Average UK petrol price hits 150p for first time since 2024; Trump’s latest Iran extension fails to calm oil market – business live

Rolling coverage of the latest economic and financial news, as Brent crude trades over $110 a barrel for first time since Monday

Middle East crisis live: Trump pausing strikes on Iran energy sites; Houthis say ‘no reason’ to halt Red Sea shipping

The UK’s car industry is at “crisis point”, economists are warning, after a slump in production in the run-up to the Iran war.

UK vehicle production fell by 17.2% in February, with 68,061 units leaving factories, new data from the Society of Motor Manufacturers and Traders shows.

“Today’s SMMT figures are further evidence that the UK automative industry is at crisis point.

At a time when it was already struggling, the war in the Middle East will add to its woes, not only pushing up energy prices but also disrupting the supply chains of key input materials with car makers “panic-buying” aluminium amid fears of a supply shortage.”