FirstFT: Oil snaps back after ships hit
Also in today’s newsletter: private credit default rates and Paris mayoral elections
Economic news
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Supertankers rush to Red Sea port as Iran war chokes Gulf oil exports
Saudi pipeline allows ships to avoid perilous Strait of Hormuz but they must now brave notorious hotspot for Houthi attacks
EU’s six biggest economies push for single markets watchdog
Proposal by ‘E6’ countries, including Germany and France, aims to reinvigorate plans to unify bloc’s capital markets
Investment fund questions valuations in Blue Owl’s private credit portfolio
Glendon Capital Management says debts are marked higher than similar publicly traded securities
America risks financial credibility with payments deficit obsession
Imposing tariffs in response threatens to create a problem where none exists
BlackRock, L&G and UBS among 60 ESG funds holding BP despite pivot
FT analysis finds actively managed funds retained stakes even after the company backtracked on its oil and gas pledge