An aide warned the PM that appointing Peter Mandelson to a Washington post posed reputational risk, after a short vetting file flagged past links to Jeffrey Epstein. The process was seen as rushed. Supporters cite his experience; critics question transparency and due diligence.
Washington signalled imminent, far more intense military action against Iran, even as the US president hinted an end could be near. Oil prices whipsawed after a false report of tanker escorts. Aramco warned a prolonged conflict would be catastrophic, while Tehran urged ships to avoid the Strait of Hormuz.
G7 ministers signalled readiness to tap strategic oil reserves through the IEA after crude briefly topped $100, aiming to steady supply, tame inflation and support growth. Markets wobbled as traders priced in stickier inflation, intensifying political pressure over fuel costs.
The US and Israel have intensified military operations against Iran, triggering responses across the Gulf. Some producers have cut or halted output, pushing crude towards $100 and raising shipping risks. Markets brace for further disruption as regional partners seek to contain tensions.
Qatar warns regional turmoil could force the Gulf to halt oil and LNG exports within days, as risks to shipping and storage mount. Iraq and Kuwait have cut output. Prices have jumped to a two‑year high, stoking worries over supply security, trade flows and inflation.
Washington, working with Gulf partners, plans to buy mass‑produced, low‑cost drone interceptors from a European ally to counter one‑way drones used by a regional adversary, as pricey missile stocks dwindle. Talks involve the UAE and Qatar, with rapid scaling to strengthen Western and Gulf air defences.
US forces sank an Iranian frigate near Sri Lanka, the first torpedoing of an enemy ship since the second world war. Washington says the move deters further regional attacks, while shipping in the Indian Ocean and Gulf faces higher risk, prompting insurers and energy markets to brace for disruption.
Escalating tensions in the Middle East triggered an energy supply shock that hammered global markets. Equities fell and sovereign bonds swung as oil surged on risks to output and key routes. The upheaval raised inflation concerns and complicated central bank plans.
Energy markets jolted after Iran shifted focus to infrastructure, prompting the shutdown of a Qatari LNG plant following drone incidents. Gas prices jumped, risk premia rose for shipping and insurance, and traders moved to safe assets as Western forces continued regional operations.
Iran mounted retaliatory operations against Israel and US Gulf partners after the killing of Ayatollah Ali Khamenei, leaving three US troops dead and five injured. The US said its campaign is ahead of schedule, while disrupted shipping routes threaten higher global energy prices.