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Money blog: Gold nears record high and oil prices soar as uncertainty grips markets

Welcome to the Money blog, Sky News' consumer and personal finance hub. Today: oil prices hit a two-month high after Israel attacked Iran and a Which? investigation raises concerns over "dodgy" TV deals . And sign up to our new Money newsletter below.

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What you need to know from this week

By Jess Sharp, Money live reporter 

Nine million pensioners found out they were going to be better off this year after the government confirmed who will get the winter fuel payment.

Those of state pension age with a taxable income of 拢35,000 or less will get up to 拢300 after a major government U-turn on a widely unpopular cut to the benefit for millions last year. 

It was one of the measures confirmed in the government's spending review, which sets out departmental budgets. 

That might sound a long way from your own budgeting, but it could have a direct impact on your finances - especially if the chancellor has to increase taxes to keep up with her spending. 

We had a look at what tax changes could be made here - while our political editor Beth Rigby explained why she's keeping a close eye on council tax... 

Conflict in the Middle East may also feel far away from affecting your wallet, but an Israeli attack on Iran sent oil prices soaring to a two-month high today. 

If they stay that way, drivers could see prices rising at the petrol pump within days. 

More expensive oil can also affect the cost of many goods, and push up overall inflation, meaning fewer interest rate cuts and more expensive borrowing for longer.

It's always important to look on the bright side, though, and this week we gave you this tip on how to save money when booking a hotel. 

Turns out you can save as much as 拢50 if you use your phone instead of your laptop...

It might help you save even more money if you're hoping to visit one of the cheapest cities for 5-star stays...

And if you're doing your food shop this weekend, it's worth knowing we blind-tested 14 ketchups and a 拢1 sauce won - beating Heinz to second place...

We'll be back with our regular live coverage on Monday, but tomorrow you can check out our Long Read. 

Imagine owning your own home only to find yourself subject to regular costs, strict rules and extra fees when you try to sell. We take a look at the risks of living on a freehold estate. 

And don't forget to sign up to our Money newsletter in time for next Friday's edition. 

Tesla rival launches its cheapest model in the UK

A Chinese company has launched its cheapest electric car in the UK as it looks to capitalise on falling Tesla sales. 

BYD's Dolphin Surf will start at 拢18,650, much less than any of the Tesla models available, which start at around 拢40,000.

With that price tag, the Dolphin Surf is among the cheapest new cars on sale in Britain. 

Registrations for new Teslas in Europe halved in April after the company was hit by a backlash over owner Elon Musk's role in Donald Trump's administration. 

The falling sales helped BVD register more electric cars than Tesla in Europe for the first time. 

Israeli strikes propel gold to near record high

By Sarah Taaffe-Maguire, business and economics reporter

As markets opened across the world today, company values have fallen and oil and gold prices have risen.

It shows the concern among investors as they sell stocks and buy traditional "safe haven" assets after Israel's strikes on Iran and Iran's talk of retaliation.

Gold neared its record high, reached in the April market turmoil that followed Donald Trump's tariffs announcements.

Meanwhile, major US stock indexes followed the downwards trend as they opened this afternoon: the tech-company-heavy NASDAQ dropped nearly 1%, the Dow Jones Industrial Average (DJIA) index of 30 major companies listed on US exchanges fell 1.4%, and the S&P 500 index of companies relied on to be stable and profitable lost nearly 1%.

After hundreds were killed in the deadly Air India crash, the maker of the plane, Boeing, saw a near 4% drop in its share price, the second day of falls.

Plane engine maker General Electric (GE) Aerospace also saw its share value drop 2.5%.

Our cost of living specialist Megan Harwood-Baynes recently looked at why gold prices mean you should take a look at your insurance - you can read her piece below. 

Tesco steps in to help M&S with Marmite and Coca-Cola after cyberattack

Tesco sent extra supplies to Marks and Spencer and Co-op after they were hit by major cyberattacks. 

The boss of Britain's biggest supermarket said Tesco's wholesale arm Booker stepped in to help the retailers source products while their supply system was down. 

"Over the period when they've been impacted, Booker has supplied both M&S and Co-op with products and supported them in any way they could," Ken Murphy was quoted as saying in The Times. 

"They asked us to supply products and we said yes."

Branded items such as Marmite and Coca-Cola were among the products shipped to M&S stores, according to reports. 

The main Co-op Group did not ask for help for its supermarkets but some of its independent stores used Booker, The Times said.

Money has contacted Tesco for comment. 

Major UK retailers 'duping' customers with TV discounts

Major UK retailers are potentially misleading customers by exaggerating TV discounts, a consumer watchdog has found.

Very and Currys were offering deals claiming to be worth hundreds of pounds, but Which? discovered the savings might be significantly less. 

In more than half of cases, it found the pre-discount price advertised was not the most recent charged before the promotion applied, creating the illusion of bigger discounts. 

Very was the worst retailer in the investigation, with around nine in 10 TV deals checked using "was" prices that were not the most recent.

One LG 65-inch 4K smart TV had a "was" price of 拢2,499 and a "now" price of 拢1,499, despite 拢2,499 not being charged in five months and the TV being sold at seven lower prices since then.

Currys used old "was" prices in three quarters of TV offers Which? looked at.

It was selling an LG 55-inch 4K Smart TV with a "was" price of 拢1,899 and a "now" price of 拢1,199, but the higher price had not been used since June 2024 and the TV had been sold at five cheaper prices in the intervening months.

The best performer was Argos, with all but one of the "was" prices charged immediately before the promotion.

The Very Group said: "We understand how important promotions are to our customers. 

"We are always looking to find new ways to improve how we do this so our customers can shop with confidence."

A Currys spokesperson said: "We have raised these findings with our internal teams and will continue to work to ensure our reference (was/now) pricing is robust and accurate.

"We'd also encourage our customers to make the most of our price promise, meaning if they find the same item at a lower price elsewhere within 7 days of purchase, we will refund the difference."

The FTSE 100's biggest winners and losers

By Sarah Taaffe-Maguire, business and economics reporter

The biggest market move has happened in the oil price, which had the most dramatic intra-day move in more than three years after Israel launched strikes against Iran, which vowed to retaliate.

But the effects are moving other areas of the market too.

Stocks closed down in Asia, and fell across Europe at the open. The Europe-wide stock market index, the Stoxx 600, has dropped 0.8% today.

The UK's benchmark stock index - the FTSE 100 composite of the most valuable companies on the London Stock Exchange - is down nearly 0.5%.

Dropping a sharper 1.15% is the FTSE 250 index, comprising businesses based in the UK.

The FTSE 100's biggest loser is the British Airways and Aer Lingus owner International Consolidated Airlines Group (IAG) as the airspace closed over Iran and Israel, and the airline industry came into focus after the Air India crash.

Not every company has been hit. Fossil fuel producers are benefiting from the elevated oil price. BP, Shell and British Gas owner Centrica were among the biggest risers of the FTSE 100. 

Regulator warns consumers against using claims firms as car finance compensation decision looms

Over the past few months we've featured reports of a brewing potential car finance scandal, in which thousands of drivers may have been unwittingly put on higher interest rates so dealers or brokers could earn more commission.

The Financial Conduct Authority is undertaking a review of the matter for a potential compensation scheme, and the Supreme Court is considering a related case that could open the door to more claims.

Ahead of the court's decision, the FCA has warned consumers against signing up with claims management companies or law firms.

You may have seen adverts for claims firms, some promising to help secure people money should a compensation scheme take place.

But the FCA says any scheme would be made "easy for consumers to understand and participate in" on their own.

"Consumers should be aware that by signing up now with a CMC or law firm, they may end up paying for a service they do not need and having to pay up to 30% in fees out of any award they may receive."

A redress scheme is also not a certainty. After the Supreme Court judgment, the FCA must conclude consumers have suffered loss for which a court would grant relief and that a compensation scheme would be more desirable than other routes for redress.

The court's judgment is expected in July and the FCA is expected to make a decision within six weeks of it.

Dodgy adverts impersonating a famous dermatologist and pushing fake products found online

Dodgy adverts impersonating a famous dermatologist and promoting products that don't exist have been uncovered on social media. 

Three adverts for a bee venom cream that falsely claimed it was recommended by reputable medical bodies were among those found by consumer group Which?. 

Two of the ads were posted from Facebook accounts impersonating Dr Emma Craythorne, a well-known dermatologist with more than 150,000 social media followers, despite her not being associated with the product. 

The adverts claimed that the cream could cure skin tags and remove wrinkles in a week. 

Dr Craythorne said the ads were complete "nonsense". 

"These scams target the unwell and desperate, as well as those whose family members and friends are sick," she said. 

The snapshot Which? investigation on Facebook and Instagram in March also found an advert targeted at diabetics promoting a "world-first" non-invasive glucose-monitoring detox wristband - which is not a genuine product. 

It also found four adverts for weight-loss patches that claimed to burn fat by reducing inflammation as well as by curbing appetite. 

Weight-loss patches have not been proven safe or effective and buyers on Trustpilot complained of not receiving orders. 

There was also an advert promoting prostate treatment drops claiming to eliminate prostatitis -which should be treated with antibiotics. 

Meta, which owns Facebook and Instagram, have taken down the ads flagged by Which? 

How can you spot a fake ad? 

Lisa Webb, Which? consumer law expert, told Money that the safest thing to do was to "assume that an ad is fraudulent" with social media "crawling" with fake promotions. 

"It's always best to keep your wits about you," she said.

If you want to check an ad is real, here are some steps to take: 

"Don't click on any links in ads you see  - instead you can hover over the URL to check if it matches the company's website to ensure you aren't being taken to a different site," Webb said. 

"If you think an ad looks suspicious, you can use a reverse image search like Google Image Search or Tineye to copy the image in the ad and see if it has been used elsewhere. 

"You can also check if the product or medicine being advertised is registered with the Medicines and Healthcare products Regulatory Agency by visiting their official website.

"If you spot anything which you think is suspicious, report it to the social media platform to be investigated." 

Oil price surges to two-month high after Israel attacks Iran

By Sarah Taaffe-Maguire, business and economics reporter

Oil prices have risen after Israel struck Iran in the early hours of this morning. 

A hit to an oil-producing state in an oil-producing region spook oil markets and spark fears of potential broader or continued conflict.

A barrel of Brent crude oil - the benchmark - has risen more than 7.5% and now costs $74.84 - a high not seen since Trump's so-called liberation day tariff announcement more than two months ago.

The rise is sharp, but could be worse. It's coming up from a year-long low over fears of recession in the US.

There are also no reports of attacks on oil supplies. The current price is still well below the average of $80 a barrel last year.

Iran produces about 3 million barrels of oil a day; if that were to end, other countries could likely pick up the slack. 

The country is the third-largest producer in the Organisation of the Petroleum Exporting Countries.

However, while some market reactions can feel nebulous, oil price rises can directly affect people within days. If the cost remains elevated, motorists will likely feel the rise at the pumps in about 10 days.

More expensive oil can affect the cost of many goods, and push up overall inflation, meaning fewer interest rate cuts and more expensive borrowing for longer.