Thanks for joining me. Retail sales rose unexpectedly last month as consumers raced to stock up on fuel after the outbreak of the Iran war. 

Sales volumes in Britain climbed by 0.7pc in the month of March, according to the Office for National Statistics, having fallen by 0.6pc during February compared to January.

Analysts had expected sales to flatline during the month but the ONS said fuel sales were up sharply as retailers reported motorists stocking up ahead of impending price rises.

Motor fuel sales leapt by 6.1pc for the month, which was the highest level since April 2021.

Motorists are now paying nearly 25p per litre more for petrol since the start of the Iran war, with diesel prices up nearly 50p, according to RAC.

This stems from the closure of the Strait of Hormuz, which has trapped a fifth of the world’s oil and gas supplies in the Persian Gulf. 

Separate data this week showed the war has begun to push up inflation and economists forecast that it will lead to a sharp increase in energy prices during the summer.

Excluding fuel, volumes climbed by just 0.2pc after a downwardly revised 0.6pc drop in February. Here is what you need to know.

5 things to start your day

1) Net zero migration ‘would shrink economy by £700bn’ | GDP forecast to shrink by 15pc as Treasury would miss out on key tax revenues

2) The Iran war has made Labour’s next about-turn inevitable | Companies are queuing up to demand more help from the Government as energy bills skyrocket

3) Zuckerberg cuts thousands of jobs to ‘offset’ AI spending spree | Meta outlined plans to cut 10pc of its workforce to “offset” spending on AI

4) Morgan Motors launches super-powered sports car to rival Porsche | The Supersport 400 has a top speed of 180mph and will challenge Continental models

5) Britain braces for swathes of office closures from £1.5bn tax bills | Reeves’s changes to business rates risk pricing out start-ups from flexible workspace

What happened overnight

Oil prices resumed their rise amid the shaky ceasefire in the Middle East war and stalled US-Iran peace talks.

Brent crude was up 0.6pc to more than $105 a barrel, while US crude gained ​0.3pc to $96.

The S&P 500 fell 0.4pc after hitting a new record high earlier in the day, as the tech-heavy Nasdaq Composite
slipped 0.9pc and the Dow Jones Industrial Average also dropped 0.4pc.

Global shares swung between gains and losses, with the UK and Europe on track for a dour opening.

MSCI’s broadest index of Asia-Pacific shares outside Japan reversed early losses to rise 0.5pc and was set to end the week with a roughly 1pc gain. Japan’s Nikkei added 0.9pc, stocks in South Korea and China fell, while those in Hong Kong were little changed.

The mixed showing underscored the tense market mood as investors this week seesawed between hope for an imminent end to the war and fear that it might not come soon.

Iran on Thursday flaunted its tightened grip over ‌the key Strait of ‌Hormuz with a video of commandos ⁠in a speedboat storming a huge cargo ship, while Donald Trump said he had ordered the Navy to “shoot and kill” Iranian boats laying mines in the strait.