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The pound traded close to its lowest level of 2026 as political uncertainty in the UK intensified. Sterling fell as much as 0.4% in early trading to touch $1.318, amid reports that Prime Minister Keir Starmer is expected to announce a timetable for his resignation imminently.

Brent crude fell below $80 per barrel for the first time since March and ended down 5% at $79.40, as the U.S.-Iran agreement continued to reduce geopolitical risk premiums. Markets are increasingly pricing in the prospect of additional supply and the return of regular shipping routes through the Strait of Hormuz.

Brent crude fell below $80 per barrel for the first time since March and ended down 5% at $79.40, as the U.S.-Iran agreement continued to reduce geopolitical risk premiums. Markets are increasingly pricing in the prospect of additional supply and the return of regular shipping routes through the Strait of Hormuz.