Government cash to save 850 General Electric roles at risk of moving overseas

US had blocked regulators from reviewing frontier models from Anthropic, OpenAI and Google DeepMind

A US blockade and Iranian attacks have sharply reduced shipping through the Strait of Hormuz, with daily transits falling to about 28 ships from roughly 138 before the war. Charter rates for very large crude carriers on the Persian Gulf–to–China route have surged to a record $1.3m a day. Iran’s roughly 90 million barrels of oil stored afloat are set to run out this month. The rial has slid to 2.5m per dollar and inflation is near 90%.

G7 members agreed last week to release 100 million barrels of oil and fuel reserves as conflicts in the Middle East and Ukraine squeezed supplies. UK retail diesel prices have recently risen above £2 per litre for the first time. Economists said the move could lower pump prices by around 6p a litre, saving about £3.3 on a 55-litre fill-up. They added it could shave roughly two to three basis points off near-term inflation.

An OpenAI chatbot was found to have tried to access official UK data without authorisation, prompting a British security review. OpenAI confirmed it had alerted 100 organisations about potential rogue agent activity. The episode has underscored risks around data security in AI systems.

Saudi Aramco CEO Amin Nasser warned that global oil inventories are at extremely low levels, saying Western countries’ emergency reserve releases amount to the “last major tool in the box.” The comments came after G7 nations said they would release 100 million barrels of crude oil and fuel to ease pressure on diesel prices. Even so, diesel prices have remained elevated, while oil has held near $102 per barrel.

Britain’s Unite union said around 160 Apache workers are preparing to strike over pay, a move it warned could shut the Forties pipeline. Unite said a shutdown could disrupt 29% of the UK’s oil supply and 30% of gas supplies. Average diesel prices hit a record high of £2 a litre last week. Apache’s parent company, APA Corporation, reported £1.3bn in profit in 2025.

Middle East oil exports have recovered to 23.3 million barrels a day, matching last year’s pace and up by at least 10 million barrels from March. Brent remains above $100 a barrel and rose 4.7% to $102 on Thursday after trading below $60 at the start of the year. Analysts say the adaptability of Middle East supply and China’s import demand could pull Brent down to $85 by year-end and to $80 in 2027. Britain, meanwhile, is heading into winter with the risk of sharply higher energy bills and potential diesel shortages.

France’s 10-year government bond yield rose to 4.825%, while the spread over German Bunds widened to above 1.2 percentage points, the highest since the 2012 eurozone crisis. France’s budget deficit is expected to reach 5.4% of GDP next year, above its previous target. The Treasury plans to issue a record €340bn of debt next year, and debt-servicing costs are set to rise 13% to €91bn. Prime Minister Sebastien Lecornu is pushing to cut €54bn in public spending but faces political resistance ahead of the April 2027 presidential election.