Evening Briefing: Tuesday 4 August 2026
- Petrol: Oil crashed again, to around $79 a barrel — its lowest in weeks — as the US signalled a deal to reopen the Strait of Hormuz could be near. If it holds, petrol prices should start to fall in the coming weeks.
- Mortgages: Cheaper oil pulled government borrowing costs lower, the 10-year gilt yield easing to about 4.90 per cent. That could, over time, take some pressure off mortgage rates.
- Water: July was the driest on record and water bans are widening, even as storms threaten flash floods rather than relief. Food prices remain at risk.
US Says a Hormuz Deal Could Come Within Days
The United States said a deal to reopen the Strait of Hormuz could be sealed within days, in a marked shift from the weekend’s threats of a strike on Iran. The Treasury secretary, Scott Bessent, said there was “a chance we may have a deal…
Israel-Lebanon Talks Grind On in Rome
Rare direct talks between Israel and Lebanon continued in Rome on Tuesday without agreement, and were set to run until Thursday, as the two sides discussed their border, the disarming of Hezbollah and the pullback of Israeli troops. Lebano…
Gaza Peace Terms Shift as Strikes Continue
The terms of President Trump’s Gaza peace plan shifted again on Tuesday, with mediators now saying Israel would withdraw its forces only once Hamas had completed disarming — a move away from the earlier promise of parallel steps. Israel co…
Guatemala's Fuego Volcano Turns More Explosive
Guatemala’s Fuego volcano has entered a “more explosive phase”, hurling lava and ash nearly four miles into the sky and forcing the evacuation of villages nearby. The disaster agency issued a nationwide orange alert, its second-highest lev…
Shooting Kills Four in Russian-Held Crimea
A serviceman shot dead three civilians and a soldier and wounded four others in Russian-controlled Crimea, according to reports. The shooting, on the peninsula Russia annexed from Ukraine in 2014, prompted a security operation. The circums…
Early-Release Scheme Scaled Back but Harper's Killers Eligible
The government formally scaled back its emergency prisoner early-release scheme on Tuesday, barring serious sexual offenders, but it emerged that the men jailed over the death of PC Andrew Harper could still qualify for release. The Police…
Burnham Under Fire for Holiday Two Weeks into Office
Andy Burnham has left for a summer holiday abroad just two weeks into his premiership, drawing criticism from opponents who accused him of taking a break amid mounting pressures on prisons and the borders. Downing Street insisted the gover…
Migrant Returns Deal Sends Back Just 4%
The government’s flagship “one in, one out” returns deal with France has sent back only about 4 per cent of the migrants who arrived, according to figures reported on Tuesday. The disclosure, a day after a court ordered one removal reverse…
Gatwick Second Runway Cleared as Challenge Fails
Gatwick airport will press ahead with a second runway after a legal challenge to the expansion was thrown out, clearing the way for one of Britain’s biggest infrastructure projects in years. The scheme, which would sharply increase the air…
Storms and Floods Warned as Heatwave Breaks
Forecasters warned of thunderstorms and flash flooding as the latest heatwave broke on Tuesday, with yellow storm warnings issued for parts of Scotland, northern England and Northern Ireland and an amber heat-health alert still in force in…