Business news live: Oil prices drop sharply as ceasefire announced, FTSE 100 opens higher

NS&I are reducing the Premium Bonds prize fund rate to 3.6 per cent from August, lowered from 3.8 per cent.

They say the odds of winning remain unchanged at 22,000 to 1.

That’s a direct result of a “changing landscape for savings”, NS&I say.

That’s in spite of the interest rate not changing last week, when the Bank of England opted to hold at 4.25 per cent.

Here’s our roundup for the best rates in savings accounts and cash ISAs, if you’re looking for a new home for your money or if your bank offers you a less-impressive savings rate. (And a guaranteed rate, unlike Premium Bonds.)

Amazon is set to create thousands of new jobs across the UK as part of a substantial £40 billion investment over the next three years, signalling a major expansion of its logistics network.

The technology giant confirmed that a new fulfilment centre in Hull will open this year, generating some 2,000 roles.

Another 2,000 jobs are earmarked for a site in Northampton, scheduled to open in 2026.

Beyond these confirmed locations, Amazon also announced plans for two additional warehouses in the East Midlands, slated for a 2027 opening.

While the precise sites remain undisclosed, these facilities are expected to lead to the recruitment of thousands more positions.

Oil prices seem to be rising once more over the past hour, with Brent Crude back up past $69.

Not too much movement just yet, but still one to keep an eye on as Israel is claiming Iran broke the ceasefire and they will “respond forcefully”.

Israel’s defence minister, Israel Katz, has said that he told the military to respond forcefully to Iran’s alleged ceasefire violation with “high-intensity” strikes in the heart of Tehran.

Google may have to launch changes to its search engine in the UK and hand more power back to publishers, the competition regulator has warned.

The Competition and Markets Authority (CMA) has said it is looking at whether it needs to loosen Google’s control of its search engine and allow publishers more influence over how their content is used.

The tech giant is the first company being targeted by the regulator under a new set of digital market laws.

Google accounts for more than 90% of searches in the UK, while it is also used by more than 200,000 UK businesses to reach customers.

Google said it would work “constructively” with the CMA but highlighted that its plans presented “challenges” to the business.

As expected, European stocks are on the rise this morning:

• FTSE 100 up 0.39 per cent
• DAX up 1.83 per cent
• CAC 40 up 1.48 per cent
• Euronext 100 up 1.06 per cent

The British benchmark is the outlier there, but it’s easily explained – oil giants BP and Shell saw their share prices rise over the past few days when oil prices shot up, which in turn saw the FTSE 100 fall far less than the French or German indices did.

Today, though, BP is down 6 per cent and Shell has followed at 4.25 per cent lower, the two biggest fallers in the FTSE 100.

IAG and Easyjet are both flying (hah) again, more than 6 per cent up each.

The FTSE 100 will rise around 0.5 per cent when it opens shortly, as investors greet the news of a ceasefire warmly.

While US stocks won’t open until afternoon as usual, they are also poised for sharp rises.

The S&P 500 is showing a 1 per cent uplift already, with 1.3 per cent for the Nasdaq.

Upon news of Donald Trump saying Israel and Iran have agreed a ceasefire which is “now in effect”, oil prices have fallen dramatically.

Brent Crude Oil has dropped by 4.9 per cent, back down to below $68, having tipped past $80 only two days ago.

Other than a few weeks prior to this Middle East escalation, this is the lowest price of Brent since mid-2021.

We’re hoping to hear more over the coming days on the UK’s new Industrial Strategy.

Yesterday, comments and reaction ranged from delighted at there actually being one, to dismay at certain sectors being overlooked in it.

The Food and Drink Federation (FDF) are one such example where certain parts of the workforce overlap certain areas…but it wasn’t an announcement which specifically talks about which sectors play what role in the planned investment.

“Food and drink manufacturing plays a vital role in ensuring the nation’s food security, provides 500,000 high-quality jobs in every UK region, and contributes £37bn to our economy. It’s clear that government has ambitions for Advanced Manufacturing, and we look forward to seeing how this will translate to supporting the growth of the UK’s largest manufacturing sector – food and drink,” read the FDF’s statement.

Here’s a quick rundown of anything you need to know from yesterday, before we get to anything new and upcoming:

Good morning one and all – it’s another day and time to take a look at the upcoming news for Tuesday in the world of business and finance.

There isn’t much in the way of economic data to look forward to this week – though that was last week’s big focus – so it’s companies, markets and commodities which will dictate investor sentiment and risk.

Oh, and Donald Trump, the US, Iran, Israel and anybody else getting involved in Middle East tensions.