Morning Briefing: Saturday 1 August 2026
- Petrol: Petrol prices are at their highest since the Iran war began, with oil near $88 a barrel. They could climb further if the US and Israel strike Iran’s oil sites this weekend.
- Mortgages: UK government borrowing costs held just above 5 per cent after the Bank of England kept interest rates on hold. Fixed mortgage rates are likely to stay high for now.
- Savings: Shares ended the week higher, with the FTSE 100 capping its strongest month since February — a lift for many pensions and ISAs.
US and Israel Weigh Strikes on Iran's Oil Sites
The United States and Israel are preparing to strike Iran’s energy infrastructure, with an operation that could begin as soon as this weekend, according to American reporting, though officials stressed that no final decision had been taken…
Russian Strike on Kyiv Kills Nine, Traps Residents
A Russian barrage of missiles and drones struck the Ukrainian capital overnight, partially collapsing a residential building and trapping people inside, officials said. At least nine people were killed and more than twenty-five wounded, am…
Trump and Netanyahu Split Over Gaza Disarmament Deal
A rift opened between President Trump and Israel’s prime minister over the Gaza disarmament deal Mr Trump has championed, as Benjamin Netanyahu signalled his opposition to the framework. Mr Trump insisted Israel was “very happy” with the p…
Ceuta Death Toll Climbs as Spain Deports Thousands
The death toll from the mass breach of Spain’s North African enclave of Ceuta rose over the weekend to at least thirty-four, and by some accounts closer to sixty, as bodies were recovered along the border and coast. Spain said it had retur…
Six Climbers Still Missing on Pakistan's Broad Peak
Six climbers remained missing on Pakistan’s Broad Peak on Saturday, two days after an avalanche swept a ten-strong expedition, with four bodies already recovered. Among those still unaccounted for is the celebrated Nepali mountaineer Nirma…
Labour's Craig Wins Greater Manchester Mayoralty
Labour’s Bev Craig has been elected mayor of Greater Manchester, holding the office vacated by Andy Burnham when he became Prime Minister. Ms Craig, the leader of Manchester City Council, defeated Reform UK’s Sian Astley after a marathon c…
Chancellor Sets First Budget for Late October
The Chancellor, John Healey, has set the date for the new government’s first Budget for late October, promising to “spread money and power” across the country. The statement will be the fiscal centrepiece of Andy Burnham’s young premiershi…
Burnham Faces First Party Revolt Over North Sea Oil
Andy Burnham is facing the first revolt of his premiership from within his own party, over his apparent willingness to back new North Sea oil and gas drilling. Environmental campaigners and Labour backbenchers reacted angrily after the Pri…
Wildfire Declared a Major Incident as Drought Spreads
A large wildfire prompted the declaration of a major incident overnight, as drought tightened its grip across England after the summer’s repeated heatwaves. Around half of the country is now formally in drought, with warnings that such con…
London's Population Falls for the First Time in 37 Years
London’s population has fallen for the first time in nearly four decades, according to new figures, as high living costs and changing work patterns drive people out of the capital. Around 420,000 people are reported to have left over the p…