Brent crude rose past $119, heading for a record monthly jump, as Middle East tensions unsettled supply expectations. Markets faltered, with equities slipping and borrowing costs edging up. Washington urged partners to raise output while leaving the option of further action open.

French AI group Mistral has secured $830m in debt to build European data centres, boosting compute for its models and supporting a push for digital sovereignty. The plan offers an alternative to US providers, though analysts warn of possible overcapacity and high financing costs.

Distressed investors say turmoil in private credit offers the biggest opening since 2008. With rates high, borrowers face refinancing stress and forced sales, while cash calls pressure major managers. Software firms reliant on leveraged loans are seen as particularly exposed to valuation resets.

The OECD warns the UK will see the biggest G20 hit to growth from the energy price shock, with inflation rising fastest after the US. Elevated bills will squeeze firms and households, making the BoE’s rate decisions harder and posing an early setback for the PM’s economic agenda.