UK house prices rise in June despite 'wider economic uncertainty'; oil prices up after attack on tanker in strait of Hormuz - as it happened
News Source
β’Tue, 07 Jul 2026 14:06:34 GMT
π° What Happened
UK house prices rose in June for the first time in four months, according to Lloyds. The increase came despite wider economic uncertainty. Oil prices also jumped after reports of an attack on a tanker in the Strait of Hormuz. The two events show how global events and local markets are connected. Stock markets were mixed with the FTSE 100 opening higher but US markets falling.
π The Backstory
The UK housing market has been under pressure from high interest rates and inflation. Prices had fallen for several months as buyers struggled with mortgage costs. The June increase was a small but positive sign. Meanwhile, the Strait of Hormuz attack threatened oil supplies. About 20% of the world's oil passes through that waterway. Higher oil prices can drive up inflation and hurt the housing market by raising costs for everyone.
π― Why It Matters
House prices affect whether you can buy a home. Oil prices affect what you pay for gas and everything shipped to stores.
UK house prices rose in June for the first time in four months, according to Lloyds. The increase came despite wider economic uncertainty. Oil prices also jumped after reports of an attack on a tanker in the Strait of Hormuz. The two events show how global events and local markets are connected. Stock markets were mixed with the FTSE 100 opening higher but US markets falling.
The UK housing market has been under pressure from high interest rates and inflation. Prices had fallen for several months as buyers struggled with mortgage costs. The June increase was a small but positive sign. Meanwhile, the Strait of Hormuz attack threatened oil supplies. About 20% of the world's oil passes through that waterway. Higher oil prices can drive up inflation and hurt the housing market by raising costs for everyone.
House prices affect whether you can buy a home. Oil prices affect what you pay for gas and everything shipped to stores.