Oil falls back below $100 a barrel after G7 ‘stands ready’ to release crude reserves; Reeves says financial markets are ‘functioning’ – business live

Finance ministers from G7 countries resist pressure to release emergency oil stocks at video call todayIran war drives oil prices above $100 a barrel for first time since 2022UK interest rate cuts unlikely this year amid Iran war – and a rise could be aheadResearch show that poorer people are hit hardest by surging oil prices.As our economics editor Heather Stewart wrote yesterday:Recent research published by economists at the University of Massachusetts Amherst identified energy, along with food and agriculture as among the commodities that had “a disproportionate capacity to increase inequality when their prices rise”.Where there are benefits, these are narrowly shared. Another striking recent paper showed that after the 2022 oil price surge in the US, 50% of the windfall benefit from hi