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Published on
22/06/2026 – 8:15 GMT+2

At the time of writing, Brent crude was down 0.91% at $79.12 a barrel, while US West Texas Intermediate (WTI) crude had fallen 0.70% to $75.32 a barrel.

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Lower crude prices reflected broader investor sentiment in early trading after Qatari and Pakistani mediators said the first round of negotiations between the US and Iran aimed at securing a final agreement to end the conflict had concluded with “encouraging progress”.

A memorandum of understanding signed last week includes a commitment to reach a final agreement within 60 days, an end to fighting on “all fronts” – including in Lebanon – and the reopening of the Strait of Hormuz.

Markets mixed as analysts monitor US-Iran negotiations

Meanwhile, Asian stocks were mixed on Monday, with markets in Japan and South Korea trading higher, while US futures traded lower.

Tokyo’s Nikkei 225 jumped 1.6% to 72,364.82 after reaching a new all-time high of 72,831.73 during intraday trading, helped by technology stocks fuelled by enthusiasm over the global artificial intelligence boom.

Japan’s SoftBank Group, the multinational investment holding company with a strong AI focus, rose 2.4%, while chip equipment maker Tokyo Electron gained 2.3%.

South Korea’s Kospi added 0.4% to 9,084.37 and was trading near record highs, led by AI-related shares. Memory chip maker SK Hynix surged 4.7%.

“We’re seeing another strong market today,” Neil Newman, managing director and head of strategy at Astris Advisory Japan, said. He cautioned that the Japanese market was “probably getting a little stretched” from an investor’s point of view, “especially with what’s going on in the Middle East”.

Hong Kong’s Hang Seng fell 1% to 23,690.86, while the Shanghai Composite Index edged 0.2% higher to 4,098.01.

Additional sources • AP

The Foreign Office has lifted its no-go travel warning after Iran and the US signed a deal

A travel expert has provided an update on journeys to and from the Gulf region following the US and Iran reaching an agreement to cease hostilities between the two nations. Speaking outside the Foreign, Commonwealth & Development Office (FCDO), Simon Calder confirmed that travel insurance was ‘once again valid’ after both the Iranian and American presidents put pen to paper on a deal to end the conflict.

This prompted the FCDO to lift its advice against travelling to several Gulf States. Nevertheless, it cautioned that the ‘situation remains unpredictable’ amid ongoing regional tensions.

Mr Calder stated that those wishing to visit the region could now do so ‘with some confidence’. He said: “I’m at the Foreign Office which has just changed its advice for travellers going to the Gulf region, in particular Dubai, which last year was visited by 1.4 million British travellers.

“As from now, the no-go warning which prevailed for the whole of the UAE, including Dubai and Abu Dhabi, as well as to the countries of Qatar, Bahrain and Kuwait, has been lifted. The Foreign Office still warns that you need to be ready for trouble to resume at any time, but it means that travel insurance is once again valid and anybody planning a trip to the UAE or Qatar or elsewhere in the region can do so with some confidence.

“The immediate effect, I think, is going to be a big marketing campaign by the giant airlines: Emirates of Dubai, Etihad of Abu Dhabi, and Qatar Airways based in Doha. They will be wanting to get people to both connect through their hubs, but also to take summer holidays. Be warned, it is extremely hot with average daily highs around 40°C.”

Not only do millions of holidaymakers head to the Gulf states, but countless others use them as a stopover for journeys to Asia and Australia. That meant the tourism industry took a particularly severe blow when the US and Israel launched strikes on Iran in late February.

The FCDO decision means tourists can now return without putting their travel insurance at risk. But that doesn’t mean flights will restart straight away.

Virgin Atlantic halted flights until winter 2027 after the conflict began, and a spokesperson confirmed on Thursday that this ‘remains the case’.

British Airways announced earlier in June that it wouldn’t restart flights to the UAE until October 2026. Emirates has maintained flights to and from the region throughout the hostilities.

Mr Calder continued: “The immediate effect, I think, is going to be a big marketing campaign by the giant airlines: Emirates of Dubai, Etihad of Abu Dhabi, and Qatar Airways based in Doha. They will be wanting to get people to both connect through their hubs, but also to take summer holidays. Be warned, it is extremely hot with average daily highs around 40°C.”

“But it means that anybody who’s planning to travel perhaps to Asia or to Australia now will be able to travel with confidence through one of the Gulf hubs. In addition, I imagine that airfares will fall because the Asian carriers will not be able to command such a premium.

“Stand by for some really good holiday offers, but I personally won’t be seeing you on the beach in Dubai until about November.”

The U.S. dollar edged lower, as investors tracked shifting developments around a potential Iran deal and the resulting moves in oil prices, which influenced inflation expectations and safe-haven demand.

The dollar index (DXY), which measures the greenback against a

HOUSTON — A Houston city ordinance that limited police officers’ cooperation with federal immigration agents was amended on Wednesday after Texas’ governor threatened to take away millions of dollars in public safety grants.

Houston, Austin and Dallas — three of the state’s biggest cities and Democratic strongholds — are being confronted by GOP Gov. Greg Abbott with threats of losing public safety dollars over policies that dictate how law enforcement interacts with federal immigration authorities. The three cities are being threatened with the loss of about $200 million in public safety funding, including tens of millions expected to cover security at World Cup matches this summer in Dallas and Houston.

Two weeks ago, the Houston City Council passed the ordinance, which eliminated a requirement that Houston police officers wait 30 minutes for agents with U.S. Immigration and Customs Enforcement to pick up someone with a nonjudicial administrative warrant. If ICE agents didn’t show up in time, police officers took a detained person’s information and then released them.

But Abbott warned city officials that the new ordinance and its limitation on cooperating with ICE agents violated the terms of $110 million in state grants Houston had received for police and security during the World Cup games the city is hosting in June.

Texas Atty. Gen. Ken Paxton had also filed a lawsuit against Mayor John Whitmire and members of the City Council over the ordinance, accusing them of violating a 2017 state law that prevents cities from adopting policies that limit the enforcement of immigration laws and that also banned “sanctuary city” policies in the state. There is no strict definition for sanctuary policies or sanctuary cities, but the terms generally describe limited cooperation with ICE.

After more than two hours of discussion during its weekly meeting, the Houston City Council voted 13 to 4 to make changes to the ordinance. Whitmire said he had consulted with Abbott’s office about making changes that would prevent Houston from losing its funding.

The amended ordinance deletes language that highlighted that administrative warrants — versus warrants signed by a judge — that ICE agents use to take individuals into custody are not enough for officers to arrest or detain an individual.

Houston Mayor John Whitmire speaks during a City Council meeting on Wednesday.

(Raquel Natalicchio/AP)

“We have no alternative for Houston to survive, prepare for [the World Cup], patrol these neighborhoods,” Whitmire said. “We’ve got to have today the restoration of the $114 million.”

Andrew Mahaleris, a spokesperson for Abbott, said the governor expects any policy Houston police adopt has to comply with the city’s certification that it will fully cooperate with the Department of Homeland Security.

“This vote is a step in the right direction after Houston leaders put public safety at risk with reckless policies that undermined law enforcement,” Mahaleris said in a statement.

Councilmember Abbie Kamin, one of three members who had pushed for the ordinance, voted against amending it, saying that doing so was giving in to bullying tactics from state leaders.

“If we roll over now to a bully, what will he come for next?” Kamin said.

Councilmembers Edward Pollard and Alejandra Salinas, who also pushed for the ordinance, said they remained hopeful the changes approved Wednesday would not violate individuals’ constitutional rights and wouldn’t result in people being held on nonjudicial warrants.

Nikki Luellen, an advocate for criminal justice reform for the ACLU of Texas, called the amended ordinance “a green light for deeper collaboration between ICE and the Houston Police Department.”

Martha Castex-Tatum was one of several council members who had supported the ordinance but voted in favor of amending it in order to protect the city’s finances.

“For some people, this may feel like surrender. It’s not. It’s real stewardship,” Castex-Tatum said.

Dallas officials have said they are committed to ensuring public safety.

Austin Mayor Kirk Watson, a moderate Democrat, said the local policy complies with state law. He said Abbott’s threat to cut nearly $3 million in Austin would cut trauma aid for police officers and sexual assault victims.

“We don’t have the time and will not play into this political theater,” Watson said.

Austin officials have since indicated they could try to negotiate with Abbott.

The debate in Houston and other Texas cities comes during fraught times. Whitmire and other local leaders in many of Texas’ left-leaning urban areas have tried not to draw the federal government’s attention amid the aggressive immigration crackdown by President Trump’s administration.

Lozano writes for the Associated Press. AP writer Jim Vertuno in Austin contributed to this report.