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Middle East crisis live: ceasefire under pressure and talks in doubt as Iran threatens to ‘retaliate’ to US seizure of ship | US-Israel war on Iran

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Oil prices surge amid uncertainty over strait and peace talks

Oil prices surged on a re-escalation of hostilities in the Middle East war after Iran closed the strait of Hormuz at the weekend, just a day after reopening it.

In early trading on Monday, the price of Brent crude climbed 5.8% to $95.64 per barrel. Meanwhile, West Texas Intermediate increased 6.4% to $87.90 per barrel.

Customers fill up their tanks at a petrol station in Hanover, Germany. Photograph: Odd Andersen/AFP/Getty Images

S+P 500 futures fell around 0.6% and European futures fell 1.1%. But equity benchmarks in Seoul, Taipei and Tokyo shrugged off risks to advance, with Taiwan’s shares touching a record high and the other two not far behind.

Hong Kong’s Hang Seng rose 0.8%, Japan’s Nikkei climbed 1% and South Korea’s Kopsi rose 1.4%.

However, one of the strongest notes of caution in markets on Monday came from Australia’s largest business lender, National Australia Bank, which flagged a $500m impairment charge as it expects the war to drive up bad debts.

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Streeting would 'be prepared' to trigger leadership contest as early as next week

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But the former health secretary told BBC Newsnight he would prefer for the prime minister “to take a decision on his own terms”.



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Argentina v Algeria: World Cup 2026 – live | World Cup 2026

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32 mins: Algeria get on the ball in Argentina’s half for the first time in ages. They work the ball from side to side then look to attack down the right but Almada tracks back effectively.

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Social media has risks but has given us opportunities too, teens say

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Prime Minister Keir Starmer says the ban will give children more time, security and freedom to grow up. But how do under-16s feel?



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