Angela Rayner is courting City leaders to calm investors, pledging no lurch to the left. She signals Labour will keep to fiscal rules, maintain a predictable tax and regulatory path, and work with business to spur investment and growth while avoiding market shocks.

India says talks with Tehran secured safe passage for two gas tankers through the Strait of Hormuz, showing diplomacy as the best path to ease shipping risks. The US urged China, the UK and France to provide naval support, while Tehran dismissed claims it was seeking a truce.

Wall Street is concerned as crude tops $100 amid a deepening supply squeeze. Investors fear persistent energy costs will lift inflation, pressure households and complicate central bank plans, heightening recession risk. Energy shares rise while broader indices fall.

Crude above $100 and disruptions near Hormuz are handing about $150m a day in extra revenue to a sanctioned petrostate via surging sales to India and China. The windfall tightens its grip on energy markets and challenges UK and allied policy, spurring calls for tougher enforcement and coordination.