The yield on the UK’s 10-year gilt fell to 4.77% as oil prices declined on expectations of renewed US-Iran negotiations, easing inflation fears. Both Brent and WTI crude dropped below $100 a barrel after reports that the US and Iran may hold further talks before a two-week ceasefire expires, despite President Donald Trump’s imposition of a US naval blockade in the Strait of Hormuz. The recent surge in energy costs had led markets to anticipate nearly two Bank of England rate hikes by late 2026. Separately, data showed UK like-for-like retail sales grew 3.1% in March, driven largely by a 6.2% jump in food sales as consumers stocked up ahead of the Easter holiday.
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