Good afternoon and welcome back to The 99: the home of financial news and insights made simple. You can count on accessible, trustworthy, and unbiased news insights every Monday. This week we’re focusing on what the Israel–Iran conflict could mean for your money. From energy bills to gold prices, here’s how it might show up in everyday life.

Also in today’s issue:
✂️ Would you take a pay cut for a more meaningful job? A community member asks the question
🕵️‍♀️ Meet the new MI6 chief — the first woman to take the top job in the agency’s 115-year history

Struggling to view the whole email? Somewhere above this text you’ll see ‘view on web’.

Alice & the GFY team x

How the Israel-Iran Conflict Could Impact Your Finances

The 99 TL;DR: Tensions between Israel and Iran sent oil and gold prices climbing and caused wobbles in stock markets. While prices have cooled slightly, the effects could still show up in your bills, your investments, and the cost of the things you buy.

1. 🛢️ Energy prices: Why your bills could creep up (but not like 2022)

Q: Why are oil prices back in the news?
After Israel’s strikes on Iran, and Iran’s retaliation, Brent Crude oil spiked to over $78 a barrel. It has since cooled to around $74.50, but that’s still $10 higher than a month ago. While markets have calmed, the price rise reflects renewed jitters over global supply disruption, particularly fears around the Strait of Hormuz, a vital choke point for 20 percent of global oil flows.

Q: What could this mean for UK households?
While the current spike is not as severe as the one that followed Russia’s invasion of Ukraine in 2022, a sustained rise in oil and gas prices could still feed through to:

• Petrol and diesel: A $10 oil jump could add around 7p per litre at the pump
  

• Food and goods: Farming, manufacturing, and shipping all get more expensive
  

• Energy bills: Gas prices have risen too, and UK electricity prices are tied to them. But due to energy price caps, the impact may take time to trickle through, if at all
  

Q: Should we expect a full repeat of 2022?
Unlikely for now. Oil is far below 2022’s peak (around $130 a barrel), and many producers like Saudi Arabia and Brazil still have capacity to increase supply. Unless the conflict escalates dramatically, especially with disruptions to shipping, the current surge is more of a geopolitical risk premium than a full-blown energy crisis.

2. 💷 Investments: Expect ups and downs

Q: What is happening in UK markets?
Energy giants BP and Shell rose as oil prices climbed. Defence company BAE Systems also gained. On the other hand travel stocks like IAG and EasyJet fell because higher fuel costs hurt profits.

Q: What does it mean for me?
You may see the value of your investments (Stocks and Shares ISAs, Pensions) fluctuate.

Q: What about interest rates?
If oil inflation sticks around, the Bank of England may delay cutting interest rates. That means mortgages and loans could stay costly, and overall market returns might be weaker.

Q: Can I make money by timing the market?
Usually not. Most investors who try to jump in and out lose out.

• Missing just a few top-performing days can cut returns by more than half
  

• Emotional decisions often lead to buying high and selling low
  

• Even perfect timing only slightly beats a steady investment plan
  

Q: Then what is better for most people?

• Invest for the long term: Big investors like Warren Buffett built wealth by staying in the market through highs and lows
  

• Use dollar-cost averaging: Invest the same amount regularly to avoid stress over timing
  

• Keep a diverse portfolio: Mixed investments are more likely to recover and grow over time. Index funds that invest in things like the S&P500 are a popular choice.
  

3. 🪙 Gold: The classic safe-haven

Q: How high has gold gone?
Spot gold hit approximately $3,442 an ounce (£2,500), near its highest since mid-April. This reflects a surge in demand as investors seek safe places to put their money.

Q: Is it a good time to buy?
Experts are split. Some think gold could keep rising if tensions escalate. Others believe a strong US dollar and steady interest rates could limit gains.

Q: What should UK savers consider?
Gold can help protect against uncertainty, but it makes sense to keep it as a small part of your overall investments. Around 5 to 10 percent is typical for a balanced portfolio.

4. 🛒 Cost of Living: Will this make everyday life more expensive?

Q: Could conflict in the Middle East really impact my weekly shop?
Possibly, though not overnight. Rising oil and gas prices can raise the cost of production, transport, and packaging across the economy. That means everything from a tin of tomatoes to a flight to Spain could get more expensive if higher energy prices continue.

Q: What about food prices?
Farming is energy-intensive. Higher oil prices mean more expensive fertiliser, fuel for machinery, and shipping. While the UK imports less from the Middle East directly, global prices are connected. A sustained rise could push food inflation up again, even as it was starting to fall.

Q: Is this the same as the Ukraine war situation?
Not quite. In 2022, the war in Ukraine pushed up both gas prices and grain prices. The Israel-Iran conflict has not affected food supplies so far, and the oil price jump is smaller.

Q: So what is the real-world effect for now?
If oil stays $10 higher for a while, inflation could rise by around 0.1 percentage points. That might sound small, but it matters for Bank of England decisions, mortgage rates, and wage pressures. Most households will not feel it straight away, but if this conflict drags on, it could slowly add pressure to everyday costs.

🧩 The bottom line for you

This isn’t personal financial advice.
Everything we share is for general information only. It’s not tailored to your individual circumstances, and it’s definitely not a recommendation. If you’re making big decisions about your money, it’s always worth speaking to a qualified financial adviser.

From Cambridge to C:

Blaise Metreweli Becomes First Woman to Lead MI6

The 99 TL;DR: Blaise Metreweli is making history as the first woman to lead MI6. She has spent her entire career in intelligence, unlike Bond’s fictional "M", and this time, it’s real.

Blaise Metreweli will take over the top job at the Secret Intelligence Service (MI6) this autumn, replacing Sir Richard Moore. She becomes the 18th Chief, known as "C", and the first woman to lead the agency in its 115-year history.

In the James Bond films, Dame Judi Dench played the fictional head of MI6 as "M" from 1995 to 2015. In reality, Metreweli has spent more than two decades inside the agency since joining in 1999. A Cambridge graduate, she has held operational roles across the Middle East and Europe and previously served as a director at MI5.

She is currently one of MI6’s four director generals, in charge of technology and innovation. The role is internally known as "Q", made famous in the Bond series for its gadgets.

Prime Minister Keir Starmer called it a “historic appointment” and said her leadership comes at a time when the UK faces “unprecedented threats” from state-backed cyber attacks to foreign espionage.

For the first time, two of the UK’s main spy agencies are now headed by women. GCHQ is led by Anne Keast-Butler, appointed in 2023. MI5 has also had two female heads in its history.

Metreweli said she was “proud and honoured” to lead MI6 and is committed to working with officers, agents and international partners to keep the UK safe.

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June Surprise:

UK Asking Prices Drop Amid Bustling Market

The 99 TL;DR: UK house prices fell by £1,277 in June, the first drop for this time of year in over a decade. A stamp duty hike and a surge in listings are giving buyers more power, while the rental market is cooling too.

What happened to asking prices in June?

For the first time in over 10 years, asking prices in June didn’t rise. According to Rightmove, the average asking price fell 0.3 percent to £378,240, despite June usually being the busiest month for movers.

Why are prices falling now?

A few key factors:

• Stamp duty changes: The increase in stamp duty that came into effect in April raised upfront costs for buyers. Sellers are responding by trimming prices.
  

• More homes on the market: Listings rose by 11 percent compared to last year, but buyer demand only increased by 3 percent. That imbalance is giving buyers more leverage.
  

Which regions saw the biggest drops?

• South West: down 1.6 percent
  

• South East: down 1.0 percent
  

• London: down 0.9 percent
  

These are also the areas with some of the highest average home prices, meaning small percentage drops can represent thousands of pounds.

Are homes still selling?

Yes. In fact, May saw the highest number of sales agreed since March 2022. It’s just that sellers now need to be realistic with their pricing. Well-priced homes are still moving quickly.

What’s happening with rents?

Hamptons data shows:

• 17 percent fewer new tenant registrations in May compared to last year
  

• Rental growth slowed to 1.5 percent, down from 5.1 percent the year before
  

More people are considering buying instead of renting as mortgage rates come down slightly, and landlords are less likely to push for big rent increases.

What this means for you

The bottom line

The housing market is tilting in favour of buyers, at least for now. Prices are softer, more homes are available, and buyers are pushing back. Meanwhile, the rental market is cooling just enough to take the edge off for tenants. Whether you're buying, selling or renting, it’s a moment of shift worth watching.

Sources/Read More:

How the Israel–Iran conflict could impact your finances

Sources and Links:

• BBC - How the Israel-Iran conflict could affect energy prices

  https://www.bbc.co.uk/news/articles/cg5vr2rvzg4o

• The Guardian – Oil price rise risks ‘adverse shock’ to global economy
  https://www.theguardian.com/business/live/2025/jun/16/oil-price-rise-adverse-shock-global-economy-israel-iran-inflation-petrol-business-live-news-updates

• The Times – Oil and gold jump on Israel-Iran conflict
  https://www.thetimes.co.uk/article/business-live-latest-news-uk-companies-ftse-100-shares-6d0j22x8h

• Trading Economics – Brent Crude Price
  https://tradingeconomics.com/commodity/brent-crude-oil

• Financial Times – Investors brace for oil volatility
  https://www.ft.com/content/14a51c3e-5c15-11ee-bb3b-7d127b6c8f9a

Blaise Metreweli becomes first woman to lead MI6

Sources and Links:

• Sky News – Blaise Metreweli to become first woman to head MI6
  https://news.sky.com/story/career-spy-blaise-metreweli-to-become-first-woman-to-head-mi6-13384275

• MI6 (SIS) – About the Chief
  https://www.sis.gov.uk/about-us/our-chief

UK House Prices Dip in June

Sources and Links:

• Reuters – “Asking prices for UK homes show biggest June fall since 2011, Rightmove says”
  https://www.reuters.com/world/uk/asking-prices-uk-homes-show-biggest-june-fall-since-2011-rightmove-says-2025-06-15/

• The Guardian – “UK house prices see ‘unusual’ June decline amid competitive market”
  https://www.theguardian.com/business/2025/jun/16/uk-house-prices-market-rightmove-stamp-duty

• Financial Times – “UK property asking prices post unusual fall in June”
  https://www.ft.com/content/b300aeab-cc85-4917-bbd5-a5cbf47e4c9d