Marc Ashdown
Business correspondent

Image source, EPA/Shutterstock

The price of oil has become a key indicator for the impact of the turmoil in the Middle East.

But while the price of the benchmark - Brent Crude - has become something of an obsession over the past month, it doesn't really reflect the true daily cost of this precious commodity.

Brent crude - bobbing around the $95 mark at the time of writing - reflects the future price of a barrel of oil, to be delivered in about two months time.

However, if you want a barrel of the black stuff delivered immediately, the price is far higher.

London Stock Exchange data has Forties Blend - the indicator for prompt delivery - pegged at around $147 a barrel. That's the price Asian and European refineries are having to pay to secure immediate supplies.

It rarely reaches this level, and last spiked to similar highs in 2008, just before the global financial crisis.

It demonstrates that while the future price of oil might be elevated and extremely volatile at the moment, the impact on daily deliveries is far more painful, and could spell even higher prices for fuel, food and everyday goods.

Image source, Reuters

Keir Starmer has just boarded a plane at Doha international airport - bringing an end to his three-day trip to the Gulf states.

Qatar's Foreign Affairs Minister Mohammed bin Abdulaziz Al-Khulaifi bid the prime minister farewell.

On Wednesday Starmer met Saudi Crown Prince Mohammed bin Salman in Jeddah and on Thursday he travelled to the UAE, Bahrain and Qatar.

You can catch up on the comments the UK PM made before he left the region in our previous post.

Image source, UK Pool

UK Prime Minister Keir Starmer, who is ending his trip to the Gulf states, says most of the discussions he had with senior officials concerned "the practical plan" on getting boats through the Strait of Hormuz.

The critical waterway typically sees 20% of the world's gas and oil passing through, but Iran has threatened to strike vessels that cross the strait without permission, causing crossings to drop.

"This conflict is going to define us for a generation and we must respond, and we will respond, with strength," Starmer says, as he explains that he discussed "collective self-defence" with leaders of the Gulf states.

On Thursday night, Starmer held a call with US President Donald Trump, where Downing Street says the two leaders discussed the current ceasefire, as well as the need "for a practical plan to get shipping moving" through the Strait of Hormuz.

Looking ahead, the prime minister accepts that the current ceasefire is "fragile", and tells broadcasters that "there can't be tolling or restrictions on that navigation" through the Strait of Hormuz as part of any long-term peace deal in the region.

As attention turns to possible talks between Lebanon and Israel next week, we can bring you a recap of what we heard from Iran's Deputy Foreign Minister yesterday.

Iran has made it clear that it believes Lebanon was covered by the two-week ceasefire agreement brokered with the US - something Washington and Israel dispute.

On Thursday, Iran's Deputy Foreign Minister Saeed Khatibzadeh told the BBC continued Israeli attacks on Lebanon are a "grave violation" of the agreement.

At least 303 people were killed on Wednesday in air strikes on what Israel called Hezbollah command centres and military sites, the Lebanese health ministry said.

Khatibzadeh told Radio 4's Today programme that the US must choose "between war and ceasefire" and that it "cannot have cake and eat it at the same time".

• Read a full account of Khatibzadeh's interview with the BBC

Samantha Granville
Reporting from Beirut

A senior official in the Lebanese president's office has just confirmed to the BBC that Lebanon will participate in direct negotiations with Israel next week if, and only if, there is a ceasefire in place beforehand.

The day and time of the meeting has not been set.

Direct talks between Lebanon and Israel are not unprecedented, but they are unusual.

The two countries generally communicate via intermediaries, such as the US.

Efforts to establish negotiations have been ongoing since a ceasefire agreement in November 2024, with US envoys previously mediating indirect talks between the two sides.

Iran is using geography to exercise dominancepublished at 10:55 BST 10 April

10:55 BST 10 April

Frank Gardner
Security correspondent

Prior to this war, only six weeks ago, Iran was boxed in by sanctions and it wasn't targeting the Strait of Hormuz.

Now it’s proposing a toll charge and wants its military to be able to check ships' cargo, which is unacceptable to the Gulf states. In other words, Iran is exercising its dominance over the Strait of Hormuz because it's got geography on its side.

It's impossible to keep the Strait of Hormuz open by force; there are so many inlets and caves that Iran only has to hide one missile and maintain the threat of an attack, that's all you need for insurers to make it unaffordable for ships to travel.

Iran doesn’t need its navy, it just needs its coast.

A ceasefire in name only, as war rages in Lebanonpublished at 10:50 BST 10 April

10:50 BST 10 April

Frank Gardner
Security correspondent

This ceasefire is more full of holes than a piece of Swiss cheese. It is a ceasefire in name only.

Every aspect of it is flawed; while most of the bombing has stopped, it hasn't completely stopped the shooting and Kuwait says it came under attack from Iranian drones in the last few hours.

Meanwhile, the war is raging in Lebanon as Israel doesn’t consider that the ceasefire applies to it, while Pakistan and Iran consider that it does.

Then there's the Strait of Hormuz, the critical waterway through which 20% of the world's oil and gas flows, and Donald Trump has taken to Truth Social to say he's very upset that Iran hasn't been honouring its deal.

Iran is in a very strong position. Even though it has been battered militarily with hundreds, if not thousands of its missiles and drones destroyed, it can rebuild those and get more help from Russia and China, so that's only temporary.

Because the Islamic Republic has survived this war, Iran has effectively broken out of its box.

In my next post, I'll bring you more on how Iran is utilising its geography to maintain its strong position.

Very few vessels crossing Strait of Hormuz as ship owners remain cautiouspublished at 10:21 BST 10 April

10:21 BST 10 April

By Dan Isaacs

A total of 15 vessels have made the crossing through the Strait of Hormuz since a two-week ceasefire in the US-Israel war with Iran was announced on Tuesday night, according to data from the tracking website MarineTraffic.

This compares with an average of almost 140 each day prior to the outbreak of the conflict.

Of these, four of the ships were tankers carrying either oil, gas or chemicals. The rest are listed as container ships of various types.

Although the ceasefire included a condition that "safe passage" be granted through one of the world’s most important shipping lanes, vessels in the area have been warned by Iran they will be "targeted and destroyed" if they attempt to make the journey without permission.

Iran’s effective closure of the strait after the conflict began five weeks ago has left almost 800 ships stranded in the Gulf, most of them loaded with cargo, according to shipping analysts Lloyd’s List.

Image source, Reuters

Concerns over "serious ceasefire violations" in Lebanon have been raised by the Pakistani and French foreign ministers.

In a call between France's Jean-Noël Barrot and his counterpart in Pakistan, Mohammad Ishaq Dar, Barrot said France supported Pakistan’s efforts toward a diplomatic pathway for "lasting peace and stability in the region".

"Both leaders expressed concern over serious ceasefire violations made in Lebanon and underscored the importance of full implementation and respect for the ceasefire," a statement from Pakistan's foreign ministry says.

It comes ahead of peace talks between the US and Iran that are due to take place in Pakistan this weekend, but uncertainty remains over whether they will go ahead.

As our chief international correspondent has just reported, Pakistan is preparing to host Iran and US delegations for peace talks this weekend.

The nation is a key mediator in facilitating discussions between the two countries, who have agreed to a two-week conditional ceasefire. Here's what we know about the agreement between the US and Iran.

Pictures show heightened security in Islamabad, as roads around the city’s Red Zone - where many government buildings and embassies are based – are also shut, according to our Pakistan correspondent.

Image source, EPA/Shutterstock

Image source, Reuters

'Not finalised yet': Uncertainty over whether peace talks will go ahead, but Pakistan bracingpublished at 09:32 BST 10 April

09:32 BST 10 April

Lyse Doucet
Chief international correspondent

Image source, EPA

Is it all systems go for the high-level high-stakes US-Iran talks set to take place in Islamabad on Saturday?

“Not finalised yet” was the reply of a senior foreign ministry official in Tehran when I asked on Friday morning.

Reports yesterday that the Iranian delegation had arrived in the Pakistani capital were denied, and one post deleted, from social media.

But preparations are advancing in Pakistan in a way which seems to leave no doubt these discussions will take place as planned.

Iran’s Tasnim news agency, close to the powerful Islamic Revolutionary Guards Corps, reported yesterday that the talks were suspended as long as there was no ceasefire in Lebanon.

Iran’s deputy foreign minister, Saeed Khatibzadeh, also made that clear in his interview with the BBC’s Today programme.

It may be brinkmanship but Iran confronts a challenging choice - abandon Hezbollah, its most important ally, or endanger critical diplomacy?

The frantic talks to reach a ceasefire went down to the wire and so too, it seems, do these talks.

Jacob Phillips
Live reporter

The Strait of Hormuz has become a key sticking point in the US-Israeli war with Iran after Tehran effectively closed the shipping route.

US President Donald Trump's demands for a two-week ceasefire hinged on Tehran reopening the strait - which has been agreed.

However, yesterday Trump accused Iran of breaching a ceasefire deal and says it is "doing a very poor job" of allowing oil to go through the Strait of Hormuz.

In an earlier post on his social media site Truth Social he warned Iran "better not be charging fees to tankers" passing through the vital waterway.

BBC Verify has found at least nine ships have crossed the strait since an uncertain ceasefire was announced. Before the war, around 128 ships passed through the choke point each day.

The Prime Minister Keir Starmer has spoken to Trump about the need for a practical plan to get shipping moving after visiting the UAE, Bahrain, Qatar and Saudi Arabia to underline the importance of reopening the strait.

The International Maritime Organization says it is supporting 20,000 seafarers in the region - many of whom remain stranded on ships unable to exit the strait.

Meanwhile, international oil prices are just shy of $100 a barrel after prices plunged following the ceasefire announcement.

There's another operational update from Hezbollah now.

The Shia Muslim political and military group, based in Lebanon, says it's targeted a northern Israeli town in response to what it describes as Israel's "violation" of the US-Iran ceasefire agreement.

Hezbollah says it fired rockets at Kiryat Shmona, near the Israel-Lebanon border, at 10:00 local time (06:00 BST) on Friday, and Misgav Am in the Upper Galillee region of northern Israel.

"This response will continue until the Israeli-American aggression against our country and our people ceases," it says in the statement.

Israel has not commented.

• For context: The US and Iran have agreed a two-week ceasefire to halt war in the Middle East, but fighting has continued between Israel and Hezbollah in Lebanon. The US and Israel have indicated Lebanon does not form part of the agreement, while Pakistan - a key mediator in the talks - has said it does.

Image source, Reuters

UK Prime Minister Keir Starmer travelled to the UAE, Bahrain and Qatar on Thursday, having visited Saudi Arabia the day before.

Downing Street says talks with all leaders focused on condemning Iranian attacks on Gulf states, underlining the importance of upholding the ceasefire, and reopening the Strait of Hormuz.

After meeting with leaders in the region, Starmer spoke to US President Trump on the phone.

Starmer outlined the "UK's effort to convene partners" to agree a plan to open the strait and discussed with Trump the need for "a practical plan to get shipping moving again as quickly as possible", No 10 says.

Image source, PA

Image source, Getty Images

Images taken in Tel Aviv, Israel, overnight show residents running to shelters following warnings of incoming strikes, reportedly from Hezbollah in Lebanon.

Israel's emergency services, Magen David Adom, said at about 01:30 local time (23:30 BST) that no injuries had been reported following the strike alert, but "a few people sustained injuries while heading to a shelter".

Image source, Getty Images

Hezbollah says its forces launched an attack against a gathering of Israeli soldiers in southern Lebanon on Friday morning.

The group says it launched a "rocket barrage" toward the Israeli forces near the town of Al-Khiyam, in Nabatieh, at about 03:50 BST.

Israel has not commented.

Adam Goldsmith
Live reporter

Image source, Reuters

Strikes between Israel and Lebanon have continued overnight and US President Donald Trump has criticised Iran's handling of the Strait of Hormuz. Here's a brief catch up of the latest developments:

• US President Donald Trump has accused Iran of "doing a very poor job" of allowing oil to pass through the Strait of Hormuz, writing: "That is not the agreement we have"
• The key shipping channel typically sees 20% of the world's oil and liquefied natural gas (LNG) pass through, but in a separate social media post, Trump suggests: "There are reports that Iran is charging fees to tankers going through the Hormuz Strait", and warns this had "better stop now"
• UK Prime Minister Keir Starmer has also spoken of his growing frustration, as he held a call with Trump in which Downing Street says the leaders discussed the need "for a practical plan to get shipping moving" through the Strait of Hormuz

• As the ceasefire between Iran and the US continues, with some uncertainty, there are reports from Kuwait that a national guard site has been attacked by drones
• A ceasefire is yet to be agreed in Lebanon, where Israel's military continues to occupy a large part of the south and local officials say more than 300 people were killed and over 1,000 wounded in a huge wave of strikes on Wednesday - fresh strikes between Israel and Hezbollah were carried out overnight
• Israeli Prime Minister Benjamin Netanyahu said yesterday "there is no ceasefire in Lebanon", hours after he said his government will begin direct talks with Lebanon's government

Daniel De Simone
Reporting from Jerusalem

There has been fresh fighting overnight between Israel and Hezbollah, with airstrikes by Israel in Lebanon and rockets fired by the armed group that triggered alerts in Tel Aviv and elsewhere.

The disputed status of Lebanon being part of the fragile Iran ceasefire deal is creating tension ahead of scheduled peace talks in Pakistan this weekend.

Israel said it had struck Hezbollah rocket launchers in Lebanon overnight, with the Iran-backed group saying it had fired rockets at several places in Israel. The fighting comes after US President Trump was quoted as saying Israel would be more "low key" in Lebanon - comments widely seen as him asking Israel's Prime Minister Benjamin Netanyahu to be more restrained.

Israel’s assault on Lebanon on Wednesday killed more than 300 people, according to Lebanon's health ministry.

In a statement read on Iranian State TV, Iran's Supreme Leader Mojtaba Khamenei was quoted saying he reserved the right to retribution for US-Israeli attacks on his country and its allies - implying Hezbollah in Lebanon which Israel and the US claims isn't covered by the ceasefire.

World leaders are seeking to shore up oil and fuel supplies as the clock ticks down on the two-week ceasefire in the Middle East.

Japan has confirmed it will release 20 days worth of oil reserves as early as next month with an eye to traffic through the Strait of Hormuz, media reports indicate.

Meanwhile, Australian Prime Minister Anthony Albanese is visiting Singapore in a bid to secure his own country's fuel supplies amid fears of shortages.

US Vice-President JD Vance is also set to head to Islamabad, Pakistan to lead peace talks with Iran that begin on Saturday.

Meanwhile, Israeli Prime Minister Benjamin Netanyahu has made plans to start talks on a peace deal with Lebanon after the Israeli military reportedly killed hundreds of people in the country in a deadly wave of strikes on Thursday.

Contention over the two-week ceasefire deal between the US, Israel and Iran continues as Trump has said that Iran's handling of ships in the Strait of Hormuz is "not the agreement we have".

Meanwhile, Israel is set to negotiate with Lebanon after the Lebanese health ministry said Israeli strikes in the country killed 303 people yesterday.

Israeli Prime Minister Benjamin Netanyahu had said Lebanon was not included in the ceasefire deal, while Iranian officials have called the strikes in Lebanon a violation of the agreement.

We're pausing our live coverage for now. You can find the latest on the conflict in the Middle East here.