Morning Briefing: Saturday 25 July 2026
- Petrol & Energy: Oil eased back below $100 a barrel on Friday, with Brent around $96, relieving the immediate pump-price scare — but the war-risk premium could return quickly if shipping through the Strait of Hormuz is hit again.
- Interest Rates: The Bank of England sets rates on Thursday. A hold at 3.75 per cent is widely expected, though the oil spike has led markets to price in two rate rises by March 2027, which would bear on mortgages and savings.
- Water Bills: Thames Water, which serves around 16 million customers, has asked the regulator for another increase in household charges — a fresh squeeze as ministers weigh the future of the debt-laden sector.
Trump Rules Out Iran Deal ‘For Now’ as Strikes Continue
President Trump dampened hopes of an early truce with Iran overnight, telling the White House Correspondents’ dinner “I don’t think it’s time yet” for a deal, though he was “willing to listen”. His remarks came as US Central Command comple…
US Fires on Tanker Running Iran’s Hormuz Blockade
American forces disabled a tanker in the Gulf after its crew repeatedly tried to breach Iran’s blockade of a port, US Central Command said. “We disabled the tanker after the crew attempted to run the blockade at least four times prior,” sa…
Wildfires Force 166,000 to Flee Across France and Spain
More than 166,000 people have been evacuated across France and Spain as wildfires rage near Bordeaux and Madrid, with Spain declaring a national emergency and President Macron ordering the army to help contain what officials called the wor…
Russia and Ukraine Trade Strikes as Blackout Hits Chernihiv
A Russian attack on an energy facility around the northern Ukrainian city of Chernihiv cut power to about 150,000 people, as the two sides pressed a relentless exchange of long-range strikes. It followed a rare daytime Russian ballistic st…
West Bank Settler Rampages Follow Deadly Nablus Clashes
Israeli settlers rampaged through villages across the occupied West Bank on Friday and into Saturday, according to reports, hours after four Palestinians and two Israeli soldiers were killed in a gun battle near Nablus that prompted a wide…
Trump Cheers Burnham’s North Sea Drilling Amid Green Backlash
President Trump has seized on reports that Andy Burnham may fast-track North Sea oil and gas, declaring that people in Aberdeen were “dancing in the streets” and that drilling would turn Britain “from a Poverty Stricken Disaster, to one of…
‘Burnham Bounce’ Narrows Reform’s Lead in the Polls
Labour has closed much of the gap on Reform UK since Andy Burnham entered Downing Street, according to a run of recent surveys. Survation’s final poll under Sir Keir Starmer put the two parties level on 24 per cent each, Labour’s largest s…
Bank of England Set to Hold Rates on Thursday
The Bank of England is widely expected to leave interest rates at 3.75 per cent when the Monetary Policy Committee reports on Thursday, with markets putting the probability of no change at around 86 per cent. The decision comes after a bru…
Thames Water Seeks Fresh Bill Rise as Burnham Vows Reform
Thames Water has applied to the regulator, Ofwat, to raise household charges again, presenting an early dilemma for a prime minister who has promised to ease the cost of living and overhaul the water sector. Britain’s largest water company…
Small-Boat Arrivals Remain Burnham’s Toughest Political Test
Immigration remains the sharpest challenge facing the new government, and the issue on which Reform UK has built its lead. Around 36,000 people arrived by small boat in the year to the end of May, about 13 per cent fewer than a year earlie…