Business
IEA orders largest ever release of stockpiled oil to reduce crude price
Posted on Wednesday March 11, 2026
Members agree unanimously to release about 400m barrels amid market volatility caused by Iran warBusiness live – latest updatesMiddle East crisis live – latest updatesThe International Energy Agency has ordered the largest release of government oil reserves in its history to help calm the oil price shock triggered by the US-Israeli attacks on Iran.The world’s energy watchdog said its 32 members had agreed unanimously to release about 400m barrels of emergency crude, a third of the group’s total government stockpiles and more than double the IEA’s previous biggest release. Continue reading...
British fintech Revolut gets full banking licence
Posted on Wednesday March 11, 2026
Group lodged application in 2021 but had to overcome accounting issues and reputational concernsRevolut can finally launch as a fully fledged UK bank after a five-year wait for regulatory approval.The fintech said it had received the all-clear from the Prudential Regulation Authority (PRA) for a full banking licence, allowing it to offer accounts for retail and business customers. Continue reading...
Lloyd’s of London stresses it is still insuring shipping in strait of Hormuz
Posted on Wednesday March 11, 2026
Company at heart of global maritime cover fends off criticism over cancelled policies and sharp price risesMiddle East crisis – live updatesThere is a price for everything: even the cost of insuring a ship travelling through the strait of Hormuz.Donald Trump’s proposals for the US to provide political risk insurance for seaborne trade in the Gulf may have given the impression a lack of cover was the reason why traffic through the key waterway has almost halted. Continue reading...