North Sea oil hit a record, with immediate-delivery barrels near $141. Tensions in the Gulf and risks to the Strait of Hormuz lifted prices, inflating the value of UK reserves, estimated up to £385bn. Pressure grows on ministers to allow more North Sea drilling to bolster energy security and revenues.

OpenAI has paused a multi-billion-pound UK data centre, citing high energy costs and red tape. The move casts doubt on the government’s AI ambitions, and industry groups warn steep power prices could drive investment elsewhere unless tackled.

Washington hailed a peace deal, yet Tehran kept the Strait of Hormuz shut, demanding cryptocurrency tolls from tankers and warning unauthorised vessels. With around a fifth of global oil and gas trade at stake, control of the waterway remained unclear, heightening risks to shipping and energy prices.

Peace talks with Iran hung in the balance as Donald Trump issued a stark ultimatum before a deadline. The US and Israel conducted military operations around strategic infrastructure while crowds gathered at key sites. The White House denied any plan to use nuclear weapons.