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The Bank of England maintained interest rates at 3.75% due to inflationary pressures from the ongoing war in Iran, signaling potential future increases. Iran's supreme leader vowed to safeguard the country's nuclear and missile programs amid U.S. efforts to limit them.
BbcThe Bank of England kept its benchmark interest rate at 3.75 percent. The Monetary Policy Committee reviewed three scenarios on the effects of the Iran conflict on energy markets and inflation. One committee member voted to raise the rate to 4 percent. The Bank said further increases remain possible depending on how energy prices develop.
Iran’s supreme leader said the Islamic Republic would protect its nuclear and missile capabilities. ” Iranian news agencies reported that air defenses around Tehran activated Thursday night in response to small aircraft and drones. President Trump faces a midnight deadline to seek congressional authorization for military operations against Iran.
Israeli strikes hit three villages in south Lebanon, killing nine people including two children and five women, Lebanon’s health ministry said. The strikes occurred nearly two weeks after a ceasefire between Israel and Hezbollah took effect. The United Arab Emirates foreign ministry announced that its citizens are barred from travel to Iran, Lebanon, and Iraq.
The UK chancellor said recent policy choices have placed the country in a stronger position to handle the effects of the war. The shadow chancellor said those same choices have weakened the economy and left it more exposed to energy price shocks. The Bank of England governor said predicting outcomes is difficult because of volatility in energy prices linked to the conflict.
The chief economist cast the sole vote for an immediate rate increase. Bank officials said forceful adjustments could follow if inflation pressures continue.
TankerTrackers data shows 36 million barrels shipped and another 36 million still at sea. Iranian officials separately reported 25 million barrels crossing the blockade line since Monday.
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