Morning Briefing: Wednesday 29 July 2026
- Petrol: The collapse of the US–Iran truce has pushed oil back above $85 a barrel, up around 4 per cent, threatening to reverse the recent fall in petrol and diesel prices. Watch the pumps if the fighting escalates.
- Mortgages: The Bank of England sets interest rates on Thursday and is expected to hold, but the oil spike revives the inflation risk — and two more lenders have raised mortgage rates. Borrowing costs are likely to stay high.
- Heat: The heatwave peaks today at around 35C under an amber alert. Expect possible rail disruption, take care in the heat, and check on elderly or vulnerable neighbours.
US-Iran Truce Collapses as Iran Fires Missiles at US Forces
The four-day pause in the war between the United States and Iran collapsed overnight, after Iran fired a salvo of ballistic missiles at American forces in the Middle East in what US Central Command called a “surprise attack”. The missiles…
Iran Rejects a Hormuz Deal and Oil Jumps
Iran rejected an Omani proposal to share control of the Strait of Hormuz equally, sending oil prices sharply higher as the truce unravelled. A deputy foreign minister said Tehran would manage shipping only on its own side of the vital wate…
Japan Earthquake Kills at Least 13
The death toll from the powerful earthquake that struck southern Japan has risen to at least thirteen, with about fifty people taken to hospital. The magnitude-7.1 quake, which hit Kumamoto prefecture on the island of Kyushu, brought down…
US Senate Advances Sanctions on Russia and Iran
The US Senate has advanced a sweeping sanctions bill targeting Russia and Iran, named for the late Senator Lindsey Graham, whose funeral was held in Washington on Tuesday. A procedural vote cleared the way for the measure, which has more t…
Russia and Ukraine Trade Heavy Overnight Strikes
Russia launched more than 130 drones at Ukraine overnight, cutting power across six regions, while Ukraine struck logistics and industrial sites deep inside Russia, according to the Institute for the Study of War. Ukrainian air defences do…
Burnham Opens Cross-Party Talks on Fixing Social Care
Andy Burnham has invited the Conservatives and Liberal Democrats to cross-party talks on reforming England’s ailing adult social-care system, casting it as a national problem that has defeated successive governments. Ministers pointedly de…
Bank of England to Decide as an Oil Spike Revives Inflation Fears
The Bank of England sets interest rates on Thursday against a suddenly murkier backdrop, after the collapse of the US–Iran truce sent oil prices spiking again and revived fears of stubborn inflation. Economists still expect the Bank to hol…
Inflation to Wipe £24bn Off Public Spending, Think-Tank Warns
Persistently high inflation will erode the real value of the government’s planned public spending by around £24bn, a leading think-tank has warned, tightening the squeeze on Andy Burnham’s government as it weighs costly commitments on welf…
Heatwave Peaks at 35C as Wildfire Warnings Spread
Britain’s fourth heatwave of the summer peaks on Wednesday at around 35C, with amber heat-health alerts in force across much of England. Fire chiefs warned that the wildfire risk was now “severe” after more than 200 wildfire incidents in t…
Labour Catches Reform in the Polls, Surveys Suggest
Labour has caught up with Reform UK in the opinion polls for the first time in months, surveys suggest, in a shift being credited to Andy Burnham’s arrival in Downing Street. The change — dubbed a “Burnham bounce” — has narrowed or erased…