Oil prices fall after US waives Iran sanctions and peace talks in Switzerland progress – business live

Key events Britain's grid operator plays down blackout risks this winter Great Britain’s grid operator has played down the risks of blackouts this winter, despite European gas storage levels dropping below the level seen during the 2022 energy crisis, my colleagues Mark Sweney and Jillian Ambrose report . The National Energy System Operator (Neso) expects Britain’s electricity supply over winter to outstrip demand by almost 8.8%, with supplies expected to reach an almost five-year high. Neso said that surplus supply levels dropped to as low as almost 6% the winter following Russia’s invasion of Ukraine four years ago, while this year is expected to almost match 2025’s 9% level, which marked a five year high. However, Neso’s report noted that across the European Union gas storage levels are at a four-year low, 7% below the level recorded at the same time in 2022. Gas plants are regularly used to bolster power supplies in the colder months when freezing temperatures drive demand for energy higher, or when wind and solar power is in short supply. European gas storage reached 41% of capacity on 3 June, thirteen percentage points lower than the 10-year average, eight percentage points lower than last year, and seven percentage points below 2022 levels. Neso said in its report: double quotation mark This means injection rates for the remainder of the summer must be high to meet regulatory targets by the start of winter. …