Morning Briefing: Wednesday 5 August 2026
- Petrol: Oil is holding near its lowest in weeks, around $80 a barrel, as hopes of a deal to reopen the Strait of Hormuz persist. If it lasts, petrol prices should start easing in the coming weeks.
- Mortgages: Government borrowing costs have fallen for a third day, the 10-year gilt yield near 4.89 per cent, as cheaper oil calms inflation fears. That could gradually ease pressure on mortgage rates.
- Food: Britain’s harvest is heading for a record low after the drought, which could push food prices up even as fuel costs ease.
Russian Barrage on Kyiv Kills at Least 17
Russia launched one of its deadliest attacks on Kyiv in months overnight, killing at least seventeen people and wounding dozens, Ukrainian officials said. In a barrage of more than a hundred drones and nearly thirty missiles, Ukraine downe…
Hormuz Deal Still Unsigned as Markets Bet on Peace
A deal to reopen the Strait of Hormuz remained unsigned on Wednesday, with the United States insisting an agreement was close but Iran still denying it was in direct talks. The secretary of state, Marco Rubio, said progress had been made b…
Netanyahu Rejects US Plan to Disarm Hamas
Benjamin Netanyahu said Israel had not agreed to President Trump’s plan for disarming Hamas, insisting his forces would not withdraw from their positions in Gaza until the group had fully given up its weapons. The comments deepened the rif…
Fuego Volcano Spews Lava as Villages Flee
Guatemala’s Fuego volcano sent rivers of lava down its flanks as its eruption intensified, forcing the evacuation of villages in its path. Authorities kept a nationwide alert in place, warning that the volcano had entered a more explosive…
Drones Disrupt Flights at Major German Airport
Flights were disrupted at Leipzig/Halle airport, one of Europe’s biggest cargo hubs, after reports of drones and suspicious objects near the runway, German authorities said. Operations were briefly halted as police investigated. It was the…
Government Drops Green Targets to Back British Jobs
The government is stripping back the rules on public-sector contracts so that they prioritise creating British jobs and skills over meeting environmental targets, ministers announced. The Deputy Prime Minister, Louise Haigh, in charge whil…
Antisemitic Incidents Rise Sharply, Charity Warns
Reports of antisemitic incidents in Britain rose sharply in the first half of the year, up by around a fifth, according to a charity that monitors anti-Jewish hatred. The Community Security Trust said levels remained close to record highs,…
Burnham Weighs Public Inquiry into Epstein's UK Links
The government is considering whether to hold a public inquiry into Jeffrey Epstein’s activities in Britain, a minister said. Andy Burnham is “looking into” the idea, the victims minister said, though no inquiry has yet been commissioned.…
Pressure Mounts Over Release of Officer's Killers
The government came under mounting pressure over its prison early-release scheme after it emerged that the men jailed over the death of PC Andrew Harper could still qualify for release. The Police Federation called the prospect “unacceptab…
Drought Leaves UK Harvest Heading for Record Low
Britain’s harvest is on course for one of its worst on record after the driest July in memory and a summer of heatwaves left crops parched, farmers and analysts have warned. The shortfall could dent domestic food production and add to pres…