Evening Briefing: Wednesday 27 May 2026
- President Donald Trump chaired a full Cabinet meeting at the White House this afternoon — relocated from Camp David due to bad weather — and said his administration is “not satisfied” with the terms Iran has offered to end the war. “They just want to make a deal. I don’t think they have a choice. Their economy is in free fall,” Trump said. “Their money has no value, their whole economic system has broken down.” Brent crude fell 3.6% to $96.61 a barrel; the FTSE 100 closed up 0.13% at 10,505 as oil-deal optimism offset BP (-2.7%) and Shell (-2.3%) declines.
- Ukrainian forces launched a major overnight strike package on three Russian military aviation targets: the Voronezh Baltimor airbase, the Taganrog 325 Aircraft Repair Plant in Rostov Oblast, and the Black Sea Fleet Air Force headquarters in occupied Sevastopol — using British-French Storm Shadow cruise missiles in at least some of the attacks. A seven-hour air raid alert sounded across occupied Sevastopol. At 05:50 a missile hit the Black Sea Fleet Air Force HQ on Hohol Street, which was “badly burned” with no intact windows. Ukrainian middle-range drones have forced Russia to close the M-14 highway, its main route from Rostov-on-Don to occupied Crimea, to civilian traffic.
- UK energy price cap will rise 13% from July to a two-year high — an increase of £221 per year per household. Ofgem warned elevated energy prices are likely to persist through winter. The price-cap announcement sits awkwardly against the Iran-driven oil price fall and the gilt-yield rally: the UK 10-year yield is down 4 basis points today and 34 basis points off the 13 May 5.17% peak, helped by softer fiscal-rule tone from Andy Burnham and a Tony Blair intervention warning Labour against a “lurch to the left”. Sterling traded at $1.3429.
Trump Cabinet Meeting — Administration “Not Satisfied” With Iran Terms
President Donald Trump chaired a full Cabinet meeting at the White House this afternoon — relocated from Camp David due to bad weather forecast — and said his administration is “not satisfied” with the terms Iran has offered to end the war…
IRGC Says Return to War “Unlikely”; Iran Internet Restored After 88 Days
Iran’s Islamic Revolutionary Guards Corps said today that a return to war with the United States is unlikely, signalling Tehran is positioning for the framework deal’s adoption. Iran’s internet connectivity was simultaneously restored to a…
Ukraine Hits Three Russian Aviation Targets Overnight — Storm Shadow Missiles Used
Ukrainian forces launched a major overnight strike package on three Russian military aviation targets: the Voronezh Baltimor airbase, the Taganrog 325 Aircraft Repair Plant in Rostov Oblast, and the Black Sea Fleet Air Force headquarters i…
Russia Closes M-14 Highway to Crimea as Ukrainian Drones Hit Supply Trucks Daily
Russia has closed the M-14 highway, its main route from Rostov-on-Don to occupied Crimea, to civilian traffic. Ukrainian drones are hitting Russian supply trucks along the route at a near-daily clip. On 22 May, Vladimir Saldo, Russia’s ins…
Israel-Hamas Odeh Strike Follow-up; Gaza Civilian Toll Rises Under Ceasefire
Hebrew media outlets cited initial assessments indicating last night’s strike on new Hamas military chief Mohammed Odeh in Rimal in western Gaza City was successful. Three people were killed and 20 wounded. There has been no immediate Hama…
FTSE 100 Closes +0.13% at 10,505 as Iran Optimism Eases Oil; BP -2.7%, IAG +3.1%
The FTSE 100 closed up 13.62 points, 0.13%, at 10,505.01 on Wednesday. The FTSE 250 ended up 0.3% at 23,384.98; the AIM All-Share rose 0.1%. Oil prices eased markedly as investors eyed signs that the US and Iran were closing in on a deal t…
UK Energy Price Cap Rises 13% to Two-Year High — £221 Increase Per Household
The UK energy price cap is set to rise 13% from July to its highest level in more than two years, Ofgem said today — an increase of £221 per year per household. The regulator warned elevated energy prices are likely to persist through wint…
Tony Blair Warns Labour Against “Lurch to the Left”; Burnham Softens Fiscal-Rule Tone
Former Prime Minister Tony Blair warned the Labour Party against a “lurch to the left”, stating that a move to the left would not work electorally. Blair specifically warned against tax rises and supported cutting spending. The interventio…
Burnham Makerfield Campaign Continues; Streeting Coronation Framework Hardens
Andy Burnham’s Makerfield by-election campaign has 22 days to polling day on 18 June. The Greater Manchester mayor’s slogan is “Vote Andy — For Us”. He faces Reform UK’s Robert Kenyon, Liberal Democrat Jake Austin and Conservative Michael…
PMQs — Starmer Defends Record as Leadership Question Hangs Over Chamber
Sir Keir Starmer faced Conservative leader Kemi Badenoch at Prime Minister’s Questions this afternoon — the first parliamentary set-piece since the Spring Bank Holiday and the most operationally consequential PMQs of the leadership-questio…