UK inflation ‘to hit 18%’ as energy bills rocket; recession fears hit markets – as it happened

UK inflation is on course to rise over 18.6% — the highest peak in almost half a century — due to soaring wholesale gas prices, warns Citi Photograph: Danny Lawson/PA

3.42pm BST

Afternoon summary

Time to wrap up – here’s some of today’s main stories:

3.39pm BST

Russian court rules local Shell joint venture to move under Moscow control

Some late energy news from Russia, via Reuters:

A Russian court has ruled that Salym Petroleum Development (SPD), a joint venture between Shell and Gazprom Neft, should be transferred to Russian jurisdiction, Interfax news agency reported, citing the verdict.

Kommersant daily reported last week that Gazprom Neft was suing to have its Salym Petroleum Development joint venture with Shell be transferred to Russian jurisdiction, and for Shell’s shareholding rights to be suspended.

In March, Shell announced plans to end operations in Russia amid Western sanctions imposed over the conflict in Ukraine. The two companies each own 50% of the venture.