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.

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.