging macro backdrop as higher real yields, a stronger U.S. dollar and hawkish repricing of interest-rate expectations have weighed on investor demand.

    He added that renewed tensions in the Gulf could keep oil prices, inflation expectations and the U.S. dollar volatile in the near term, leaving gold under pressure until expectations for tighter monetary policy begin to ease, although sustained central bank buying should continue to provide longer-term support for bullion.

    Bullion remains resilient after second-quarter weakness

    Although gold suffered a 14% decline during the second quarter—its weakest quarterly performance since 2013—it has spent recent weeks consolidating around the $4,000-an-ounce level as investors continue to seek protection from geopolitical uncertainty.

  • Oil slips as diplomacy competes with rising Middle East shipping risks

    Oil slips as diplomacy competes with rising Middle East shipping risks

    Traders monitor conflict while awaiting US inventory data

    Oil prices traded lower on Tuesday as markets assessed ongoing diplomatic efforts between Washington and Tehran alongside growing concerns that escalating tensions could threaten vital shipping routes used by global energy exporters.

    At 04:53 ET (08:53 GMT), Brent crude futures fell 0.5% to $88.80 per barrel, while US West Texas Intermediate (WTI) crude declined 0.5% to $82.81 per barrel.

    Both benchmarks had ended Monday’s session higher, with Brent closing at $89.22 per barrel after a 1.3% gain and WTI settling at $83.23 following a 0.9% increase. Brent had briefly climbed above the $90 mark after renewed military activity in the Middle East over the weekend.

    Negotiations continue despite renewed attacks

    Diplomatic efforts remain active as international mediators seek to restore the fragile ceasefire framework agreed in June.

    Pakistani Prime Minister Shehbaz Sharif is holding discussions with Iranian Interior Minister Eskandar Momeni in Islamabad, while US Secretary of State Marco Rubio has indicated that Washington remains open to restarting negotiations.

    Nevertheless, military activity continued across the region. Reports from the United Kingdom Maritime Trade Operations centre said a tanker was struck near the Strait of Hormuz off the coast of Oman, forcing the crew to abandon the vessel. Iran’s Islamic Revolutionary Guards Corps later claimed responsibility.

    The United States also confirmed a tenth consecutive day of strikes against Iranian military targets, stating that the operations were intended to weaken Iran’s capability to threaten commercial shipping in the Strait of Hormuz.

    Bab al-Mandab joins Hormuz as a growing market concern

    Alongside uncertainty surrounding the Strait of Hormuz, investors are increasingly focused on the Bab al-Mandab Strait after Yemen’s Iran-backed Houthi movement threatened to block Saudi shipping.

    The strategic waterway connects the Red Sea with the Gulf of Aden and carries roughly 12% of global trade, including significant volumes of crude oil exports.

    “Vessels would have to take the much longer route through the Suez Canal and go around Africa. It’s yet to be seen how effective any blockade will be. But, clearly, this development will increase insurance costs,” ING analysts said.

    “Looking at oil price action this morning, the market is not convinced that this blockade will be successful.”

    Inventory reports remain the next catalyst

    Analysts believe geopolitical uncertainty continues to provide support for oil prices, although expectations that previous regional conflicts ultimately avoided prolonged supply disruptions have limited further gains.

    Markets now await the latest US crude inventory figures from the American Petroleum Institute, due later Tuesday, followed by official Energy Information Administration data on Wednesday.

  • US futures advance as investors assess Middle East conflict and await major AI earnings: Dow Jones, S&P, Nasdaq, Wall Street

    US futures advance as investors assess Middle East conflict and await major AI earnings: Dow Jones, S&P, Nasdaq, Wall Street

    Markets prepare for a crucial week of corporate results

    US stock index futures moved higher on Tuesday as investors looked ahead to a wave of earnings from leading technology companies while continuing to monitor developments in the Middle East and the outlook for artificial intelligence investment.

    As of 02:49 ET (06:49 GMT), Dow Jones futures were up 170 points, or 0.3%, S&P 500 futures had gained 39 points, or 0.5%, and Nasdaq 100 futures climbed 359 points, or 1.3%.

    The gains followed a weaker session on Wall Street, where concerns over the long-term sustainability of AI spending weighed on sentiment. Semiconductor stocks tied to artificial intelligence surrendered much of their earlier rally, with the sector finishing only 0.6% higher after posting gains of more than 3% during the session.

    Markets were also digesting increased competition from emerging Chinese AI developers, adding another layer of uncertainty to the sector.

    Meanwhile, President Donald Trump signed executive orders introducing a 50% tariff on a wide range of Canadian imports, including paper products, plywood and hockey sticks. The new duties are due to take effect within 30 days.

    Geopolitical uncertainty keeps investors cautious

    Risk appetite remained restrained after Yemen’s Iran-backed Houthi movement threatened to block Saudi shipping, raising concerns that the regional conflict could spread further and disrupt global energy supplies.

    The warning came as military exchanges between Washington and Tehran entered a tenth consecutive day despite continuing diplomatic contacts aimed at reducing tensions.

    Investors also remained focused on the Strait of Hormuz and the Bab al-Mandab Strait, two critical maritime routes whose disruption could have significant implications for global oil and liquefied natural gas exports.

    Oil holds above pre-war levels

    Crude prices eased slightly but continued to trade well above the levels seen before the conflict escalated.

    Brent crude slipped 0.1% to $89.17 per barrel, while US West Texas Intermediate gained 0.2% to $83.40.

    Before hostilities intensified in late February, Brent had been trading close to $70 per barrel. Renewed geopolitical instability has kept prices elevated despite earlier ceasefire efforts.

    Higher energy costs continue to raise concerns that inflation could remain stubborn, potentially influencing future monetary policy decisions.

    Earnings season gathers pace

    Investors are awaiting results from Charles Schwab (NYSE:SCHW), Danaher (NYSE:DHR), 3M (NYSE:MMM), Northrop Grumman (NYSE:NOC) and General Motors (NYSE:GM) before US markets open.

    After the closing bell, Interactive Brokers, Chubb and Capital One are also due to report.

    In Europe, Novartis (NYSE:NVS) exceeded expectations for second-quarter core operating profit as cost controls offset softer sales of Entresto. The company’s shares rose more than 1% in early trading.

    Attention will quickly turn to Alphabet (NASDAQ:GOOG), Tesla (NASDAQ:TSLA) and Texas Instruments (NASDAQ:TXN), whose quarterly reports later this week are expected to provide important signals about the pace of AI-related investment.

    Nvidia increases exposure to Nebius

    Nvidia (NASDAQ:NVDA) disclosed a 9.3% ownership stake in AI cloud infrastructure company Nebius (NASDAQ:NBIS), following its previous $2 billion investment.

    Regulatory filings showed the holding totals approximately 22.26 million shares, including shares associated with warrants that cannot be exercised before 11 September.

    Nebius shares gained around 5% in after-hours trading.

    Headquartered in Amsterdam, Nebius was created from the separation of Yandex and plans to build more than five gigawatts of AI computing capacity by 2030.

  • Airbus secures first Canadian order for U030 Flexrotor drone through Voyageur partnership (AIR)

    Airbus secures first Canadian order for U030 Flexrotor drone through Voyageur partnership (AIR)

    Voyageur becomes the first Canadian customer for the U030 Flexrotor

    Airbus Helicopters has signed its first Canadian sales agreement for the U030 Flexrotor uncrewed aerial system (UAS), with Voyageur Aviation becoming the launch customer for the platform in Canada.

    The agreement was announced during the Farnborough International Airshow on 21 July 2026 and marks another step in Airbus’ efforts to expand its presence in Canada’s defence and surveillance market.

    Agreement builds on earlier defence cooperation

    The purchase follows the memorandum of understanding signed by Airbus (EU:AIR) and Voyageur during the CANSEC defence exhibition in May 2026. That agreement established a framework for cooperation in support of Canada’s evolving defence requirements.

    The latest contract moves the partnership into its next phase by bringing the U030 Flexrotor platform to the Canadian market.

    U030 Flexrotor designed for long-endurance surveillance missions

    The U030 Flexrotor is a tactical vertical take-off and landing (VTOL) uncrewed aircraft developed for intelligence, surveillance, target acquisition and reconnaissance (ISTAR) missions.

    The aircraft has a maximum take-off weight of 25 kilograms and can remain airborne for more than 12 hours. It is capable of fully autonomous launch and recovery from a compact 3.7-metre by 3.7-metre operating area, both on land and at sea.

    “This purchase represents a significant advancement in Voyageur’s ISR strategy and an important first for the Canadian market,” said Cory Cousineau, President of Voyageur.

    Dwayne Charette, President of Airbus Helicopters in Canada, said the agreement reflects “Airbus’ commitment to delivering next-generation tactical capabilities to the region.”

  • UK defence stocks climb as John Healey takes over as finance minister

    UK defence stocks climb as John Healey takes over as finance minister

    Defence sector gains after cabinet reshuffle

    Shares in UK defence companies moved higher on Tuesday after newly appointed Prime Minister Andy Burnham named former defence secretary John Healey as the country’s new finance minister, prompting investors to reassess prospects for future military spending.

    By 10:03 GMT, Babcock International (LSE:BAB) had advanced 6.4%, Qinetiq (LSE:QQ.) gained 3.8%, while BAE Systems (LSE:BA.) rose 3%.

    Markets anticipate stronger defence investment

    Healey left his role as defence secretary in June after criticising the previous administration over military funding, arguing that the then-prime minister had been “unable” and the Treasury “unwilling” to provide the resources necessary to safeguard the country.

    According to Andrew Wishart, senior UK economist at Berenberg, Healey’s earlier resignation over defence spending “suggests that he will raise military expenditure,” although the question of how such increases would be financed “remains to be seen.”

    Fiscal pressures remain a key challenge

    Although Healey is regarded as a respected figure within the Labour Party, he now faces the difficult task of increasing funding for priorities such as defence while supporting economic growth, reducing welfare spending and remaining within the fiscal framework that Burnham has committed to maintaining.

    While he was not widely expected to become finance minister, investors welcomed the appointment, citing his previous experience as a junior Treasury minister under Gordon Brown between 2002 and 2007, together with senior roles held under successive Labour leaders.

    Earlier this month, Healey told the BBC that increased investment in defence could contribute to revitalising British industry and supporting a broader programme of reindustrialisation.

    Sterling also strengthened modestly following his appointment after earlier weakness triggered by Burnham’s comments suggesting there could be some flexibility in the UK’s fiscal rules.

    Canada expected to join GCAP programme

    The new government is also expected to announce an important defence initiative on Tuesday by inviting Canada to participate in the Global Combat Air Programme (GCAP), the next-generation fighter aircraft project currently led by the United Kingdom, Italy and Japan.

    The announcement is expected to coincide with the Farnborough International Airshow, one of the aerospace and defence industry’s leading annual events, where ongoing conflicts in Ukraine and the Middle East continue to drive demand for advanced military technologies, including combat drones, interceptor missile systems and artificial intelligence-enabled defence software.

    Canada is expected to join the programme as an observer, becoming the first country outside the three founding partners to participate in the GCAP initiative.

  • European natural gas prices remain elevated as Middle East shipping risks support market

    European natural gas prices remain elevated as Middle East shipping risks support market

    Gas markets stay close to multi-month highs

    European wholesale natural gas prices remained close to their highest levels in several months on Tuesday as renewed security concerns surrounding key Middle Eastern shipping routes continued to support prices despite ongoing diplomatic contacts between the United States and Iran.

    The Dutch front-month TTF contract, Europe’s benchmark for natural gas, traded around €59.3 per megawatt-hour (MWh), remaining close to the four-month high reached during the previous session. In the UK, the equivalent front-month wholesale gas contract rose 1.3% to 143.30 pence per therm, its strongest level since late March.

    Houthi announcement revives concerns over energy transport

    Risk premiums remained firmly embedded in European gas markets after Yemen’s Houthi movement announced a new naval blockade targeting Saudi Arabia.

    The development renewed concerns about the security of major maritime energy routes only days after a commercial vessel caught fire following an attack near the Strait of Hormuz.

    Although commercial shipping continues to move through the region under naval protection, tighter security measures and higher war-risk insurance costs have increased the expense of transporting energy cargoes.

    Diplomatic efforts fail to calm gas markets

    The latest escalation comes even as reports indicate that diplomatic communication between Washington and Tehran continues following nine consecutive days of military operations.

    While hopes of renewed negotiations briefly eased pressure on crude oil markets, natural gas traders remain cautious, recognising that any disruption in the Persian Gulf could significantly affect global liquefied natural gas (LNG) exports.

    The Strait of Hormuz remains one of the world’s most important energy chokepoints, carrying roughly 20% of global LNG shipments, the majority of which originate from Qatar.