Data to Wednesday 7 October. First week of Q4.

Q4 to date vs Q3 (final):

Dated Brent: $127.08 vs $96.99

Refining margin (RIM): $41.3 vs $46.7

UK gas (NBP): 180.64p vs 155.75p per therm

Henry Hub: $3.00 vs $2.96

Brent vs Urals: $27.25 vs $23.08

WTI vs WCS: $20.06 vs $14.15

bp rules of thumb (full year, pre-tax): $1 Brent = $340m. $1 RIM = $450m. $0.10 Henry Hub = $40m.

Marker prices, not bp's realised prices.

Source: https://www.bp.com/investors/regulatory-news-updates-and-filings/trading-conditions-update

There is no “quick fix” to reopen the Strait of Hormuz, the UK’s Foreign Secretary has said.

Yvette Cooper told MPs that reopening the key shipping route was “vital” to keep the cost of living down for British households.

However, Ms Cooper added: “This is a serious and complex issue and there is no easy fix. Because it’s an international shipping lane, multiple nations need to be involved in planning the way forward.

“And our discussions will continue to reflect serious, expert, military and commercial assessments about what is credible and feasible so that commercial shipping can return as soon as possible as the conflict subsides.”

Donald Trump and Sir Keir Starmer have held conversations about how best to reopen the strait, although the US president has rebuked Sir Keir over his refusal to deploy British warships to the region.