Oil tumbles and stock markets soar on hopes Middle East war will end soon, as Bank of England warns of ‘substantial negative supply shock’ – business live

Brent crude prices have fallen sharply, while the FTSE 100 is up 1.8% and government bonds are rallying

UK food inflation ‘could hit 9% this year’ as Iran war drives up energy prices

Middle East crisis live: Trump claims war will end in ‘two or three weeks’; Rubio says US should ‘re-examine’ Nato relationship

Iran war may increase mortgage payments for extra 1.3m UK households, says Bank of England

The bond market is also reacting to hopes of peace in the Middle East soon.

Government bonds are rallying, which is pushing down the yield (or interest rate) on UK debt.