Morning Briefing: Friday 24 July 2026
- Petrol & Inflation: Oil is holding near $100 a barrel as the US–Iran war grinds on, keeping petrol close to 156p a litre and threatening to push inflation back above 3 per cent. The Bank of England sets interest rates on 30 July.
- Your Money: Retail sales rose 1 per cent in June as warm weather boosted spending — a rare bright spot — but UK borrowing costs hit a two-month high, with markets now betting on rate rises rather than cuts, which would lift mortgage costs.
- NHS & Heat: Resident doctors begin a five-day strike on Saturday, risking cancelled operations and appointments, while an amber heat alert covers much of England this weekend — check on elderly or vulnerable neighbours.
US Strikes Iran for a 13th Night as Trump Vows More Pain
American forces bombed Iran for a thirteenth consecutive night, US Central Command said, striking command centres, drone sites and coastal targets around Bandar Abbas and Khuzestan. Iranian authorities said at least four people were killed…
Oil Holds Near $100 as the Gulf War Grinds On
Brent crude held close to $100 a barrel on Friday, easing only slightly after surging past that level on Thursday for the first time since May, and remains up around 13 per cent on the week. The retreat was modest: prices stay elevated as…
Wildfires and Record Heat Grip Spain and France
Wildfires continued to rage across Spain and France on Friday as a punishing heatwave pushed temperatures towards 44C, with thousands evacuated. A blaze in Spain’s Guadalajara region, one of the country’s largest on record, has consumed so…
Kremlin Lays Ground for Mobilisation, War Institute Says
Russia is preparing the ground for a fresh wave of mobilisation and bracing for possible domestic unrest, the Institute for the Study of War has assessed, even as President Putin plays down a worsening fuel-shortage crisis. The Washington…
Israel Strikes Gaza After Fresh Displacement Orders
Israel bombarded parts of Gaza on Friday after issuing new displacement orders, killing at least two Palestinians, according to medical sources cited by Al Jazeera, in the latest strain on a US-brokered ceasefire in place since October. St…
Retail Sales Jump in June as the Warm Weather Lifts Spending
British retail sales rose by 1 per cent in June, official figures showed on Friday, comfortably beating forecasts as the second-warmest June on record drew shoppers out and summer promotions lifted demand. The Office for National Statistic…
Gilt Yields Hit a Two-Month High as Markets Bet on Rate Rises
British borrowing costs pushed higher again on Friday, with the ten-year gilt yield reaching around 5.1 per cent, a two-month high, as the oil-driven inflation scare prompted traders to bet on interest-rate rises rather than cuts. The reve…
Resident Doctors Poised to Strike as Last-Ditch Talks Continue
Tens of thousands of resident doctors in England are due to begin a five-day strike at 7am on Saturday, even as the British Medical Association and the Health Secretary, Wes Streeting, report “constructive” but unresolved talks. The govern…
Amber Heat Alert Covers Much of England This Weekend
An amber heat-health alert came into force across much of southern and central England on Friday morning and will run until Sunday, as a fresh heatwave builds. Issued by the UK Health Security Agency with the Met Office, the alert covers s…
Labour Narrows Reform’s Lead as Burnham Settles In
Labour has closed much of the gap on Reform UK since Andy Burnham became Prime Minister, polling suggests, though Reform still holds a narrow lead. A YouGov survey put Reform on 23 per cent, the Conservatives on 21 and Labour on 20 — the c…