Los precios del petróleo suben a medida que se intensifican los ataques entre Estados Unidos e Irán; Ryanair predice tarifas más bajas este verano

The rise in the US stock market is being led by a rebound in its tech sector, which is up by 1% today.

Several key chip and memory companies are rising today, having sold-off last week when there was lots of pessimism in the market around the sustainability of the AI trade. Micron Technology is up 5.3%, Seagate Technology and Advanced Micro Devies are both up 4.7%. Intel is up 4.3%, and the chip designer Nvidia is up 1.9%.

European gas prices have hit a four-month high as the escalation of the conflict in the Middle East raises fears of supply shortages this winter.

The Dutch natural gas benchmark briefly rose above €60 a megawatt hour (MWh) on Monday, near the peaks seen at the start of the US-Iran conflict, after the US expanded its aerial offensive and Iran retaliated with strikes on Bahrain and Kuwait.

Analysts at Independent Commodity Intelligence Services (ICIS) said Europe's gas supplies were facing pressure this winter, with the conflict delaying the expected recovery of Qatari liquefied natural gas (LNG) exports in the critical summer storage season.

It is a stronger start for US stock markets this afternoon – the blue chip S&P 500 index has opened 0.6% higher. The tech-heavy Nasdaq is up 0.8%, and the Dow Jones industrial Average is up 0.4%.

More reaction from British businesses in response to Andy Burnham's first speech as prime minister…

Rain Newton-Smith, chief executive of the Confederation of British Industry, says:

Ambitious plans to improve the livelihoods of people across the country must be matched by action to get businesses thriving once again. Addressing the cost-of-living challenge needs to go hand in hand with tackling the cost of doing business, so we can deliver sustainable growth in jobs, wages and living standards.

CBI members recognise the case for a more place-based, delivery-led and partnership-oriented economy. They support the ambition for good growth in every postcode. That starts with building on the bedrocks of stability, accelerating the policies that turn ambition into delivery and changing the things that are stifling investment.â€

Alan Vallance, chief executive of the accountancy body ICAEW, calls for no further business tax rises.

Our members are business leaders whose decisions shape the economics of towns and cities across the UK, and they tell us that to lay the foundations of economic growth, the new government must create the conditions for businesses to invest, hire and expand.

…ICAEW Chartered Accountants are clear that there must be no more business tax rises. The decisions the government takes in its first weeks and months will be critical to whether it achieves its ambitions for economic growth and prosperity, and we hope Andy Burnham will give business a shot in the arm by committing to this.â€

Meanwhile Helen Miller, director of Institute for Fiscal Studies think tank, also highlights that Burnham has struck an ambitious tone in his first speech on the steps of 10 Downing Street.

Andy Burnham enters Downing Street with no shortage of ambition. Greater devolution, more public control of utilities and a new council house building programme are among the promises that helped carry him into office.

Delivering on any one of those agendas would be challenging. Seeking to rewire the British state, against a backdrop of constrained public finances and with an in-tray full of domestic and international challenges, will require much more than ambition.

If the new government is to make progress this decade, it will need to quickly flesh out the vision of what it wants to achieve and be ruthless in its prioritisation.â€

Oil prices have pared back their gains from this morning, but Brent crude – the international benchmark – is still up 0.5% to $88.51 a barrel.

The rise comes as the Iran-aligned Houthi movement warns it will impose a maritime blockade on Saudi Arabia.

The Yemeni militant group announced “a â maritime embargo against the criminal Saudi enemy, based on the equation of 'an â eye for an eye' effective immediately upon ​the issuance of ‌this statement.â€

The ‌Houthis have said the blockade was in ‌response to Saudi Arabia's continued “unjust and oppressive siege on our dear people for nearly 12 years, plundering our resources and imposing a comprehensive blockade on our ports ‌and airports by land, sea, and air.â€

It adds to a growing list of risks looming over the world's oil supplies. Traffic through the strait of Hormuz, through which a fifth of the world's global oil supply normally flows, remains limited as the US and Iran continue to exchange fire.

Tina McKenzie, policy chair at the Federation of Small Businesses, adds that Burnham's government must “rework the mistakes on business ratesâ€.

She said:

The new prime minister has set out a positive, pro-small business stall in recent weeks, and we are optimistic that he can galvanise the new government to make these plans a reality.

That will mean reworking the mistakes on business rates made by the last government, by increasing small business rate relief, acting on costs after the sledgehammer of national insurance rises, and scrapping pointless paperwork that holds business back.

Where the last government did get things unquestionably right – such as the new late payment laws currently going through the Lords – we need the new prime minister to stand firm behind small firms.

Paul Nowak, general secretary of the TUC, has said that Andy Burnham is right to prioritise the cost of living as Britain's new prime minister.

Andy Burnham is right to signal an end to the broken economic status quo and prioritise the cost of living.

This government should be straight out of the blocks delivering for working people in every corner of the country – with a laser focus on living standards.

For too long, ordinary families have been under the cosh while the tax avoiders and the super-rich have been raking it in.

That's why we need to see urgent action to bring down energy bills, taxing banks' enormous profits to pay for it and delivering Labour's workers' rights agenda in full.

And we need investment with good quality work at its heart to grow our economy and put more money in the pockets of working people.

This government shouldn't be afraid to take on vested interests – whether it's bad bosses, the super wealthy or crypto billionaires.â€

Meanwhile, Shevaun Haviland, director general of the British Chambers of Commerce trade body, welcomed Burnham's pledge for stability and a 10-year plan.

She said:

The challenge ahead is delivering on those pledges – and delivering growth.

The cost of living and the cost of doing business are two sides of the same coin, so it's vital that Prime Minister also gives firms ‘breathing space' from cost pressures.

Our surveys show energy and taxation are squeezing businesses, hitting confidence and investment. Easing the cost of doing business will deliver the growth we all want to see.

In his speech today he spoke about boosting British industry through public procurement, something which we have long called for. We widely welcome his pledge to support young people and skills.

Getting growth in ‘every postcode' of the UK is only possible if business is placed at the heart of the economic strategy. Any structural changes to the economy must deliver growth – and that happens when firms invest and expand.

The yield on the 10-year UK government bond rose slightly after new prime minister Andy Burnham pledged to deliver a “new economic model†for the country.

The 10-year gilt yield nudged up by about 3 basis points to 4.98%, as Burnham promised a new economic model and a 10-year plan for the country, as well as immediate cost of living support to be announced as soon as tomorrow.

He said:

Later this year I will bring forward a new plan for Britain, a 10-year plan laying out a path from where we are now to where I believe we all want Britain to be, wherever we're coming from, whatever party we support.

But I can do something to give people some breathing space now, some help with the cost of living.

And I will set out some of those measures starting tomorrow, including how we pay for them.

He outlined some of his ambitions and – in perhaps an attempt to comfort bond investors – reiterated that his government will meet its fiscal rules.

We will help more young people into work by changing the education system and giving them more support, more mental health support, and we will build more council homes.

That is the fair and sustainable way to bring the welfare bill down to meet our fiscal rules and to honour our commitments on defence to our international partners.

We will help people to live well, building a more preventative state, investing in people's success rather than paying for failure.

Sterling is standing firm against the US dollar, up 0.07% to about $1.34.

The UK's blue chip stock index, the FTSE 100, is unchanged – still down by about 0.2% today, around where it was this morning.

AliExpress, the Chinese online retail platform, has been fined a record €550m (£470m) by the EU over its failure to stop illegal goods including harmful clothing, cosmetics and kitchen gadgets being sold through its site.

The European Commission fine is the biggest yet exacted by the bloc under the Digital Services Act (DSA), legislation that came into force in 2024, to protect consumers from illegal goods, deceptive or addictive marketing techniques.

Henna Virkkunen, the EC's executive vice-president for tech sovereignty, security and democracy, said:

The spread of counterfeit clothing, unsafe toys, dangerous cosmetics and other illegal and harmful products is not an unavoidable cost of shopping online – it is a failure by AliExpress to comply with its obligations under the Digital Services Act.

Scale is not an excuse; risks must be identified and addressed systematically to ensure consumers can safely shop online. Today, we are holding AliExpress to this standard and request it to take action.â€

Ryanair has moved to reassure travellers that its planes are safe after a passenger was saved from being sucked out of a window mid-flight and said it has been in touch with his family.

This month, Ljubisa Karović was sucked out headfirst after an engine failure resulted in parts smashing an acrylic window during a flight from Thessaloniki in Greece to Memmingen near Munich in Germany.

His wife, Svetlana Grković, saved the 61-year old from falling out of the aircraft by holding on to his legs and managed to pull him back in with the help of two other passengers.

Neil Sorahan, Ryanair's group chief financial officer, said:

Our customer care team have actively been in touch with the family since the incident.

Our crew did a phenomenal job and got the aircraft back to Thessaloniki. Everyone bar none walked off the aircraft. It was a great job done by the cabin crew and the pilots.

Sorahan said it was “way too early†to discuss whether Ryanair would have to compensate the couple while the airline awaited the outcome of an investigation into the incident.

Kathleen Brooks, of the broker XTB, notes that there will be plenty of new economic data in Burnham's in-tray this week.

On Tuesday, the unemployment rate is expected to rise to 5%, which is further evidence that job growth in the UK has been hindered by Reeves' s £25bn hike in employers national insurance.

…We will also get the latest public sector borrowing data, and analysts expect a continued rise in monthly public net sector borrowing. This would follow May's much higher-than-expected borrowing rate. Surging welfare payments and elevated gilt yields, mean that the UK is likely to continue to be mired in high debt levels for years to come.

On Wednesday, the CPI data is expected to show an encouraging moderation in the headline and core CPI rate. However, Burnham won't be able to bask in the glory for long, as price growth is still above the BOE's target rate, and financial markets continue to price in one rate hike from the BOE this year.

…Overall, this week's data could show a worrying economic backdrop.

She adds that the market's judgement of Burnham will be reflected in government bonds.

The 10-year gilt yield is hovering close to 5% and has risen by 1% since Labour took office in 2024. This is a tipping point for the UK economy, and he must focus on reversing this rise.

A 5% yield weighs on economic growth, depresses investment and increases the government's debt interest bill. He cannot risk anything that pushes yields up further. Drawing a line under inflation busting public sector pay rises, and welfare spend restraint will be the fastest way for Burnham to ease upward pressure on bond yields in the first months of his premiership.

We should know who Burnham's chancellor is by this afternoon, Burnham is also expected to lay out his 10-year plan for the UK at Downing Street before 1330. Realistically, he only has 2.5 years as leader in the current parliament, so much of what he says could be meaningless, unless he lays out a timeline for a new election, which we don't think that he will do.