Evening Briefing: Friday 31 July 2026
- Petrol: Oil steadied around $87 a barrel — off its recent near-$90 peak but still high — as Iran kept the Strait of Hormuz effectively shut. Pump prices are unlikely to fall much soon.
- Mortgages: UK government borrowing costs rose again, with the 10-year gilt yield back above 5 per cent, a day after the Bank of England held rates. Fixed mortgage rates are likely to stay high.
- Savings: The FTSE 100 capped its strongest month since February, a lift for many pensions and ISAs, though gold and bonds slipped as investors took on more risk.
Gaza Disarmament Deal Falters as Israel Refuses to Withdraw
The disarmament deal President Trump announced for Gaza began to unravel within hours on Friday, as Israel refused to pull back its forces and Hamas set fresh conditions. Israeli officials said troops would not withdraw until Hamas “really…
Thousands Breach Spain's Ceuta Border in Mass Crossing
Tens of thousands of people surged across the border into Spain’s North African enclave of Ceuta over two days, in one of the largest mass crossings on record, with dozens reported dead. Spain’s prime minister, Pedro Sánchez, visited the e…
US and Iran Talk On as Tehran Declares Hormuz Closed
Talks between the United States and Iran were continuing behind the scenes despite the overnight American strikes, Pakistan said on Friday, though no ceasefire had been reached. At the same time, Iran declared that transit through the Stra…
Four Bodies Found in Search for Broad Peak Climbers
Rescuers searching for ten climbers who went missing in an avalanche on Pakistan’s Broad Peak have recovered four bodies, officials said, as hopes for the remaining six faded. The renowned Nepali mountaineer Nirmal Purja, known for his rec…
Russia and Ukraine Trade Deadly Strikes
Russia and Ukraine exchanged fresh strikes on Friday, with each side reporting casualties, as the war ground on with no sign of the diplomacy that briefly seemed possible this week. The renewed attacks came a day after a Russian missile st…
Labour's Craig on Course to Win Manchester Mayoralty
Labour’s Bev Craig, the leader of Manchester City Council and Andy Burnham’s chosen successor, was on course to win the Greater Manchester mayoral by-election as counting concluded on Friday, though a formal declaration was still awaited.…
Burnham Signals Retreat on Curbing Jury Trials
Andy Burnham has signalled that his government will drop inherited plans to restrict the right to a jury trial, in an early reversal of his predecessor’s justice agenda. The proposals, intended to ease the vast backlog in the courts by try…
Burnham's Devolution Offer Draws Early Backlash
Andy Burnham’s plan to let regional mayors keep a share of income tax, unveiled as the biggest devolution of power in a generation, drew a mixed response on Friday as the detail was picked over. Supporters hailed a long-overdue shift of po…
FTSE Caps Its Strongest Month Since February
The FTSE 100 ended July with its best monthly performance since February, up around 3.5 per cent over the month even after slipping slightly on Friday. London’s blue-chip index has repeatedly touched record highs in recent days, lifted by…
Can Burnham Turn a Flying Start into Success?
Ten days into his premiership, Andy Burnham has set a blistering pace, with a flurry of announcements on devolution, defence, social care and now the courts. Commentators have been struck by the energy of his opening fortnight, even as the…