Borrowing costs climb in Europe and oil tops $105 a barrel as bank says growing price pressures in eurozone will be ‘longer lasting than we had anticipated’

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The European Central Bank has raised interest rates to 2.5% and warned that the risk of higher inflation over the next year has risen following renewed fighting in the Middle East.

It came as government borrowing costs soared on the back of a jump in oil and gas prices after the latest US and Iran attacks on ships in the strait of Hormuz.

The US president says criticising his soaring investment portfolio is ‘very unfair’. Tell that to the millions of Americans struggling with the cost of living

If I had a dollar for every time Donald Trump said something inane, I would be a very rich woman. But even with an income that steady, I could never hope to be as flush as the president. A Forbes calculation from March puts his net worth at about $6.5bn – and it’s growing rapidly. Trump made $2.2bn in 2025 via business interests that ranged from selling cryptocurrency and Trump Bibles to offering early access to his (often market-moving) Truth Social posts.

To be fair, Trump isn’t making all this money just so he can buy golf clubs and gold toilets. No, he’s amassing these billions for the good of the little people; it’s altruism, not avarice! “I do this for our Country, not myself,” the president wrote on Truth Social on Sunday night alongside an AI-generated picture of him trading Intel stock. “I’ve made Hundreds of Billions of Dollars on Stocks, and many other type Holdings, for the U.S.A., not myself, and all I do is get criticized by the Radical Left Dumocrats. Very unfair, but what can you do!”