Oil and gas prices rise as US and Iran trade strikes; UK house prices fall – business live

Middle East escalation has pushed oil and gas higher, with Brent back to $94.29/bbl, up 3.5% on the day and still only modestly above a six-week low, while month-ahead UK wholesale gas is up almost 6% to 117.3p/therm from 78.5p before the Iran conflict began. The move reflects continued US-Iran strikes and fading hopes of a near-term deal, keeping geopolitical risk premium elevated across energy markets. For precious metals, the direct read-through is supportive on a macro/risk basis: firmer energy prices feed inflation pressure and complicate the policy backdrop, while renewed Middle East tension tends to underpin haven demand for gold. The article also cites UK manufacturing input prices rising at the fastest pace in nearly four years, with businesses explicitly blaming the war in the Middle East, commodity gyrations and supply-chain stress. Near term, the key catalyst is whether the conflict escalates further or a diplomatic channel reopens. If oil/gas keep climbing, inflation expectations and safe-haven bids could stay constructive for gold and silver; if tensions de-escalate quickly, the risk premium in both energy and metals should ease. The piece is more important for the broader macro setup than for any direct XAU/XAG flow signal.