Morning Briefing: Friday 14 August 2026
- Petrol: A fresh attack on oil tankers in the Strait of Hormuz has kept crude elevated, up more than 5 per cent this week. Petrol and diesel prices are likely to stay high, and could rise further if the strait stays shut.
- Tax and the budget: With the economy growing just 0.4 per cent and the autumn budget approaching, a fight is brewing over whether to raise taxes. The decisions ahead could squeeze household finances.
- Mortgages: UK borrowing costs edged up, with the 10-year gilt yield near 4.98 per cent, even as inflation cooled abroad. Fixed mortgage rates are likely to stay high for now.
UAE Accuses Iran of Attacking Two of Its Tankers in Hormuz
The United Arab Emirates said two tankers belonging to its state oil company were struck by drones in the Strait of Hormuz, with no injuries reported, and blamed Iran. Saudi Arabia and Bahrain condemned the attack, which sharpens the stand…
Ukraine Offers Russia a Black Sea Truce After Port Strike
Ukraine has offered Russia a mutual halt to attacks on civilian ships in the Black Sea, days after its strike on the Russian port of Novorossiysk shut all three of the port’s grain export terminals. Kyiv framed the offer as a way to protec…
Colombia Earthquake Toll Climbs to at Least 281
The death toll from the earthquake in western Colombia has risen to at least 281, with around 379 people still missing, according to Colombian authorities, as the search moves into its final phase past the 72-hour survival window. More tha…
WHO Warns Congo Ebola Could Become Deadliest on Record
The World Health Organization warned that the Ebola outbreak in the Democratic Republic of Congo is on course to become the deadliest ever, having now spread to a sixth province. More than 2,000 people have died, and aid agencies warn of a…
Poland Says It Foiled Russian Plot to Kill an American
Poland’s prime minister, Donald Tusk, said security services had thwarted a Russian-orchestrated plot to assassinate an American citizen on Polish soil. The would-be attacker had been recruited by Russian intelligence, Mr Tusk alleged. It…
Farage Holds Clacton in By-Election Snubbed by Main Parties
Nigel Farage was re-elected as MP for Clacton in the early hours, winning comfortably in a by-election that Labour, the Conservatives and the Greens all declined to contest. The novelty candidate Count Binface finished second in a field of…
Standards Inquiry Into Farage's 5 Million Pound Gift Reopens
The parliamentary standards process examining Nigel Farage resumed hours after his by-election win, reopening scrutiny of an undisclosed gift of about 5 million pounds from a crypto-industry donor. The matter had earlier been referred to t…
Heatwave Breaks in Thunderstorms and Flood Warnings
The heatwave that pushed temperatures to 38.1C is breaking in thunderstorms, with the Met Office warning of hail, lightning and flash flooding across much of the country. London is still forecast to reach around 30C on the changeover day.…
Labour Tensions Build Over Tax Rises Before Autumn Budget
Tensions within Labour are building over the autumn budget, with allies of the former prime minister Sir Keir Starmer warning Chancellor John Healey against raising taxes and squandering what they call a strong economic inheritance. The fr…
Burnham Under Fire Over Plan to Spread Asylum Sites to Affluent Areas
Prime Minister Andy Burnham is facing a backlash over plans to open asylum accommodation in more affluent parts of the country, with reports that the government would pay higher rents to disperse arrivals more widely. Critics accuse minist…