Main developments
Oil prices jumped almost 3 per cent as Asian markets opened on Monday morning. US stock futures dipped slightly and the dollar was roughly flat against most major peers.
Donald Trump has warned that Nato faces a “very bad” future if US allies fail to assist in opening up the Strait of Hormuz, sending a blunt message to European nations to join his war effort in Iran.
India hailed its direct talks with Iran as the most effective way to restart shipping through the waterway.
EU foreign ministers will on Monday discuss potentially widening the bloc’s Aspides naval mission to the Strait of Hormuz. German foreign minister Johann Wadephul said Aspides “hasn’t been effective” in protecting Red Sea shipping.
US energy secretary Chris Wright predicted that the war against Iran would be “likely” to end in a few weeks.
Iranians’ internet access was further squeezed on Sunday, with one key network falling to 2 per cent connectivity.
Saudi Arabia downed at least 10 drones on Sunday morning, the kingdom’s defence ministry said.
The US told its citizens to leave Iraq “immediately” after its embassy in Baghdad was hit.
A fire broke out at the strategically important port of Fujairah on the east coast of the United Arab Emirates after an attack was “successfully intercepted”, authorities said.
Starmer refuses to say whether UK gas bill support will be for most vulnerable
Keir Starmer refused to be drawn over whether any new support system to prevent households getting hit by rising gas bills would be limited to the most vulnerable.
Rachel Reeves, the chancellor, said on Saturday that any such programme would be “targeted”, in contrast to the £80bn programme brought in by former Tory premier Liz Truss in 2022 to protect people from rising energy bills.
Households are protected until the end of June when Ofgem’s quarterly price cap will be revised.
The government is already coming under pressure to also scrap plans to lift fuel duty by 6p this September.
Asked whether wealthier families would not receive any support at all, Starmer said his instinct was always to help “working people” in such situations.
“We are not ruling anything out but it is very difficult to say at this juncture what the position will be in July . . . or what the position will be in September.”
Iran criticises Australia for handling of women’s football team
Iran has criticised Australia for its handling of the Islamic republic’s national women’s football team, and praised the players for returning home.
Iran’s foreign ministry spokesperson said the country was “proud” of its players for not falling for the “temptations” of Australian officials.
State media said yesterday that the team’s captain became the latest player to decide to return home despite being granted asylum in Australia and initially choosing to stay there after the Asian Cup.