{"id":64735,"date":"2026-07-13T19:08:16","date_gmt":"2026-07-13T23:08:16","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-react-to-middle-east-escalation-and-uk-spending-shifts\/64735\/"},"modified":"2026-07-13T19:08:16","modified_gmt":"2026-07-13T23:08:16","slug":"global-markets-react-to-middle-east-escalation-and-uk-spending-shifts","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-react-to-middle-east-escalation-and-uk-spending-shifts\/64735\/","title":{"rendered":"Global Markets React to Middle East Escalation and UK Spending Shifts"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>UK retail sales growth slowed to 1.7% year-on-year in June<\/strong>, missing analyst estimates of <strong>2.9%<\/strong> as a heatwave drove consumers online and away from physical stores.<\/li>\n<li><strong>U.S. Crude futures surged over 1% to $79.02\/bbl<\/strong> following reports that President Trump endorsed Saudi military strikes against Houthi targets in Yemen.<\/li>\n<li><strong>Barclays UK consumer spending rose 1.9%<\/strong>, a significant acceleration from May&#39;s <strong>0.8%<\/strong>, fueled by the men&#39;s football World Cup and seasonal demand for cooling appliances.<\/li>\n<li><strong>BPH Energy (<a href=\"\/stock\/BPH\">BPH<\/a>)<\/strong> announced that its investee, <strong>Advent Energy<\/strong>, has filed an appeal with the Full Court of the Federal Court of Australia regarding the PEP11 gas permit.<\/li>\n<\/ul>\n<h2>UK Consumer Trends: Heatwave and World Cup Drive Spending<\/h2>\n<p>British retail performance saw a divergence in June as total sales grew by <strong>1.9%<\/strong>, according to the <strong>British Retail Consortium (BRC)<\/strong>, while like-for-like sales growth decelerated to <strong>1.7%<\/strong>. The figures fell short of the <strong>2.7% to 2.9%<\/strong> growth expected by economists, largely due to record-breaking temperatures that stifled footfall in brick-and-mortar locations. In-store non-food sales dropped <strong>1.1%<\/strong>, while online sales surged <strong>5.1%<\/strong> as consumers opted to shop from home to avoid the heat.<\/p>\n<p>Data from Barclays (<a href=\"\/stock\/BARC\">BARC<\/a>) painted a more resilient picture of broader consumer activity, showing a <strong>1.9%<\/strong> year-on-year increase in card spending. The bank noted that the arrival of the <strong>World Cup<\/strong> provided a massive boost to the hospitality sector, with pub takings tripling on key match days. Additionally, demand for &quot;heatwave essentials&quot; such as electric fans and paddling pools reached record highs, though retailers faced challenges maintaining stock levels.<\/p>\n<h2>Geopolitical Tensions: Trump Backs Saudi Strikes on Houthis<\/h2>\n<p>Energy markets reacted sharply to a report from <em>Axios<\/em> stating that President Trump has given Saudi Crown Prince <strong>Mohammed bin Salman<\/strong> his backing for &quot;risky&quot; military strikes against Houthi rebels. The endorsement follows a period of heightened cross-border escalations, including a Saudi strike on the <strong>Sanaa airport<\/strong> and retaliatory Houthi missile attacks. The news sent <strong>U.S. Crude (WTI)<\/strong> futures up more than <strong>1%<\/strong> to <strong>$79.02<\/strong> per barrel as traders weighed the risk of supply disruptions.<\/p>\n<p>The situation in the <strong>Strait of Hormuz<\/strong> remains critical, with reports indicating that traffic has plummeted to a two-month low. President Trump has reportedly threatened to resume a naval blockade and suggested a <strong>20% fee<\/strong> on ships transiting the strategic waterway. These developments have introduced a significant &quot;war premium&quot; back into global <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">oil prices<\/a>, with analysts warning of further volatility if the conflict between the U.S., Saudi Arabia, and Iran-backed forces continues to intensify.<\/p>\n<h2>Australian Energy: BPH Energy Investee Appeals PEP11 Ruling<\/h2>\n<p>In the Australian energy sector, BPH Energy (<a href=\"\/stock\/BPH\">BPH<\/a>) confirmed that its investee, <strong>Advent Energy<\/strong>, is moving forward with a legal challenge against a June 17 Federal Court judgment. The original ruling by Justice Jackson dismissed a judicial review application concerning the <strong>Petroleum Exploration Permit 11 (PEP11)<\/strong>, an offshore gas project located near the Hunter Region of New South Wales.<\/p>\n<p>The appeal, filed by Advent\u2019s subsidiary <strong>Asset Energy<\/strong>, seeks to overturn the refusal to vary and extend the permit. The PEP11 project is considered a critical potential source of natural gas for Australia&#39;s East Coast, which is currently facing a forecast supply shortfall. Investors are closely monitoring the proceedings, as the outcome will determine whether the joint venture\u2014which includes Bounty Oil &amp; Gas (<a href=\"\/stock\/BUY\">BUY<\/a>)\u2014can proceed with exploration activities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways UK retail sales growth slowed to 1.7% year-on-year in June, missing analyst estimates of 2.9% as a heatwave 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