Morning Briefing: Tuesday 26 May 2026
- US Central Command launched overnight strikes against Iranian Revolutionary Guard Corps mine-laying boats in the Strait of Hormuz and a surface-to-air missile site at Bandar Abbas, threatening the fragile ceasefire even as Iranian negotiators arrived in Doha for fresh talks. CENTCOM spokesperson Captain Tim Hawkins said American forces “conducted self-defense strikes in southern Iran today to protect our troops from threats posed by Iranian forces”. Targets “included missile launch sites and Iranian boats attempting to emplace mines”. Two IRGC vessels were eliminated. US officials said the strikes do not signal the collapse of the framework deal.
- Iranian Foreign Minister Abbas Araghchi, Parliament Speaker and chief negotiator Mohammad Baqer Qalibaf, and the central bank chief travelled to Doha overnight for fresh talks with Qatar’s prime minister and US counterparts on frozen financial assets and the wider deal. Secretary of State Marco Rubio said in Jaipur the Strait of Hormuz has to be open “one way or the other”. “There were some talks going on in Qatar today, so we’ll see if we can make progress. I think it’s a lot of talking back and forth going on about specific language in the initial document, so it’ll take a few days,” Rubio told reporters. President Donald Trump on Monday: “He’s either going to make a good deal or no deal.”
- The FTSE 100 opened up 0.8% at 10,546 this morning, playing catch-up after the Spring Bank Holiday as London investors absorbed Monday’s oil-price moves. Brent crude was at $98.21 a barrel, up 0.7% on Monday’s lows but down sharply from Friday’s $104.22 close. Sterling firmed to $1.3478 against the dollar, up from Friday’s $1.3441. Oil majors led the FTSE gains — BP up 2.7%, Shell up 2.0% — with Kingfisher, Sunbelt Rentals and Endeavour Mining also on the leaderboard. Bond markets are pricing in lower Bank of England rates as the imported-inflation pressure eases.
CENTCOM Strikes IRGC Mine-Laying Boats and Bandar Abbas SAM Site Overnight
US Central Command spokesperson Captain Tim Hawkins said American forces “conducted self-defense strikes in southern Iran today to protect our troops from threats posed by Iranian forces”. The targets “included missile launch sites and Ira…
Iran Delegation in Doha for Fresh Talks — Foreign Minister, Parliament Speaker, Central Bank Chief
Iran sent a senior negotiating delegation to Doha overnight that includes Foreign Minister Abbas Araghchi, Parliament Speaker and chief negotiator Mohammad Baqer Qalibaf, and the central bank chief, for fresh talks with Qatar’s prime minis…
Rubio in Jaipur — Hormuz Must Be Open “One Way Or The Other”
Secretary of State Marco Rubio told reporters in Jaipur, during a visit to India, that the Strait of Hormuz must be open “one way or the other” following the overnight strikes. “There were some talks going on in Qatar today, so we’ll see i…
Iran “Stalling” to Normalise Hormuz Control; “Deal or Force” Binary Holds
One of Iran’s primary negotiating objectives is to secure sovereignty over the Strait of Hormuz — an objective more important to Tehran than fee revenue from merchant vessels. Iran is likely stalling and delaying the negotiations process d…
Baghaei — “Large Portion” of Issues Resolved, Signing Still Not Imminent
Iranian Foreign Ministry spokesperson Esmail Baghaei said on Monday that conclusions have been reached on a large portion of issues, but “to say that this means the signing of an agreement is imminent — no one can make such a claim”. Bagha…
FTSE 100 Opens Up 0.8% Post-Bank-Holiday; Oil Majors Lead, Sterling at $1.3478
The FTSE 100 opened up 79 points at 10,546 by 08:12 BST, playing catch-up after the Spring Bank Holiday closure on Monday. Oil majors led the gains: BP rose 2.7% after reporting first-quarter profit that exceeded expectations on stronger o…
Carns Visits RFA Lyme Bay in Gibraltar — UK-France Mine-Clearing Operation Stands Ready
Armed Forces Minister Al Carns took a small group of reporters to visit the RFA Lyme Bay at Gibraltar yesterday as it prepares for a possible international operation, led by the United Kingdom and France, to secure the Strait of Hormuz. Th…
Streeting “Won’t Fight Burnham” if Makerfield Wins; Ten-Week Coronation Timetable Emerges
Wes Streeting is likely to abandon his bid for the Labour leadership and fall in behind Andy Burnham if the Greater Manchester mayor wins the Makerfield by-election, senior allies believe. Figures organising for the former health secretary…
Reeves Rearguard Holds — “Chancellor Question Almost as Important as PM”
Chancellor Rachel Reeves’s backbench-lobbying push continues this week. Reeves has told friends she would like to stay in the chancellorship even under a new prime minister, and her allies are urging MPs to back her if Sir Keir Starmer is…
Burnham Campaign Continues Through Bank Holiday Weekend; Kenyon Test Sharpens
Andy Burnham’s Makerfield campaign continued through the Spring Bank Holiday weekend, with the Greater Manchester mayor positioning himself as the change candidate against both Reform UK’s Robert Kenyon and the cabinet-supported Starmer le…