JPMorgan, Citi and Wells posted record quarterly earnings, with roughly $25bn in combined profit. Trading desks benefited from heightened geopolitical tensions and rate-driven volatility, while higher rates lifted net interest income. Executives cautioned on consumer spending and credit.

Lord Robertson accuses the PM of complacency, warning that thin defence budgets leave the UK in peril. He urges a rapid rise to at least 2.5% of GDP, funded by restraining welfare growth and shifting priorities, plus a cross‑party plan to rebuild forces, equipment and industry.

After talks collapsed, Washington announced a naval blockade of the Strait of Hormuz to restrict shipping. Tehran cited mistrust. Markets warned of supply disruption and higher oil prices, raising concerns over global growth and the stability of energy trade routes.

Brent rose above $100 as restricted traffic through the Strait of Hormuz tightened supply and underscored a fragile regional truce. With only limited tankers moving, refiners face higher costs, shipping insurance is climbing, and governments are considering releases from strategic reserves.