Rolling coverage of the latest economic and financial news on the first trading day of 2024
The price of oil has surged by almost 2% in the first trading session of the New Year, after Iran sent a warship into the Red Sea.
The price of Brent Crude rose to almost $79 a barrel in early trading as tensions continue to rise in one of the world’s most vital shipping routes.
“The prospect of escalating conflict in the region threatens energy supply stability through the important shipping channel, not to mention global economic activity, if it sparks broader hostilities through the Middle East.”
9am GMT: Eurozone manufacturing report for December
9.30am GMT: UK manufacturing PMI report for December
2.45pm GMT: US manufacturing PMI report for December
Business | The Guardian