Month: March 2026

US startup Anchr has secured $5.8 million in seed funding to develop what it describes as the first end-to-end AI-native operating system for food distributors, targeting one of the most operationally complex yet technologically underserved sectors of the global supply chain.
The funding round was backed by a16z Speedrun, Anterra Capital, Offline Ventures, Long Journey Ventures, alongside several industry leaders connected to OpenAI. The investment will support the company’s development of an integrated artificial intelligence platform designed to automate operational workflows across sales, purchasing, inventory management, finance and logistics.
The company argues that despite the enormous scale of the food distribution industry, which moves hundreds of billions of dollars in perishable goods annually, much of its operational infrastructure remains heavily reliant on outdated technology and manual processes.
Food distributors act as a critical backbone between producers and the hospitality sector, ensuring that restaurants, supermarkets and catering businesses receive fresh goods daily. Yet many companies still rely on text messages, spreadsheets and legacy enterprise systems developed decades ago.
Traditional enterprise resource planning (ERP) systems typically record historical transactions but lack the capability to analyse real-time conditions or automate operational decisions.
This means that key activities such as purchasing decisions, stock management and financial reconciliation often require extensive manual work. For businesses operating on low single-digit profit margins, inefficiencies in these processes can significantly impact profitability.
Anchr’s founders believe artificial intelligence can fundamentally change how these operations function.
“The biggest opportunity to leverage AI isn’t in industries with modern infrastructure,” said Tzar Taraporvala, co-founder and co-chief executive of Anchr.
“It’s buried deep in the operational backbone of the economy. Food distributors manage millions of dollars of inventory with systems that were never designed to handle today’s complexity.”
Rather than replacing existing ERP platforms, Anchr’s system operates as a layer on top of them, embedding AI-powered digital assistants, or “AI teammates”, across multiple operational departments.
By integrating data across departments, the system enables information to flow continuously through the organisation, eliminating the fragmented workflows that often plague supply chain businesses.
Work that previously required hours of manual intervention, such as inputting orders received via email or text messages, can be executed automatically by the platform, with contextual information shared across the entire business.
Early adopters of Anchr’s platform are already reporting measurable efficiency gains.
One customer reclaimed roughly 40 per cent of daily working time across a team of eight sales representatives by automating order intake from emails and text messages.
Another distributor was able to reduce aged inventory write-offs by $30,000 in a single month, after using AI-generated purchasing insights based on live demand signals.
In a further example, a distributor used the system’s menu-analysis capabilities to identify upselling opportunities. By scraping restaurant menus and product catalogues, the AI recommended additional items to include in orders, increasing the average basket size by around $65 per order across 4,000 annual orders.
For companies operating in low-margin industries such as food distribution, even relatively small operational improvements can translate into substantial financial gains.
The idea for Anchr emerged directly from the founders’ exposure to operational inefficiencies within the supply chain.
Co-founders Tzar Taraporvala and Smayan Mehra, who have worked together for more than two decades, began investigating supply chain technology gaps after observing how disconnected many enterprise systems remained.
Their research intensified when they partnered with a Boston-based seafood distributor, spending several months observing daily workflows inside the business.
They discovered that many operational processes were still handled manually. Orders were frequently entered into ERP systems in the early hours of the morning, purchasing decisions relied on disconnected spreadsheets and finance teams often had to reconcile invoices across multiple software platforms.
The founders concluded that the problem was not simply technological, it was structural.
“The pain was structural, daily and expensive,” the company said.
Anchr’s early momentum has been notable. During its 12-week participation in the Speedrun accelerator programme, the startup reported booking seven-figure revenue.
Its customer base already includes both regional distributors and a publicly traded food distribution company generating approximately $5 billion in annual revenue.
This rapid adoption reflects growing demand for automation in a sector where operational complexity continues to increase.
From ERP to ERA: the next evolution in enterprise software
The company believes its technology represents the next phase in enterprise software development.
The founders describe the transition as moving from traditional Enterprise Resource Planning (ERP) systems toward what they call Enterprise Resource Automation (ERA).
“If the first era of enterprise software digitised record-keeping, we believe the next era will automate it,” said Smayan Mehra, co-founder and co-CEO.
Under this model, enterprise software does not simply track data but actively executes workflows and decision-making processes in real time.
Looking ahead, Anchr plans to expand automation capabilities across all aspects of distributor operations, eventually becoming a central coordination system for decisions involving inventory, capital and logistics.
The founders believe the technology has applications beyond food distribution, particularly in industries where physical goods move through fragmented supply chains.
By integrating operational data across departments, the platform aims to create a new type of AI-native system of record built around the actual work performed by organisations.
Investors backing the company say the potential lies in the compounding effect of connecting operational functions.
“When sales, purchasing, inventory and finance share context, the entire business runs differently,” said Troy Kirwin of a16z Speedrun.
“Anchr is building an AI-native operating layer that turns fragmented processes into integrated workflows.”
Despite the scale of global logistics and distribution networks, many supply chain sectors remain technologically underdeveloped compared with consumer technology and finance.
Food distribution in particular presents a unique challenge because it involves high volumes of perishable inventory, tight margins and fast-moving operational decisions.
As artificial intelligence continues to move beyond productivity tools into full operational automation, startups like Anchr are betting that some of the largest gains will come not from digital-first industries but from the overlooked systems that keep the physical economy running.
For Anchr, the goal is clear: build the AI operating system that powers the next generation of supply chain operations.
Read more:
Anchr raises $5.8M to bring AI-native automation to America’s food supply chain

The eco-friendly pet brand Piddle Patch, which rose to national prominence following an appearance on Dragons’ Den, has won a significant trademark infringement case in the UK courts after a judge ruled that a rival company deliberately attempted to profit from its brand recognition.
District Judge Obodai ruled in favour of Makeality Ltd, the company behind the Piddle Patch brand, in a dispute with City Doggo Ltd and its founder Laurencia Walker-Fooks. The case was heard on the Intellectual Property Enterprise Court (IPEC) small claims track at the High Court.
The judge concluded that the defendants had deliberately attempted to benefit from the Piddle Patch trademark and associated goodwill, stating that their actions were part of a coordinated attempt to exploit the brand’s market presence.
In the written judgement, Judge Obodai said the defendants’ conduct was not accidental but formed part of a “deliberate policy to promote the sign in the relevant market”. He added that “passing off is exactly what she intended when she began her campaign of infringement”.
Piddle Patch was created by entrepreneur Rebecca Sloan, who launched the product as a sustainable alternative to disposable puppy training pads. The product uses real grass to provide an eco-friendly indoor toilet solution for dogs, particularly popular with urban pet owners.
Makeality Ltd registered the Piddle Patch trademark in 2016, establishing legal protection over the brand name and product identity.
Over the following years the business built strong brand recognition through a growing subscriber base, endorsements from celebrity veterinarians and dog trainers, and media coverage across national press outlets.
The company’s profile rose significantly in 2022 after appearing on BBC’s Dragons’ Den, where Sloan received an investment offer from entrepreneur and investor Steven Bartlett. The appearance helped propel the brand into the national spotlight and strengthened its commercial position in the pet care market.
Court documents revealed that Laurencia Walker-Fooks, the founder of City Doggo Ltd, had previously been a long-term customer of Piddle Patch.
During the Covid-19 pandemic she reportedly approached Sloan with an offer to acquire the company. Negotiations did not proceed after Sloan ultimately declined the proposal.
Shortly afterwards, City Doggo Ltd was incorporated and began trading in November 2020, entering the same market for dog toilet products.
The court heard evidence that the rival company subsequently used the Piddle Patch name extensively across its digital marketing channels, including website content, search engine optimisation tags and social media posts.
Evidence presented in court showed that the Piddle Patch trademark appeared in numerous areas of the City Doggo website.
These included product titles such as “SHOP: Piddle Patch”, as well as keyword metadata, alt tags and landing page descriptions designed to attract search engine traffic.
The trademark also appeared in hidden text on the website, including phrases such as “Piddle Patch Dragons Den”, which the court heard were intended to capture search traffic generated by the brand’s television exposure.
Additionally, City Doggo registered the domains piddlepatch.info and piddlepatch.shop, both of which directed users to its own website.
The trademark was also used as a hashtag across social media platforms including Facebook, Instagram and TikTok, further increasing the likelihood that consumers searching for Piddle Patch would encounter City Doggo’s products.
The judge concluded that these actions were a calculated attempt to benefit commercially from the existing brand reputation built by Makeality Ltd.
Makeality Ltd argued that City Doggo’s activities caused a measurable decline in traffic to the Piddle Patch website.
The court accepted that the rival company’s online marketing strategy had successfully positioned its website alongside the genuine brand in search engine results.
Judge Obodai noted that this outcome was intentional, commenting that the activity “had the desired effect” because City Doggo’s website appeared alongside the claimant’s when consumers searched for the Piddle Patch name.
The defendants had argued that the alleged infringements were too small or insignificant to be legally actionable, describing them as “de minimis”.
However, the court rejected this defence, ruling that the actions were deliberate and commercially motivated.
During the proceedings Walker-Fooks described City Doggo as a “sideline” business and suggested she lacked experience in intellectual property matters.
The judge rejected this characterisation, stating he did not believe her portrayal of limited business knowledge.
Judge Obodai noted that Walker-Fooks had a background in financial services and held senior roles in the investment sector, including serving as Vice President of Macro at Lighthouse Investment Partners between 2022 and 2025 before becoming Chief Operating Officer at hedge fund Anahata Capital Management LLC in October 2025.
The court found that she had sufficient commercial understanding to recognise the implications of using the Piddle Patch trademark in her marketing.
While the court ruled in favour of Makeality Ltd on trademark infringement and passing-off claims, the amount of financial compensation has not yet been determined.
The case will now proceed to a separate quantum trial, which will establish the level of damages owed to the Piddle Patch brand.
The court also considered requests for an injunction preventing further use of the trademark.
Following the ruling, Piddle Patch founder Rebecca Sloan welcomed the outcome and said the judgement vindicated the company’s efforts to protect its intellectual property.
“We are very happy with the result,” Sloan said.
She added that the case had required extensive preparation and thanked her legal team for their work during the proceedings.
“I’d like to thank our direct access barrister Christy Rogers, who worked tirelessly to help us make our case to the Court. This was by no means a straightforward process.”
The ruling is likely to attract attention among UK entrepreneurs and intellectual property specialists because it highlights how trademarks can be exploited through digital marketing techniques.
The case illustrates how search engine optimisation, domain registration and social media tagging can be used to redirect online traffic and potentially mislead consumers.
Legal experts say the judgement reinforces the principle that digital marketing tactics designed to exploit a rival’s brand reputation can constitute trademark infringement and passing off.
For small businesses and start-ups, particularly those building strong online brands, the case underscores the importance of securing and defending intellectual property rights as businesses scale.
With the Piddle Patch brand continuing to expand following its national exposure on Dragons’ Den, the ruling represents a significant legal victory for the company and a warning to competitors seeking to capitalise on established brand names.
Read more:
Dragons’ Den success story Piddle Patch wins landmark trademark infringement case

Artificial intelligence company Anthropic has filed an unprecedented lawsuit against the United States government after being formally labelled a “supply chain risk”, escalating a bitter dispute over the military use of advanced AI technology.
The legal action, filed in a federal court in California, challenges a directive issued by the administration of Donald Trump that effectively barred US government agencies from using Anthropic’s AI systems. The company argues the move was politically motivated retaliation after it refused to remove restrictions on how its technology could be deployed by the US military.
Anthropic’s lawsuit claims the decision was “unprecedented and unlawful” and violated constitutional protections around free speech and due process.
“The Constitution does not allow the government to wield its enormous power to punish a company for its protected speech,” the firm said in its complaint. “No federal statute authorises the actions taken here.”
The conflict stems from a disagreement between Anthropic’s chief executive Dario Amodei and US defence officials, including Pete Hegseth, over how the company’s artificial intelligence tools could be used by the Pentagon.
Anthropic has long maintained strict contractual limits on the deployment of its technology, including bans on using its AI models for “lethal autonomous warfare” and for mass domestic surveillance of American citizens.
According to the lawsuit, defence officials demanded that the company remove these restrictions from its government contracts. Anthropic refused, arguing that such safeguards were essential to ensure responsible use of powerful AI systems.
The company said negotiations with the Department of Defense were initially progressing and that both sides had been working toward revised language that would allow continued cooperation while preserving ethical limits.
However, those talks reportedly collapsed after the White House intervened.
Following the breakdown in negotiations, the Pentagon designated Anthropic as a “supply chain risk” — a classification normally applied to companies considered insecure or unreliable partners for government systems.
The designation effectively blocks US government agencies and contractors from using Anthropic’s software tools.
The move was accompanied by public criticism from the Trump administration, with White House officials accusing the company of attempting to dictate military policy.
Liz Huston, a spokesperson for the White House, told reporters that Anthropic was “a radical left, woke company” seeking to impose its own conditions on national defence operations.
“Under the Trump Administration, our military will obey the United States Constitution — not any woke AI company’s terms of service,” Huston said.
Anthropic disputes that characterisation and argues that its restrictions were standard contractual provisions designed to prevent misuse of AI systems.
The legal challenge names a broad list of defendants, including the executive office of President Trump and senior government officials such as Marco Rubio and Howard Lutnick.
The suit also targets 16 federal agencies, including the Departments of Defense, Homeland Security and Energy.
Anthropic claims the directive banning its technology has caused significant reputational and commercial damage.
The company said that both current and prospective commercial contracts were now under threat, potentially jeopardising “hundreds of millions of dollars in the near term”.
It also argued that the decision had created a broader chilling effect across the technology sector by discouraging companies from speaking publicly about the risks associated with advanced AI.
The case has already drawn support from across the technology industry.
Nearly 40 employees from rival companies including Google and OpenAI filed a joint legal brief backing Anthropic’s position, despite the firms being competitors in the rapidly expanding AI sector.
The signatories warned that the deployment of advanced AI systems without safeguards could create serious risks, particularly if used for mass surveillance or autonomous weapons.
“As a group, we are diverse in our politics and philosophies,” the engineers wrote in their submission. “But we are united in the conviction that today’s frontier AI systems present risks when deployed to enable domestic mass surveillance or the operation of autonomous lethal weapons systems without human oversight.”
Anthropic’s flagship AI system, Claude, has become widely used by technology companies and developers for coding, research and enterprise software tasks.
Companies such as Microsoft, Amazon and Meta have confirmed they will continue to use the technology in commercial applications, although not in projects involving US defence agencies.
Anthropic is not seeking financial damages in the case. Instead, it is asking the court to declare the government’s directive unconstitutional and remove the “supply chain risk” designation immediately.
Legal experts believe the dispute could become a landmark case in defining how governments interact with AI developers.
Carl Tobias, a law professor at the University of Richmond, said the case could ultimately reach the US Supreme Court.
“Anthropic may very well win in federal court,” Tobias said. “But this administration is not shy about appealing. It will probably go to the Supreme Court.”
The outcome could have major implications for the fast-growing AI industry, particularly as governments worldwide increasingly rely on private technology firms to supply critical artificial intelligence systems for defence, intelligence and national security operations.
For now, the lawsuit marks a rare moment in which a major technology company is openly challenging government authority over the future deployment of artificial intelligence.
Read more:
Anthropic sues US government after being labelled a ‘supply chain risk’ in AI dispute

Edinburgh-based remote working platform SWURF has secured a £200,000 investment round as it accelerates plans to transform the Scottish capital into one of the world’s most flexible working-friendly cities.
The funding will support the rollout of SWURF Pods, the company’s on-demand private meeting spaces designed for professionals who need secure and quiet environments for calls, meetings and focused work while on the move.
The investment round includes backing from prominent industry figures such as Gareth Williams, one of Scotland’s most successful tech entrepreneurs, alongside hospitality investor Anna Lagerqvist Christopherson, who owns several well-known venues in the city including Boda BV, the Green Room and the Victoria Bar.
SWURF’s strategy centres on creating a network of high-tech, bookable private pods located across busy urban locations. These compact meeting spaces are designed to give remote workers immediate access to private environments without needing a traditional office.
Each pod includes advanced soundproofing technology, private WiFi networks with encrypted connections, ergonomic seating, air filtration systems and adaptive LED lighting to provide a professional environment for business calls or focused work.
The pods are already installed at Edinburgh Airport and at the YOTEL Edinburgh, and the company plans to expand the network rapidly across the city.
SWURF’s long-term ambition is to ensure that every worker in Edinburgh is within 15 minutes of a SWURF Pod location, effectively turning cafés, hotels and hospitality venues into a distributed workplace network.
Alongside the pods, SWURF operates a mobile platform that connects remote workers with venues across the city that welcome flexible working.
Through the SWURF app, users can discover participating venues, check in digitally and access secure WiFi networks. The system also unlocks perks and incentives at partner venues, creating a mutually beneficial ecosystem between workers and hospitality businesses.
The platform currently lists more than 450 venues across Edinburgh, including locations such as the The Hoxton Edinburgh, Crowne Plaza Edinburgh Royal Terrace, and the Royal Scots Club.
More than 14,000 users, known as “Swurfers”, are now registered on the platform, with the community continuing to grow as hybrid and remote working patterns become increasingly embedded across the UK workforce.
SWURF says its model is not only designed to support remote workers but also to generate new revenue streams for hospitality businesses.
By encouraging professionals to use cafés, hotels and bars as temporary workplaces during quieter hours, the company estimates it has already contributed around £2 million to the local Edinburgh economy.
For venues, the model allows underutilised spaces to generate income during off-peak periods, while for workers it provides a wider range of flexible workspace options across the city.
Margaret Auld, general manager of YOTEL Edinburgh, said the pods have helped bring new visitors into the hotel while also enhancing the services available to guests.
“The SWURF Pod is an excellent service that we can provide to our hotel guests, and it also brings new people into our hotel,” she said.
SWURF was founded by CEO Nikki Gibson, a hospitality industry specialist who saw an opportunity to connect remote professionals with existing city venues rather than relying solely on traditional coworking offices.
Gibson said the company’s mission goes beyond simply providing desks or meeting spaces.
“People want more than just somewhere to sit with a laptop,” she said. “They need flexibility, security and inspiring environments that help them be productive.”
“Our goal is to make Edinburgh the global gold standard for flexible working. By expanding our host venue network and rolling out SWURF Pods across the city, we are turning Edinburgh itself into a distributed office.”
The latest funding round follows a six-figure investment secured in 2025, which helped the company expand its venue network and grow its user base.
SWURF has also strengthened its leadership team with several high-profile industry figures joining the board.
The board is chaired by Alison Grieve, an entrepreneur known for scaling global technology businesses.
She is joined by Scott Leckie, who transitioned from a fractional chief technology officer role into a permanent board position, and Daniel Rodgers, the founder of Scottish hospitality technology company QikServe.
The strengthened leadership team is expected to help SWURF scale its model beyond Edinburgh in the coming years.
The company’s expansion comes amid a continued shift in working habits across the UK.
Hybrid working arrangements have become the norm across many sectors, creating growing demand for flexible meeting spaces, quiet work environments and secure connectivity outside traditional offices.
Cities with strong digital infrastructure and vibrant hospitality sectors are increasingly positioning themselves as hubs for this new working model.
By combining technology, hospitality partnerships and purpose-built micro workspaces, SWURF is aiming to place Edinburgh at the centre of that global shift.
With new funding secured and additional pod locations planned, the company believes the Scottish capital could soon become a benchmark city for flexible, location-independent working.
Read more:
Scottish startup SWURF secures £200k funding to make Edinburgh the world’s flexible working capital

Expectations for UK interest rates have shifted dramatically after the surge in global oil prices triggered by the widening conflict in the Middle East, with investors now increasingly betting that borrowing costs could rise rather than fall in 2026.
Financial markets are pricing in roughly a 70 per cent chance that the Bank of England will increase interest rates by a quarter percentage point before the end of the year, a stark reversal from expectations only a fortnight ago when traders anticipated multiple rate cuts.
Just two weeks earlier, markets had predicted that the Bank would begin reducing its base rate from the current 3.75 per cent, with the first cut expected at the Monetary Policy Committee meeting scheduled for 19 March.
Instead, the escalating war involving Iran, Israel and the United States has dramatically reshaped the economic outlook by sending energy prices sharply higher and threatening a fresh surge in global inflation.
The shift in interest rate expectations has been driven primarily by a rapid escalation in oil prices following disruptions to shipping routes through the Strait of Hormuz.
The international oil benchmark Brent crude oil surged nearly 30 per cent within days, briefly trading just below $120 per barrel, its highest level since the energy crisis of 2022.
At the same time, the US benchmark West Texas Intermediate crude oil recorded its largest weekly gain on record as traders feared a prolonged disruption to global energy supplies.
The Strait of Hormuz. which carries around one-fifth of the world’s oil exports, has effectively been closed to normal commercial shipping following Iranian threats to target vessels using the route.
Energy traders warn that continued disruption could lead to sustained shortages of oil and gas in global markets.
While rising oil prices pose a global inflation risk, the UK economy is considered especially vulnerable because of its heavy reliance on imported natural gas to heat homes and power electricity generation.
Wholesale gas prices in Britain have already surged in response to the conflict, raising concerns that household energy bills could spike again later this year.
Industry analysts have warned that the UK energy price cap could increase by as much as £500 during the summer if current wholesale gas prices persist.
Higher energy costs would likely feed through into transport, food production and manufacturing supply chains, pushing overall inflation significantly higher.
Economists at Deutsche Bank forecast that UK inflation could approach 4 per cent by the end of 2026, double the Bank of England’s official 2 per cent target if the conflict continues to disrupt energy markets.
The sudden change in expectations has triggered heavy turbulence in UK government bond markets.
The yield on the benchmark ten-year gilt, a key measure of government borrowing costs, has jumped by around 0.4 percentage points in a week to 4.74 per cent, marking the sharpest increase among major developed economies.
Bond yields rise when investors sell government debt, signalling expectations of higher inflation or tighter monetary policy.
Analysts said the move represented the most intense sell-off in UK bonds since the financial turmoil triggered by the 2022 “mini-budget” announced by former Prime Minister Liz Truss.
Short-term borrowing costs have risen even faster. The yield on two-year gilts, which are particularly sensitive to interest rate expectations, surged by as much as 0.25 percentage points in a single trading session.
The rapid repricing of financial markets reflects the view that central banks may now have to maintain tighter monetary policy for longer in order to contain inflationary pressures.
Dario Perkins, head of global macro at the economic consultancy TS Lombard, said the oil shock had fundamentally altered the outlook for interest rates.
“Inflation is already overshooting targets and, in policymakers’ minds, that makes expectations more fragile,” he said. “For now, all rate cuts have been postponed.”
The shift is not limited to the UK. Investors are also beginning to price in the possibility that the European Central Bank could raise interest rates later this year, reflecting the eurozone’s heavy reliance on imported energy.
Major central banks around the world are now reassessing the economic impact of the Middle East conflict.
Next week both the ECB and the Federal Reserve will announce their latest interest rate decisions.
Speeches from ECB president Christine Lagarde and Federal Reserve chair Jerome Powell are expected to focus heavily on how the oil shock may influence inflation, economic growth and interest rate policy.
The United States is somewhat more insulated from global energy price shocks because of its large domestic shale oil industry, although petrol prices have already climbed to their highest levels since mid-2024.
The shift in expectations has already begun feeding through into the UK housing market, where lenders are adjusting mortgage pricing in anticipation of higher borrowing costs.
Banks and building societies base mortgage rates on financial market expectations of future interest rate movements, particularly through swap markets.
Several major lenders have already begun raising rates on new home loans.
Nationwide Building Society increased some mortgage products by 0.25 percentage points last week, while HSBC and Coventry Building Society confirmed that similar increases would follow.
Higher mortgage rates could slow activity in the housing market just as it had begun recovering from the turbulence caused by rising borrowing costs in recent years.
The potential impact of sustained energy price increases extends far beyond monetary policy.
Economists warn that higher fuel costs could also drive up food prices, particularly if fertiliser supplies are disrupted by the closure of shipping routes in the Persian Gulf.
If oil and gas prices remain elevated for an extended period, the resulting inflationary pressures could force central banks to maintain tighter financial conditions even as economic growth weakens.
For policymakers at the Bank of England, the challenge is increasingly clear: balancing the need to control inflation while avoiding further damage to an already fragile economy.
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Bank of England may raise interest rates as oil shock from Middle East war drives inflation fears

Oil prices surged to their highest levels in nearly three years as escalating conflict in the Middle East disrupted energy supplies and triggered fears of a major global shock to oil markets.
The global benchmark Brent crude oil briefly climbed to $119.50 a barrel in overnight trading, the first time prices have approached $120 since 2022, before easing back to around $107 after reports that the Group of Seven could release strategic oil reserves to stabilise markets.
The sharp spike came as shipping through the Strait of Hormuz, one of the world’s most important energy corridors, ground to a near halt following escalating military tensions involving Iran, the United States and Israel.
The Strait of Hormuz, a narrow waterway linking the Persian Gulf with the Gulf of Oman, normally carries around 20% of the world’s oil exports. The latest conflict has seen tanker traffic collapse as insurers, shipping companies and crews refuse to risk the route.
According to data from shipping tracker MarineTraffic, only nine commercial vessels passed through the strait last week, compared with a typical daily average of about 50 before hostilities intensified.
Iran’s Islamic Revolutionary Guard Corps has warned that any vessels attempting to pass through the waterway could be targeted, threatening to “set ablaze” ships using the route.
The disruption has forced energy traders and governments to confront the possibility of one of the largest supply shocks since the 1970s oil crises.
Brent crude has already risen more than 50% since the start of 2026, when prices were hovering around $61 a barrel.
The surge accelerated dramatically after several Gulf producers, including Qatar, United Arab Emirates, Kuwait and Iraq, cut production amid the growing conflict.
Analysts at Goldman Sachs warned that prices could climb even higher if tanker flows do not recover quickly.
The bank said Brent crude could surpass the $146 peak reached during the 2008 oil crisis if the strait remains closed for an extended period.
“Our analysis suggests that developments in the Persian Gulf represent one of the most severe disruptions to global energy supply in decades,” Goldman said in a note to investors.
The crisis has already severely impacted production in Iraq, one of the largest oil exporters in the region.
Output from Iraq’s main southern oilfields has reportedly dropped by 70% to about 1.3 million barrels per day, compared with roughly 4.3 million barrels per day before the conflict escalated.
Officials from the state-run Basra Oil Company said exports had effectively stalled because tankers were unable to reach the country’s main terminals.
Storage facilities in southern Iraq have reportedly reached full capacity as crude continues to be pumped but cannot be shipped.
“This is the most serious operational threat Iraq has faced in more than 20 years,” a senior official from the Iraqi oil ministry told Reuters.
Economists warn the energy shock could ripple across the global economy if prices remain elevated.
Analysts at JPMorgan Chase estimate that oil prices stabilising around $120 per barrel could add more than one percentage point to global inflation and reduce economic growth by up to 1.2 percentage points.
The surge has already pushed investors toward safe-haven assets, strengthening the US dollar and triggering volatility in equity markets.
Asian stock markets suffered steep declines earlier in the week as investors reacted to the possibility of prolonged disruption to energy flows.
Industry data suggests hundreds of oil tankers are effectively stranded around the Persian Gulf region as shipowners adopt a “wait-and-see” approach.
Goldman Sachs analysts said many shipping companies were unwilling to risk sending vessels through the Strait of Hormuz while the security situation remains uncertain.
“Most shippers are currently in a wait-and-see mode while physical risks in the strait remain elevated,” the bank said.
The disruption is already significantly larger than the shock caused by Russia’s invasion of Ukraine in 2022, according to early trade flow analysis.
G7 considers emergency oil release
To prevent the crisis spiralling further, finance ministers from the G7 are expected to meet to discuss releasing crude oil from emergency strategic reserves.
Such coordinated releases have previously been used to stabilise markets during supply shocks, including during the early months of the Ukraine war.
However, analysts warn that emergency stockpiles may only provide temporary relief if the shipping disruption continues.
The surge in energy prices has also complicated the outlook for global monetary policy.
Traders have sharply scaled back expectations of interest rate cuts from major central banks, fearing the energy shock could trigger a fresh wave of inflation.
Economists at Deutsche Bank warned that if oil prices remain elevated the Bank of England may cut interest rates only once in 2026.
Chief UK economist Sanjay Raja said inflation in Britain could rise as high as 3.8% if energy costs remain elevated.
In that scenario, he suggested the UK government could be forced to consider fuel duty reductions to offset rising household energy and transport costs.
Some economists believe the crisis could rival some of the most significant oil disruptions in modern history.
Nobel Prize-winning economist Paul Krugman said the situation could potentially exceed previous shocks linked to the 1973 Yom Kippur War and the 1979 Iranian revolution.
“The disruption of world oil supplies caused by the war in Iran looks extremely serious,” Krugman wrote.
“If the Strait of Hormuz remains closed for an extended period, this will be a worse disruption than either of those historic energy crises.”
For now, global markets remain focused on whether tanker traffic can resume through the strait, a development that could quickly bring oil prices down, or whether the conflict will deepen into a prolonged geopolitical and economic shock.
Read more:
Strait of Hormuz crisis sends oil price close to $120 as Middle East conflict rattles markets

The UK government is preparing to commit more than £1 billion in taxpayer-funded infrastructure support for a major new theme park development in Bedfordshire, as part of efforts to secure the first European resort from entertainment giant Comcast.
The investment package, which will primarily fund transport upgrades and surrounding infrastructure, is significantly larger than the £500 million previously expected to be allocated to the project. The funding forms part of wider preparations for the construction of Universal Studios Bedford, a multibillion-pound attraction planned for a 500-acre site on former brickworks land.
The development will be operated by Universal Destinations & Experiences and is expected to become Europe’s largest theme park when it opens.
The project represents one of the most ambitious tourism investments in the UK for decades. The government sees the resort as a catalyst for economic growth, regional regeneration and international tourism.
According to estimates from Comcast, the new park could deliver as much as £50 billion in economic benefits to the UK over its lifetime. The attraction is expected to draw millions of visitors annually once operational.
Prime Minister Keir Starmer has previously hailed the project as a landmark investment in Britain’s visitor economy. The decision by Comcast to locate the park in Bedfordshire rather than mainland Europe was widely seen as a significant political and economic win for the government.
The company, which also owns broadcasters Sky and NBC, reported pre-tax income of $25.7 billion on revenues of $123.7 billion last year.
The majority of the government’s financial contribution will be directed toward improving the infrastructure surrounding the resort rather than funding the park itself.
Transport projects expected to benefit from the investment include upgrades to Wixams railway station, as well as major road improvements including new direct slip roads connecting the development to the A421.
Officials argue that these improvements will deliver broader benefits for the region, supporting housing development, commuter transport and wider economic activity beyond the theme park.
Sources involved in discussions say the payback period for taxpayer investment is expected to be relatively short compared with other large infrastructure schemes, potentially measured in years rather than decades due to the projected surge in tourism and local spending.
Planning permission for the project has already been accelerated through the use of a special development order granted by the government in December.
This mechanism was designed to reduce delays and ensure construction can begin quickly, with the resort scheduled to open in 2031.
The development will cover approximately 500 acres and is expected to include rides, themed attractions, hotels, entertainment venues and retail facilities.
Officials believe the park could become one of Europe’s most significant tourism destinations, competing with major resorts in France and Spain.
The scale of the development means it is expected to create significant employment opportunities.
Construction of the park is forecast to support around 20,000 jobs during the building phase. Once the attraction opens, approximately 8,000 permanent roles are expected to be created.
Developers estimate that roughly 80 per cent of those jobs will be filled by workers from the surrounding region, bringing a major employment boost to Bedfordshire and neighbouring counties.
The development is also expected to stimulate further economic activity across hospitality, retail, transport and tourism sectors.
The theme park is already influencing other infrastructure plans in the region.
Nearby London Luton Airport received planning approval for expansion last year, with documentation referencing the expected growth in visitor numbers associated with the new resort.
Local authorities and developers are also exploring additional housing and commercial developments around the site in anticipation of increased economic activity.
Early concerns about water supply and environmental impact have also been addressed as part of the project’s planning process.
Utility company Anglian Water raised questions about whether existing infrastructure could cope with the demands of a major theme park.
In response, developers confirmed that a new water treatment facility would be built to improve resilience across the regional network.
The facility will be designed and constructed by Veolia and will significantly reduce the volume of water used by the resort while minimising wastewater discharge into the local system.
Project leaders say the system will also help ensure the surrounding region’s infrastructure is protected from additional pressure generated by the attraction.
Universal Destinations & Experiences said the development would deliver long-term benefits for the UK economy and transform the local area.
In a statement, the company said the project would attract millions of new visitors, create thousands of jobs and support regional regeneration.
“Projects of this scale require close partnership with national government and we continue to engage productively with them on next steps,” the company said.
A spokesperson for the Department for Culture, Media & Sport confirmed that discussions between the government and Comcast are continuing.
“Further details on government support for the Universal theme park and resort in Bedford will be set out in due course,” the department said.
If completed as planned, Universal Studios Bedford will become the largest theme park in Europe and one of the biggest entertainment developments ever built in the UK.
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UK taxpayer to fund more than £1bn of infrastructure for Universal’s Bedford theme park

John Lewis is preparing to enter a new era of retail by selling products through artificial intelligence platforms and social media, as the historic department store seeks to attract younger shoppers and modernise its business model.
The retailer has launched a multimillion-pound strategy centred on what it calls “AI-powered shopping”, enabling its products to appear in recommendations generated by chatbots such as ChatGPT and Google Gemini. The move forms part of a wider digital expansion designed to place the brand directly within the new tools consumers increasingly use to search for products and inspiration.
Alongside the push into AI platforms, the chain will also begin trialling sales through TikTok Shop, the fast-growing social commerce marketplace embedded within the TikTok app. Executives hope the initiative will help broaden the appeal of the 162-year-old retailer beyond its traditional customer base.
Under the new system, users interacting with AI chatbots will be able to receive recommendations for John Lewis products when searching for items such as clothing, homeware or gifts.
For example, a customer could ask a chatbot to suggest a spring outfit for a party within a certain budget, and the AI could recommend a shirt stocked by John Lewis if it fits the user’s criteria.
Over time, the retailer hopes shoppers will be able to complete purchases directly within the AI interface itself, as developers roll out embedded checkout features across conversational platforms.
The shift reflects growing evidence that artificial intelligence is becoming a starting point for online shopping journeys. Research from KPMG found that 30 per cent of consumers aged between 25 and 34 had already used chatbots to search for deals and product suggestions.
Retail analyst Jonathan De Mello said the development reflects broader changes in consumer behaviour.
“Retailers are embracing AI as a mechanism to reach a consumer that is relatively tech-savvy, especially the younger generation that uses it for almost everything,” he said. “It’s becoming part of how people explore and discover products.”
In parallel with the AI initiative, John Lewis will begin selling selected products through TikTok Shop. Initially, the offering will focus on beauty products and gift items, categories considered well suited to the social media platform’s influencer-driven shopping model.
Since launching in 2021, TikTok Shop has become a major force in UK e-commerce. During last year’s Black Friday event, the platform recorded sales of 27 products every second, demonstrating the speed at which social media retail has evolved.
Other major retailers have already begun experimenting with the format. Marks & Spencer and Sainsbury’s both introduced TikTok Shop sales for selected products last year, signalling growing confidence among established brands in the channel.
To enable its products to appear within AI chatbot recommendations, John Lewis has partnered with the commerce technology company Commercetools.
The platform translates the retailer’s product catalogue into formats compatible with AI search systems, allowing chatbots to recognise John Lewis as a merchant and incorporate its products into recommendations.
This process effectively ensures the retailer’s catalogue can be interpreted correctly by conversational AI tools and surfaced in relevant searches.
Dom McBrien said the strategy is intended to place the retailer directly within the new digital environments where customers are increasingly making purchasing decisions.
“These investments will mean that we are right there when customers are looking for ideas,” he said. “Being able to quickly and easily buy in a few clicks is a gamechanger.”
John Lewis is not alone in exploring AI-driven commerce. Sportswear retailer JD Sports has previously indicated plans to enable customers to make purchases directly through AI apps in the future.
Meanwhile, technology companies are actively building tools to integrate retail within conversational platforms. Earlier this year Google announced partnerships allowing purchases through its Gemini AI platform, while ChatGPT has already trialled instant checkout tools in the United States.
The rapid development of AI shopping tools has prompted discussion among legal experts and regulators about how recommendations, advertising disclosures and consumer protection rules will apply in conversational commerce.
The push into AI and social commerce comes as John Lewis attempts to revitalise its fortunes following several difficult years.
The retailer operates 36 department stores across the UK and first launched its online shop in 2001. Today, online transactions account for around 60 per cent of total sales.
Its parent company, John Lewis Partnership, also owns the supermarket chain Waitrose.
The partnership is currently undergoing a major turnaround led by chairman Jason Tarry, a former Tesco executive who took over leadership in 2024 following the departure of Sharon White.
Tarry has launched a wide-ranging programme aimed at restoring profitability, modernising operations and strengthening the brand’s competitiveness in a rapidly evolving retail landscape.
Later this week the John Lewis Partnership will publish its results for the 2025–26 financial year.
Speculation has been growing that the company may reinstate staff bonuses, which have not been paid since January 2022. At its peak, the annual bonus for employees, known internally as “partners”, reached as high as 15 per cent of salary.
The employee-owned structure means roughly 70,000 staff members share in the company’s profits when bonuses are declared.
Although the group is expected to miss its £200 million profit target, analysts believe management may still consider restoring the payment in order to boost morale following years of restructuring, store closures and cost-cutting.
For a brand synonymous with traditional British retail values, the shift toward AI-powered commerce represents a significant strategic pivot.
Executives believe that embedding the company within AI platforms and social commerce environments will ensure John Lewis remains visible as consumer habits evolve.
As conversational AI becomes a new gateway to online shopping, the retailer hopes its early investment will ensure it remains relevant in the next generation of digital retail.
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John Lewis to sell via ChatGPT and TikTok in youth push

Mike Ashley’s retail empire has added another high-profile investment to its portfolio after Frasers Group quietly built a near 6 per cent stake in the German sportswear brand Puma.
Regulatory filings on the German stock exchange revealed that the owner of Sports Direct, Flannels and House of Fraser now controls a 5.77 per cent holding in Puma. The disclosure triggered an immediate reaction in the market, sending Puma’s shares up almost 10 per cent as investors interpreted the move as a potential vote of confidence in the struggling brand.
The investment makes Frasers Group the second-largest shareholder in Puma, just weeks after the Chinese sportswear giant Anta Sports agreed to acquire a 29.1 per cent stake in the business for €1.5 billion from the French billionaire Pinault family.
Frasers’ position has reportedly been assembled through a series of put option agreements linked to Puma shares, a financial strategy that allows the group to build exposure to the company without immediately purchasing large blocks of stock in the open market.
The move highlights Frasers’ increasingly active role as a strategic investor in global fashion and retail brands. Founded by Mike Ashley in 1982, the group has built a reputation for taking minority stakes in companies and using its influence to push for operational or strategic changes.
Although Ashley stepped down from day-to-day leadership in 2022, the business is now run by his son-in-law, Michael Murray, who has continued the strategy of investing in key partners and competitors across the retail sector.
Puma is already a major supplier of trainers and sportswear to Sports Direct, Frasers’ flagship retail chain. Strengthening its shareholding could give the British retailer additional influence in the brand’s future strategy and product development.
The investment comes at a turbulent moment for Puma, which has struggled to keep pace with rivals such as Nike and Adidas.
The company issued several profit warnings last year and has been undergoing a restructuring programme aimed at restoring profitability and rebuilding its brand position in the global sportswear market.
Earlier this year, Puma reported a record annual loss of €645.5 million and declining sales, forcing the company to scrap its dividend and announce plans to cut around 900 jobs as part of its turnaround effort.
The restructuring is being led by the company’s new chief executive, Arthur Hoeld, who has signalled that the brand needs to fundamentally rethink its product strategy and global positioning.
Hoeld has acknowledged that demand for Puma footwear has weakened significantly in recent years and said the company must take a “hard look at ourselves” as it attempts to recover market share.
Like many consumer brands, Puma has also been hit by broader macroeconomic pressures. Slowing consumer demand in the United States, geopolitical uncertainty and trade tensions have all contributed to a challenging environment for global retail companies.
Tariffs introduced during the presidency of Donald Trump have added additional costs to international supply chains, while weakening consumer confidence has weighed on discretionary spending.
Despite these pressures, Puma’s share price has begun to recover after falling to a near ten-year low of around €15 late last year. The stock recently closed at €22.62, helped by renewed investor interest following the Anta investment and Frasers’ latest move.
Frasers’ stake in Puma is the latest example of the group’s aggressive investment strategy across the retail and fashion sector.
In recent years the company has accumulated significant stakes in several major brands and retailers, including Hugo Boss, where it holds roughly a 25 per cent stake, Asos, Boohoo Group and Mulberry.
The group has frequently used these stakes to exert pressure on management teams and influence strategic decisions.
A long-running dispute with Boohoo, for example, saw Frasers attempt to install Mike Ashley as chief executive and block the company’s efforts to rebrand its holding entity as Debenhams.
Similarly, Frasers has recently increased its position in Asos and voted against all board resolutions at the online retailer’s annual general meeting, signalling dissatisfaction with its performance and strategy.
The new investment by Frasers comes shortly after Anta Sports’ landmark purchase of a 29.1 per cent stake in Puma from the Pinault family, which had been the sportswear company’s largest shareholder for many years.
Anta said the deal was part of its broader strategy to expand its portfolio of international brands and strengthen its position in the global sportswear market.
The company described the acquisition as a “major step forward in our single-focus, multi-brand globalisation strategy”, although it said it had no immediate plans to launch a full takeover bid for Puma.
Founded in 1991, Anta has grown rapidly into one of the world’s largest sportswear groups and already owns several global brands, including outdoor apparel company Jack Wolfskin.
With Anta and Frasers now holding significant stakes, analysts expect the ownership structure of Puma to come under increasing scrutiny.
The presence of two powerful strategic shareholders could reshape the company’s direction, particularly if they push for changes to product development, distribution strategies or management structures.
For Frasers, the investment reinforces its broader strategy of building influence across the global retail ecosystem, strengthening relationships with key brands while positioning itself to benefit from any recovery in the sportswear market.
Whether the stake leads to deeper collaboration with Puma or more active shareholder involvement remains to be seen, but the move signals that Mike Ashley’s retail empire is continuing to expand its influence well beyond Britain’s high street.
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Frasers Group builds 6% stake in struggling Puma