UK News
‘Women want to experience pleasure’: how the female gaze caught the attention of film, TV and fiction | Culture
Do you voraciously read the pages of steamy romantasy bestsellers by Sarah J Maas or Rebecca Yarros? Or flood your group chat with breathless recaps of the latest goings-on in TV series such as Heated Rivalry or Bridgerton? Or even immerse yourself in the divisive and challenging cinematic worlds of Emerald Fennell? If so, you surely can’t have failed to notice that in pop culture, the female gaze – storytelling that highlights the meandering, textured, sublimely messy inner worlds and wants of women – is enjoying an explosion.
On TV, you can see it everywhere, in the interior lives and desires taken up by Big Little Lies, Sirens or Reese Witherspoon and Kerry Washington’s Little Fires Everywhere. Romantasy harbours it in the shape of powerful maidens and sex in fae (fairy) realms, while Fennell’s Wuthering Heights and Promising Young Woman are marketed with the promise of converting women’s experiences into dark beauty on the big screen.
A shift, a moment or a commercial juggernaut? That depends how deeply you look. But the portrayal of internalised female perspectives – and, crucially, desires – has gone from guilty pleasure to middle of the zeitgeist. Today, the idea of centring the subjectivity, rather than objectivity, of women’s experiences, agency and emotion is as visible as it has ever been across the cultural canon.
This emergent body of pop culture takes on society’s conditioning to experience women’s lives through the lens of male storytellers – or the male gaze. Coined in 1973 by film theorist Laura Mulvey, the theory is used to explain how women on screen, in art and literature have long been reduced to objects of desire as viewed by heterosexual men. Subversion of this male gaze, rejecting voyeurism to portray women’s bodies as lived-in, is not new – at least in arthouse cinema. Jane Campion’s 1993 The Piano is a defining example that gained mainstream crossover, winning Oscars and the Palme d’Or; so too, Andrea Arnold’s Fish Tank, an Essex housing estate coming-of-age tale that won the Prix du Jury at Cannes in 2009; and Céline Sciamma’s 2019 Portrait of a Lady on Fire, a slow-burn romance between a French aristocrat and the woman commissioned to paint her.
But in the mainstream the female gaze has taken decades to cut through in any measure. Today though, finally, it is making bank. See Fennell’s box office-topping adaptation of Wuthering Heights, which retains the puristically male trope of Emily Brontë’s heroine seeking male affection, but filters it through Margot Robbie’s female-centric psychological and erotic lens. Meanwhile, romantasy has buoyed publishers to the tune of $610m in annual sales in 2024, while generating billions of TikTok views on captivated BookTok, where romance, story-building and sex – or “spice” – draw in emotionally invested users.
So how do you world-build what women feel, and desire, in 2026? One of the best examples of the burgeoning female gaze on screen is last year’s nine-time Emmy-nominated Dying for Sex. It centres on Molly Kochan (Michelle Williams), who is dying of metastatic breast cancer and enjoying an end-of-life sexual awakening, trying bondage, dominance and role-play, and even a golden shower moment with her lover (and neighbour), while he is dressed as a cartoon dog. Iris Brey, author of The Female Gaze: A Revolution on Screen, heralds the show as “super important”, explaining: “It teaches things that are extremely taboo – women being sick and wanting to experience pleasure. We feel seen.”
The show was directed and executive produced by Shannon Murphy, who also worked on such female-focused dramas as Killing Eve, The Power and Dope Girls. “I’m drawn to projects that are less A+B=C. I like something more meandering, holistic, which I do think goes with the feminine brain,” says Murphy of the usual mainstream depictions of female interiority, including sexuality and desire. She also notes a grey “and in some ways less judgmental” area in female storytelling compared with more “obvious” male depiction. “I think if we start telling more stories like that it will, culturally, help us to not see things in such a black-and-white way,” Murphy adds. She remembers receiving the script for Dying for Sex: “It was tonally very delicate and quite confronting. I loved that it was playing in this place of sublime tension between raw emotion and brutal comedy.”
This unvarnished reflection of how women process their worlds nails “a delicate balance”, says Murphy. In episode six, for example, Williams’s character, having revealed on the cancer ward her plans to orgasm by Christmas, discloses her sexual abuse to her best friend on the bathroom floor before unintentionally farting, prompting the pair to laugh and cry together. Their friendship is central; the moment works because it feels real. “All of us have encountered trauma and it’s very hard to recount without that distance because you’ll fall apart,” Murphy says.
Murphy’s own cultural upbringing was against a backdrop of 90s female-fronted stories such as Ally McBeal. “On screen, when I think about shows that really grabbed me, that was a huge one,” she says. “I’d never seen this powerhouse lawyer with this wild feminist imagination.” Operating in the same era was Sex and the City’s Samantha Jones, whose sexual confidence was critiqued as scandalous before ultimately being considered empowered – “I will not be judged by you or society. I will wear whatever and blow whomever I want as long as I can breathe … and kneel,” goes one of the character’s most famous lines.
Its successors went further: “The first time I saw Lena Dunham’s Girls, something in me just blew apart and was so elated that I’d seen my sensibilities of what female creativity could be,” Murphy remembers. “Girls was, for me, the first time that the wildness, messiness, real bodies and brains and comedy was put on screen.” From Dunham’s first emotionally distant sex scene onwards, the bodies and sex in the series are unglamorised, unstylised and unapologetic about the fact.
Like Girls, Michaela Coel’s I May Destroy You illustrated the kind of yearned-for female agency on TV that set group chats alight, alongside Phoebe Waller-Bridge’s Fleabag and Killing Eve. Meanwhile, the success of female-focused stories in Shonda Rhimes’s Grey’s Anatomy and then, lustfully, her later series Bridgerton – among Netflix’s most-watched shows ever – have made the case for greater commercial buy-in for the female perspective. It’s a baton intriguingly taken up by Heated Rivalry, this year’s raunchy, gay ice-hockey drama, which framed slow-burn intimacy in a way that garnered a massive female fan following. Straight women found themselves enjoying the sex and Adonis-like naked bodies while celebrating the show’s emotional depth and its male leads enjoying love and sex as equals.
These mainstream successes serve the point that “women can bring money to the industry; they’re telling studios we can have bigger budgets and ambition”, Brey says. “I want to see the money going to female characters where men are not looking at them. Most subversive are those works that don’t need to ask the question of whether he loves me or not. To show women who talk to each other about anything other than men.”
Indeed, Murphy argues that another relationship – female friendship – might be the most important in this ascendant era for the female gaze. “We’ve got so many films which are almost all male cast, male friendships, male stories but we still really don’t have many that authentically portray that female connection. As a result, for a long time people didn’t really understand the potency of it and just how deep a love affair it can be.”
Brey tracks the prevalence of female gaze in pop culture alongside other societal movements: “What has happened is the same as feminism – we’re going through waves. I think after #MeToo a lot of people in power positions were like: ‘Let’s give this another try.’ The industry goes where they think they can generate money.”
Still, those waves render investment fragile and inconsistent and Brey warns of a “receding moment” on the horizon. She points to this year’s The Chronology of Water, a turbulent, Kristen Stewart-directed arthouse coming-of-age drama based on Lidia Yuknavitch’s 2011 memoir of the same name. The film takes on rape, incest and the reclamation of desire, both affronting and invigorating in its aim to return women’s confessionals to the canon. As such, Stewart has described the “tough sell” to get it funded; it spent eight years in development before being shot outside the US, in Latvia and Malta.
When it comes to distribution, films that capture the most complex aspects of the female gaze, are at a premium. “There are movies but they’re not circulating,” says Brey. “We haven’t had the multiplicity of what it can be to experience menopause or not, motherhood or not. I want to know what a lesbian character is going through or a Black woman.” Representation of pleasure can remain “limited”: “My take is that desire can do a lot more things.”
Less subversive in Brey’s estimation, but wildly successful, is romantasy. It is female desire that has part-driven the genre’s phenomenal appeal, delivering readers fantastical worlds, female protagonists and explicit sex, while delivering publishers seductive profits. (Bloomsbury added £70m to its market value when it announced two new books for Sarah J Maas’s top-selling A Court of Thorns and Roses series last month.) Rachel Reid’s Game Changers, the book series adapted for TV as Heated Rivalry, hit 650,000 sales for HarperCollins after the show aired, with a seventh instalment due next June – and a second season for TV instantly commissioned, too. It follows in the footsteps of Outlander, another smash romantic novel saga turned TV success, now airing its final series on Prime Video.
Jennifer L Armentrout, author of the internationally bestselling romantasy series From Blood and Ash, explains how the genre has altered the way female worlds are received. “I wasn’t the only one who thought that if you were female in the fantasy world it wasn’t going to end well: if you fall in love it’s going to be used against you, if you have any sort of power you’re going to die or become the mad queen,” she says. “You never really saw female characters represented in any way where you felt safe, thinking they’re going to be here in the end and not have to give up their sense of identity to do so. People, almost, have been waiting for these books to come.”
Reminiscent of the hushed way EL James’s Fifty Shades of Grey was talked about 15 years ago, romantasy novels are often downplayed – and reclaimed – as “fairy porn” or “smut”. “I hate the word smut,” says Armentrout. “You label things smutty for the general readership, they’re automatically thinking: ‘This is something wrong.’ Any time something is dominated by women, in the sense of being written or consumed by them, it’s always seen as less than.”
Armentrout credits BookTok with “removing the guilty pleasure”, leaving readers free to immerse in textured worlds navigated by complex heroines. “You will see main characters with mental illnesses, disabilities, not stereotypically super-thin,” she says. “These books address some serious, real-life issues from handling depression to assault. They become so easily relatable. Even though you’re dealing with dragons or vampires in a world that doesn’t look like ours, they’re going through the same things that many readers are.”
Romantic set-ups vary (female-male, female-female, male-male) yet, says Armentrout, “they’re almost always, by the end of the series, on equal footing so you don’t see one person’s growth overshadowing the other’s”. It goes some way to reframing the male conquest trope. “Women don’t want to see the significant other being steamrollered over.”
The progress has been dramatic, but Brey says that there are still many stories to be told for this female gaze explosion to become a sustainable shift. “I think we are deprived of representation and narratives that could really change the way we view relationships and love.”
Murphy has found herself on panels where “male directors get to talk about the work and creative process and here we are talking about being women”. Progress would be reaching a point where the female gaze simply is.
“I’m never making work for women more than men,” says Murphy. “But, of course, as a woman, I’m very proud that the work is accessing feelings and thoughts for women that they haven’t seen as much of. I do think that’s something that just has to keep happening.”
UK News
World Cup 2026: Fifa urged to remove official over hand gesture; teams hit back at Ceferin; Iran arrive in US – live | World Cup 2026
Key events
More now on the hand gesture story mentioned earlier. Fifa’s discrimination monitor at the World Cup has called for a video assistant referee to be removed for appearing to make a hand gesture resembling a white supremacist sign.
“Advice from our experts is that the gesture used clearly resembles an upside down ‘OK’ hand symbol used as a ‘white power’ symbol in global far-right circles,” the Fare network, a longtime partner of Fifa and Uefa, the European football governing body, to monitor racist and discriminatory chants, flags and symbols at international games, said in a statement. “Clearly this official should have no further role to play in this World Cup,” Fare said in a statement, describing the gesture as “neo-Nazi.”
Kick-off times are more friendly for the UK viewer today. Spain v Cape Verdi at 5pm and Belgium v Egypt at 8pm. But we need to think globally so that’s 3pm for Cape Verdi viewers cheering on their team while in Egypt it’ll be 10pm for those tuning in to see if Mo Salah can inspire his team to victory over the Belgians.
The biggest test for the UK viewer today is Iran v New Zealand at 2am BST. In Auckland, Wellington and Christchurch that’ll be 1pm while in Tehran, Mashhad and Karaj it’s a less palatable 4.30am.
Thanks Sarah. As for World Cup songs, this one from the German 1990 squad always sticks in my mind. While England took the genre to a new level with New Order and John Barnes’ rap, the Germans very much went down the traditional route. A singer that looks like a cross between Chris de Burgh and Thomas Muller, Karl-Heinz Riedle on maracas, one or two playing air saxophone. Pleasingly dreadful.
I am off to grab some food and so I leave you in the hands of Dave Tindall who will take you through the next few hours of news. I’ll be back later on.
From requests of your favourite football songs to another on if you live in a World Cup host city. We want to hear from you if you have football teams in town from the atmosphere to how it is affecting business. Use the form on this page to get in touch:
We have another shout for the best/worst football song and I can’t decide which side of the forward slash this one belongs on. Graeme Neill said:
Timely given yesterday evening’s match. Japan’s Cornelius and his utterly bonkers Ball in Kick Off is worth a listen:
France will kick-off their tournament against Senegal on Tuesday and to say they have attacking quality is an understatement. The team boasts players like the captain, Kylian Mbappé, Ballon d’Or winner Ousmane Dembélé, Michael Olise and Cherki but they all have a role to play, according to Adrien Rabiot. Read more:

Jacob Steinberg
The cat is well truly out of the bag. Nobody expected the conversation to be quite so revealing when Jude Bellingham and Morgan Rogers sat on the Lions’ Den sofa last week. Content controlled by the Football Association was an unlikely place for Bellingham to drop a few truth bombs, but the England midfielder was not minded to hold back when it was time to discuss his experience at Euro 2024.
“It didn’t feel like there was any kind of hierarchy,” the 22-year-old said. “I think at the Euros we got some things a little bit wrong off the pitch. I don’t feel like the group connected as well as it could have – for a number of reasons.”
Read more:
Fifa urged to remove official over hand gesture
Fifa have been urged to remove a video review official who appeared to make a white supremacy hand gesture during Germany’s 7-1 win over Curaçao.
The governing body’s discrimination monitor at the World Cup called for Shaun Evans from Australia to be removed from the tournament.
The gesture was also spotted by several fans who posted about it on social media.
“Advice from our experts is that the gesture used clearly resembles an upside down ‘OK’ hand symbol used as a ‘white power’ symbol in global far-right circles,” the Fare network said.
Fifa are yet to comment on the situation.
There have been some sights at the World Cup but Scotland fans taking over Fenway Park is one that has been one of the most surreal. The Boston Red Sox lost 6-4 to the Texas Rangers but Scotland fans stayed long after the game was over singing “super John McGinn” and during the match there was a rendition of “yes sir, I can boogie”.
Anil Patel has emailed:
This absolute banger wasn’t attached to any particular team but is one of the best themes out there.
This is a great shout and a fun fact for you about it, it was initially written to be a baseball anthem. Some baseball news coming your way soon…
If anyone is unsure of the song I referenced, here it is:
Football songs can be iconic or occasionally cringey, that one with Dizzee Rascal and James Cordon comes to mind for the latter for me. What are your best/worst anthems for a major tournament? Get in touch and let me know.
England may have banished some penalty shootout demons in the last few major tournaments but the question of who would step up to take one is one that will always be asked. One such player who said he would take on is Eberechi Eze, despite missing one in the Champions League final. Have a read of what he said:
There will be many questions raised at this World Cup. Who will win the trophy? Who will claim the Golden Boot? What will the next standout moment be? But there is another question that has been answered in the following piece: Where have the WAGs gone?

Matt Hughes
Fox will not face any punishment from Fifa for breaking the governing body’s advertising rules during the opening game of the World Cup between Mexico and South Africa last week.
The US broadcaster broke Fifa’s strict guidelines for showing commercials during hydration breaks on the first occasion they were in operation by returning to the live action 10 seconds after play had resumed during the second half at Mexico City Stadium.
Fifa’s tournament regulations, which were given to all rights holders two months ago, state that while broadcasters can show ads during hydration breaks they must return to the match 30 seconds before play resumes.
Read more:
Sometimes a team needs a player to have some standout performances to jump start a tournament and Jordan Henderson believes that player for England will be Jude Bellingham. Henderson said:
I’m sure he will have a big impact for us in this tournament. I can remember five years ago I gave him his first cap, it was away at Middlesbrough. How much he’s grown, as a player and as a person since then, is incredible really. I had a good idea when I first saw him playing and training, and the way he was.
I think everybody forgets how young he is. We do rondos and it’s the youngest in, and there’s people that I think should be going in before him, but he’s always one of the first in the middle to go in. It just reminds us how young he is. I honestly couldn’t speak highly enough of him.
Read more:
The travel at this tournament has grabbed more than a few headlines so far and there is another one pertaining to Australia. The Socceroos beat Turkey 2-0 in their opening game with their second against one of the co-hosts, the US, on Friday. Their focus will be on that game but recovery is also high on their list. Read more here:
There have already been so many historic moments at this tournament, including Scotland’s first World Cup win in 36 years. Mo Salah is hoping to replicate the moment and end Egypt’s long wait of 92 years for a victory at the tournament. The team have their first game against Belgium today to try and make history:
Spain, who start their campaign today against Cabo Verde, are among the favourites to win the World Cup after their European Championship success in 2024. Here’s a piece on how the team are embracing the tag and how they are using one trophy-winning tournament to potentially lift another:
Uruguay will take on Saudia Arabia later today but their travel was delayed amid challenges across the tournament.
The team’s initial flight from Mexico was cancelled with their replacment delayed. The Uruguay captain, José María Giménez, described the situation as “difficult”.
Read more:
There are more games to be played today with another four in store. The details for those kick-off times and match-ups are below but do get in touch to let me know what your World Cup routine is. Are you having to get up early to watch the games? Or are you in a time zone where you can get home from work and watch back-to-back football until it’s time for bed? Email me and let me know, here are today’s fixtures:
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Spain v Cabo Verde (5pm BST, 12pm ET, 9am PT)
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Belgium v Egypt (8pm BST, 3pm ET, 12pm PT)
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Saudi Arabia v Uruguay (11pm BST, 6pm ET, 3pm PT)
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Iran v New Zealand (2am BST, 9pm ET, 6pm PT)
So what happened in the matches yesterday? Four took place with the biggest win coming in Germany’s 7-1 dismantling of Curaçao. The island nation will be disappointed with the result but they also made history as they scored their first-ever World Cup goal. That came from Livano Comenencia, who plays his club football for Zürich. Have a read of that report and others for all the latest action on pitch:
Čeferin criticised for ‘uninteresting’ comment
UEFA President Aleksander Čeferin was criticised by multiple nations from Asia, Africa and the Caribbean after reportedly saying the expanded World Cup creates “uninteresting” matches.
According to Zurnal 24, the boss said at a conference last Monday: “We have a huge number of matches that are completely uninteresting.”
The associations of Cape Verde, Congo, Curaçao, Haiti, Jordan and Uzbekistan released a joint statement, which was in solidarity with the federations of Algeria, Egypt, Ghana, Ivory Coast, Morocco, Senegal, South Africa and Tunisia.
It said: “Football does not belong to a select group of nations. Its strength comes from its universality,” the statement said. “For many countries, participation in the FIFA World Cup is not only a sporting achievement. It is a moment that inspires a generation, accelerates football development and creates memories that last a lifetime.”

Ben Fisher
The Iran striker Mehdi Taremi has said the controversy and disruption surrounding their involvement at the World Cup undermines Fifa’s message of peace and conceded he felt the tension before arriving in Los Angeles on the eve of their opener, hours before a peace deal was announced. For the first time since the competition’s inception, a host nation has received a country with which it is at war.
On Sunday Iran flew to LA from Tijuana, Mexico, where they were relocated amid an ongoing row over visas, but are expected to face opposition from Iranians, many of whom believe the national team do not represent the country. Iran has been beset by problems in the buildup to the tournament, with several officials denied entry to the US.
Preamble
Hello and welcome to today’s World Cup news blog where we bring you the latest updates from the global event being hosted across the US, Canada and Mexico.
Any breaking news, team updates or reflections on what has happened so far will be all here for you to feast on, no matter what you are doing with your Monday.
Please do get in touch too, we always like to hear from readers. Potentially on the best underdog story at the World Cup or any quirky predictions you may have for the tournament.
Amongst several stories surrounding the competition today is Iran’s arrival in the US. The team landed on Sunday before they take on New Zealand.
More details on that story will be with you shortly, as well as the reports from the games that took place yesterday to catch up on all the latest action.
UK News
Man who suffered 'racially-motivated' attack says he regrets moving to NI
The man said his home has been targeted three times in the last five months.
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European stock markets hit record high and oil price falls to three-month low after US-Iran peace deal – business live | Business
European stock markets hit record high
European stock markets have hit a record high at the start of trading, as relief over the US-Iran peace deal ripples across global markets.
The pan-European Stoxx 600 index has jumped by 0.9% to 639 points, over the previous record high set just before the Iran war started, with shares rising in London, Frankfurt, Paris, Madrid and Milan.
Mining and travel companies are driving the rally, while oil company shares are sliding.
That follows sharp gains in Asia-Pacific markets overnight, where Japan’s Nikkei surged by 5% on hopes that the strait of Hormuz will reopen within days.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, says global equity markets are starting the week firmly on the front foot after President Trump announced that a deal with Iran had been reached, adding:
The move has given investors a clear reason to dial back some of the geopolitical risk premium that has hung over markets, especially as the Strait of Hormuz is expected to reopen and oil prices move sharply lower.
Energy prices have been one of the clearest transmission channels from Middle East tensions into inflation, bond yields and equity sentiment, and there is likely to be a concerted effort to get prices down even further once this deal is finalised.
There are still details to be ironed out before markets can fully trust the agreement, but for now the direction of travel is clear: lower oil, calmer nerves and a renewed appetite for risk.
Key events
Peace deal should keep mortgage rates down
Mortgage borrowers can breathe a sigh of relief at the news of a peace deal in Iran, says Adam French, head of consumer finance at Moneyfactscompare.co.uk.
While we are far from being out of the woods yet, a lasting peace deal should dramatically reduce the risk of the Bank of England’s worst-case scenario for inflation and interest rates becoming a reality.
“Under that scenario, Base Rate could have risen to 5.25%, potentially pushing typical rates on new mortgages towards 6.75%. Instead, today’s news means mortgages rates, which have already been slowly falling for several weeks, have likely already passed their peak – at least until the next unwelcome crisis.
“Borrowers can be optimistic but with a word of caution, as inflation and economic data will continue to influence the outlook. However, a lasting peace should remove one of the biggest risks to mortgage costs and may help restore a more stable environment for hard-pressed remortgage borrowers and prospective buyers.”
Even before this morning’s drop in UK bond yields (see earlier post), average mortgage rates have dipped slightly.
Moneyfacts reports:
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The average 2-year fixed residential mortgage rate today is 5.61%. This is down from 5.62% the previous working day.
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The average 5-year fixed residential mortgage rate today is 5.58%. This is down from 5.59% the previous working day.
Why it may take months for oil flows to return to normal
Donald Trump excitedly declared: “Ships of the World, start your engines. Let the oil flow!” last night, but the reality is that it will take some time for oil flows through the strait of Hormuz to return to pre-war levels.
One reason is that many oil tankers are simply in the wrong place, after the long closure of the strait.
Another is that some production and refining facilities have been damaged by the conflict, while others were mothballed after storate facilities filled up to the brim.
A third factor is that insurers could still be wary of the conflict reigniting, and price their cover accordingly.
Neil Shearing, group chief economist at Capital Economics, explains:
Even if ships now have safe passage, tankers are in the wrong place, oil production/refining facilities need to get up to full capacity, and questions over the cost and availability of insurance for ships traversing the Strait will remain.
Our current working assumption is that ~80% of energy flows will resume by the end of Q3. Natural gas flows will be slower to return, following the damage to Qatari facilities earlier in the conflict, which according to local officials has put 17% of production offline for two to three years.
US crude drops below $80
US crude oil has dropped to its lowest level since the second week of the Iran war.
The cost of a barrel of West Texas Intermediate (WTI) light sweet crude has dropped by 6% today to $79.72 per barrel, the first time since 10 March that it has been under $80/barrel.
That could help to pull down US gasoline prices, which climbed after the conflict began, hitting consumer confidence.
UK bond yields fall
Today’s relief rally is also driving up government bond prices, pushing down the cost of borrowing.
The yield (or interest rate) on 10-year UK government debt has dropped by 6.5 basis points (0.065 of a percentage point) to 4.775%.
Two-year bond yields are down 8bps to 4.16%.
Lower bond yields indicate that that the cost of issuing new government debt has fallen, which will be a relief for the UK Treasury after the Iran war drove up borrowing costs.
Copper mining company Antofagasta is now the top riser on the FTSE 100, up almost 8%.
Trader will be concluding that an end to the Iran war will boost the world economy, leading to more demand for raw materials such as copper.
European stock markets hit record high
European stock markets have hit a record high at the start of trading, as relief over the US-Iran peace deal ripples across global markets.
The pan-European Stoxx 600 index has jumped by 0.9% to 639 points, over the previous record high set just before the Iran war started, with shares rising in London, Frankfurt, Paris, Madrid and Milan.
Mining and travel companies are driving the rally, while oil company shares are sliding.
That follows sharp gains in Asia-Pacific markets overnight, where Japan’s Nikkei surged by 5% on hopes that the strait of Hormuz will reopen within days.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, says global equity markets are starting the week firmly on the front foot after President Trump announced that a deal with Iran had been reached, adding:
The move has given investors a clear reason to dial back some of the geopolitical risk premium that has hung over markets, especially as the Strait of Hormuz is expected to reopen and oil prices move sharply lower.
Energy prices have been one of the clearest transmission channels from Middle East tensions into inflation, bond yields and equity sentiment, and there is likely to be a concerted effort to get prices down even further once this deal is finalised.
There are still details to be ironed out before markets can fully trust the agreement, but for now the direction of travel is clear: lower oil, calmer nerves and a renewed appetite for risk.
BP and Shell’s shares slide
Shares in oil companies are falling, though – BP and Shell are both down 3.7%, as investors anticipate an end to their earnngs boost from the Iran war.
FTSE 100 index hits eight-week high
Boom! Britain’s stock market has hit a near-two month high at the start of trading, as investors welcome the breakthrough between the US and Iran to end the Middle East conflict.
The FTSE 100 blue-chip share index has jumped by 99 points, or almost 1%, at the start of trading to 10,570 points, its highest level since 21 April.
Engineering firm Rolls-Royce, which makes and services jet engines, is the top riser on the FTSE 100, up 5.5%, followed by British Airways parent company IAG, up 4.8%.
UK house prices dip in June

Gwyn Topham
Two bits of good news for Britons who don’t own their homes have been revealed, with data showing a drop in house prices in June as well as fewer tenants facing rent hikes last month.
Figures from Rightmove showed the average price of property coming on the to market fell by 0.6% or £2,113 to £376,191, the biggest June fall in fourteen years, with prices 0.5% below this time in 2025. The biggest drops were seen in southern England and Wales, and in asking prices for flats rather than houses.
The property site said the number of homes for sale was still at historically high levels for summer, making it more of a buyer’s market. Mortgage affordability has also improved slightly this month, with the average two-year fixed rate deal dropping about 0.1 percentage points to 5.07%, it said.
Meanwhile, figures suggest that the introduction of the Renters Right Act may already be seeing results in terms of keeping rents down for tenants.
The new law came into force at the start of May and means landlords can only increase rents for sitting tenants once a year. According to Hamptons monthly lettings index, the number of tenants who saw their rent rise was down 23% from the same month last year. Hamptons said if the rest of the year saw similar change, it would expect only 31% of sitting tenants to face increases, compared to 40%-50% in previous years.
However, the agency warned that rent rises in Scotland, where landlords have been operating under a similar system for longer, exceeded the national average. Sitting tenants who faced rent rises had an average increase of 5.4% in May, but the figure reached 7.7% in Scotland, albeit for a lower absolute rent – £952 – than the Great Britain average of £1375.
Speaking of the ECB, their president Christine Lagarde has been warning that inflation pressures are spreading in the euro area.
In an intervew with broadcaster France Culture, Lagarde warned that high energy prices are starting to feed through to other parts of the economy, saying:
“Indirect effects of inflation, we have absolutely started to see that more or less everywhere in recent weeks.”
The US-Iran agreement is well-timed for the Bank of England, which is due to set UK interest rates on Thursday.
If the strait of Hormuz does reopen, and oil flows return towards pre-war levels, there will be less inflationary pressure – and thus less need for interest rate rises.
The European Central Bank raised its interest rates last week, but this week is the turn of the BoE, the US Federal Reserve and the Bank of Japan.
Kathleen Brooks, research director at XTB, says:
Over the past month, the price of oil is down by more than a fifth, and the Brent crude price is now back at levels from early March. This is good news for inflation, which should start tumbling monthly from June, and it could ease concerns about price pressures as we lead up to some major central bank action this week. The decline in the oil price also raises questions about whether the ECB was too hasty in raising rates last week.
European stock markets are on track to jump when trading begins, in just over 20 minutes.
Germany’s DAX share index is up 1.65% in the futures market, Reuters reports, with the UK’s FTSE 100 0.75% higher.
The US dollar is weakening, as investors shift into riskier currencies.
The pound is its highest in over a week, at $1.3438.
Markets rally across Asia
There are strong gains across Asia-Pacific markets today, as investors welcome the deal between the US and Iran.
Japan’s Nikkei share index has leapt by 5%, as has South Korea’s KOSPI, while China’s CSI300 index is 1.9% higher.
Jim Reid, market strategist at Deutsche Bank, says:
Whilst the deal is very good news for markets it looks like tough conversations will have occur in the 60-day window to ensure the peace is sustainable. As an example, the Senate needs to approve any extensive sanction relief for Iran.
For now the can kicking exercise has been very well received by markets even after a strong US close on Friday where hopes were raised of a weekend signing
Introduction: Oil falls to three-month low
Good morning, and welcome to our rolling coverage of business, the financial markets, and the world economy.
The peace deal agreed between Iran and the US is sending a wave of relief through the markets today.
Oil has tumbled 4%, and markets across the Asia-Pacific region have jumped, as investors anticipate the reopening of the strait of Hormuz.
Although it is unclear exactly what has been agreed – with the final text of their memorandum of understanding unpublished – Donald Trump’s claim that “oil will flow on both ends again for the region, and the world” is pushing down energy prices – a relief for busineses, consumers, politicians and central bankers alike.
Brent crude has fallen as low as $83.04, its lowest since 10 March, after the prime minister of Pakistan announced the US and Iran will sign a memorandum of understanding in Switzerland on Friday.
That still leaves Brent above its pre-war price of $72.48 a barrel, though.
Trump has indicated that the opening of the strait is contingent upon the signing of the peace deal, scheduled for Friday.
Iran’s Mehr state news, though, reported that the agreed memorandum of understanding calls for the reopening of the strait within 30 days under “Iranian arrangements” – an indication that Tehran hasn’t surrendered its control of the waterway.
Chris Weston of IG points out that there are still obstacles to overcome:
The probable reopening of the Strait of Hormuz later this week would represent a significant positive development. Markets had increasingly questioned how long inventory draws could offset supply disruptions and whether physical dislocations would begin weighing more heavily on risk assets. The focus now shifts towards understanding what normalisation of logistics could realistically look like, and how quickly shipping volumes can return to pre-conflict levels of 120 to 140 commercial vessels transiting eastbound and westbound each day.
There are still obstacles to overcome. Mines may need to be cleared, and there may be structural damage to refineries and export facilities around the region that will take time to repair and come back to pre-conflict capacity.
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