Evening Briefing: Tuesday 26 May 2026
- President Donald Trump and his entire Cabinet will meet at Camp David tomorrow to decide on the next phase of the Iran negotiations, a White House official said today. Secretary of State Marco Rubio said today that a deal with Iran remains within reach despite the overnight strikes by US Central Command on IRGC mine-laying boats and a surface-to-air missile site at Bandar Abbas. Rubio remained firm that the Strait of Hormuz must be opened. Iranian negotiators continued talks in Doha with Qatari mediators on frozen funds and the wider memorandum-of-understanding architecture.
- Oil prices rebounded sharply after the strikes, with Brent crude up 4% to $100.40 a barrel — clawing back about half of Monday’s near-10% plunge that had taken Brent below $100 for the first time in weeks. The FTSE 100 closed up 0.24% at 10,491.39 — a five-week high — but gains were limited by a 4% drop in BP after the oil major’s board removed Chairman Albert Manifold “with immediate effect” over “serious” concerns about “important governance standards, oversight and conduct”. Sterling firmed to $1.3489 against the dollar.
- The proposed framework now under negotiation in Doha contains 14 points and would deliver an immediate end to the war and the US naval blockade of the Strait of Hormuz, in exchange for Iran taking measures to ensure safe transit. Iran would clear mines from the strait within a 30-day window. During a subsequent 60-day period, Iran would be free to sell oil under US sanctions waivers, and detailed nuclear-programme talks would begin. Iranian officials continue to insist nuclear discussions only follow US delivery of its commitments — the central US-Iran sequencing dispute.
Trump Cabinet to Meet at Camp David Wednesday; Rubio — Deal “Still Possible”
President Donald Trump and his entire Cabinet will meet at Camp David tomorrow, a White House official said today, with the Iran negotiations the central agenda item. Secretary of State Marco Rubio said today that a deal with Iran remained…
Brent Rebounds 4% to $100; BP Chairman Manifold Removed Over Governance Concerns
Brent crude futures rose 4% to $100.40 a barrel as US strikes on Iran deflated hopes of an imminent deal, clawing back about half of Monday’s near-10% drop. West Texas Intermediate fell 2% to $94.19 a barrel compared with Friday’s settleme…
Doha Talks Continue — 14-Point MoU, 30-Day Hormuz Window, Frozen Funds in Play
Iranian Foreign Minister Abbas Araghchi, Parliament Speaker and chief negotiator Mohammad Baqer Qalibaf, and central bank governor Abdolnaser Hemmati continued talks in Doha today with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman…
Iran Reframes Hormuz Fees as “Protection” and “Environmental” Charges
Iran continues to claim that it and Oman control the Strait of Hormuz as territorial waters, with Iranian officials attempting to reframe transit tolls as “protection fees” and “environmental fees” to give the protection racket the veneer…
Rezaei Warning — Renewed War Would Begin at Strait, Extend Through Bab el Mandeb
Supreme Leader Mojtaba Khamenei’s military adviser and former IRGC Commander Major General Mohsen Rezaei said yesterday the situation is in a “complete stalemate”, warning that any renewed war would begin at the Strait of Hormuz and extend…
FTSE 100 Closes at Five-Week High; BP Chairman Removed Limits Gains
The FTSE 100 closed up 0.24% at 10,491.39 on Tuesday, its highest level since 21 April, gaining 2.9% in the six trading sessions since 15 May. The FTSE 250 ended up 0.7% at 23,327.49; the AIM all-share rose 1.5%. Oil majors led early gains…
BP Removes Chairman Albert Manifold Over “Serious” Governance Concerns
BP’s board removed Chairman Albert Manifold with immediate effect today after “serious” concerns were raised about “important governance standards, oversight and conduct”, the company said in a statement. The unexpected exit drove BP share…
Streeting “Coronation” Talk Hardens — Ten-Week Timetable, Bargaining Begins
Senior allies of Wes Streeting say he is likely to abandon his Labour leadership bid and fall in behind Andy Burnham if the Greater Manchester mayor wins the Makerfield by-election. Figures organising for the former health secretary said t…
Reeves Rearguard Holds — Bond Markets “Biggest Fear Is Miliband”
Chancellor Rachel Reeves’s backbench-lobbying push continues today. Friends of Reeves believe there is a world in which she survives the transition to a Burnham premiership precisely because it would reassure the markets. One Labour MP clo…
Burnham Makerfield Campaign — 23 Days to Go in “David versus Goliath” Contest
Andy Burnham’s Makerfield by-election campaign has 23 days until polling day on 18 June. The Greater Manchester mayor faces Reform UK’s Robert Kenyon — the local plumber and army reservist who came within 5,399 votes of Josh Simons in 2024…