Intensification of Middle East conflict and ongoing Russian export ban leads to diesel prices rising 10% in less than a week

Farmers are facing an “astronomical” jump in the price of fuel needed to operate their vehicles and machinery after a surge in diesel costs in the UK and the US.

Renewed fighting between the US and Iran has driven up the price of crude oil, while last week Russia extended a ban on diesel exports, further pushing up market prices.

China-based retailer swung to $99m loss in first quarter and faces scrutiny over its environmental footprint

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Shein, which built a fast-fashion empire on what seemed like impossibly low prices, has been forced to lower its own valuation in a cut-price stock market float, after falling into the red earlier this year.

The online retailer will list on the Hong Kong stock exchange on 1 September at a valuation of close to $27bn (£19.8bn), significantly down from a near-$100bn private market peak four years ago.