Prices

Oil prices fell to a three-week low on Tuesday as senior US officials raised hopes of a deal with Iran to reopen the key Strait of Hormuz waterway.

US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent both announced talks had progressed to allow shipments to potentially resume as soon as this week.

The cost of a barrel of brent crude, the global benchmark for oil prices, fell by almost 5% to under $80 on the news of supply disruptions potentially being eased.

But the failure of previous negotiations in recent months to de-escalate the conflict between the US and Iran has led to a volatile oil market, with drivers ultimately being hit by higher fuel prices at the pumps.

On Tuesday, along with the drop in Brent crude, US West Texas Intermediate prices were down more than 5%, to $76 a barrel. Both contracts dropped to their lowest levels since 13 July.

US Secretary of State Marco Rubio said there had been progress made in discussions on getting more ships through the Strait with Iran and Oman.

“There’s been progress made in those talks, but not finality yet. We’re hoping that will happen very shortly,” he told reporters at the State Department.

Bessent said a deal to reopen the Strait of Hormuz could be agreed as soon as Tuesday or Wednesday.

There was a “chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict,” he told CNBC.

“It would be freedom of movement,” he added, when asked whether Iran would be allowed to charge for ships passing through.

While senior figures in the US government have announced talks have been progressing, no details of what a potential deal may look like have been released.

The Strait of Hormuz has been a central point in negotiations between the US and Iran. Before the conflict began in late February, the waterway handled about one-fifth of global daily oil and liquefied natural gas supplies.

The disruption has sent prices at the pumps up across the world. In the UK petrol prices are now at levels seen at the start of the conflict, with the average cost of a litre of petrol hitting £1.60, according to the RAC motoring group.

In the US, gasoline prices are on average above $4 a gallon, according to the AAA. Diesel is almost $5.40 a gallon.

Qatar, which is one of the key mediators between Washington and Tehran, said it was continuing efforts with other mediators to try to achieve a diplomatic resolution to the war, but admitted no direct talks were currently planned.

On Monday, President Donald Trump warned Iran faced its “last chance” to agree a deal to allow commercial shipping to resume in the Strait.

He said he had called off “massive” strikes on the country for talks to resume.

But Iran has said it was not negotiating with the US – and had no plans to do so – and is instead talking to Oman.

US stock markets were trading higher on Tuesday following news of the negotiations lowering oil prices and also in response to corporate results related to Artificial Intelligence.

Investors have experienced jitters on Wall Street as results from Big Tech firms indicate spending on the technology is set to continue to soar.

Aug. 4 (UPI) — British oil giant BP posted second-quarter profit on Tuesday of $5.7 billion, more than double the $2.35 billion it made in the April to June period in 2025, amid sharply higher oil and gas prices caused by the U.S.-Iran conflict.

Profit was $2.5 billion more than what the company made in the first quarter, the first two months of which were before the United States and Israel attacked Iran on Feb. 28, and easily beat the $5 billion expected by analysts.

BP’s results, the latest of the oil giants to report bumper profits in recent days following on from Shell, Exxon Mobil and Chevron, came a day after U.S. President Donald Trump accused energy firms of exploiting the current shortage of supply.

“Based on a shortage, they’re making too much money,” he said Monday after Exxon Mobil and Chevron last week reported a combined $26.5 billion profit for the second quarter.

Trump demanded the companies return some of their windfall to the public by cutting their retail prices, saying profits that had jumped as much as 12-fold were not acceptable and that he was not happy about it.

On Friday, Shell, the other British supermajor, also posted results showing it more than doubled its earnings, reporting a $9.84 billion profit for the April to June period, up from $4.26 billion in the same period last year.

Environmental groups criticized the profit made by BP as unseemly.

“Clearly not everyone is feeling the pain of the energy crisis. While BP banks another round of enormous profits, millions of households are paying the price through sky-high energy bills and a climate crisis accelerating rapidly out of control with increasingly severe heatwaves, wildfires and droughts,” said Friends of the Earth campaigns head Rosie Downes.

BP CEO Meg O’Neill told CNBC on Tuesday that while she understood the pressure ordinary consumers felt when they were confronted by the prices at the pump, the company had little control over the cost.

“The reality is we produce a global commodity and the prices for the product we sell hangs off that global commodity price, said O’Neill, who stressed that the sterling financial results were due to strong performances across all its businesses,” she said.

She added that the company had tweaked the firm’s refining runs to ensure the products consumers needed most at any given point in time were available in sufficient quantities but insisted BP was “there was more to do.”

“We are not making the most of our potential. Our performance over the past few years has not met our own expectations, let alone those of our shareholders. We have not delivered consistently; we have written off too much value; and our costs and liabilities are not resilient enough in a low price environment,” said O’Neill.

BP’s results came four days after it put its North Sea oil business on the market amid uncertainty over whether the British government will forge ahead with phasing out North Sea oil and gas, in line with its Net Zero by 2050 target, or issue some new drilling licences to meet U.K. demand in the interim.

O’Neill said Tuesday that in a conversation with Prime Minister Andy Burnham he had assured her that he would take a “pragmatic” approach to the issue.

“The U.K. is still using a huge amount of oil and natural gas every single day, and we ought to be using our domestic resources first instead of buying those resources from a third party,” O’Neill added.

Analysts estimate BP’s 24 fields, about half of which are still producing, should fetch around $2.6 billion.

There are estimated to be at least 12 billion barrels of oil left under the North Sea, although developed reserves awaiting to be pumped are much lower.

United States President Donald Trump has lambasted the nation’s biggest oil and gas giants as Houston, Texas-based Chevron reported record earnings while consumers struggle with soaring petrol prices.

“I don’t like it,” Trump told reporters on Monday in reference to the blockbuster second-quarter earnings, as his war on Iran has kept oil prices high for months.

“Chevron, too much money. ExxonMobil, too much. Too much money.”

Trump’s comments came on the heels of an interview Chevron CEO Mike Wirth gave on the Fox News programme Sunday Morning Futures with Maria Bartiromo. Writing on his Truth Social platform, the US president berated Wirth for not crediting his administration’s efforts to help the oil industry.

“The only thing he [Wirth] conveniently forgot to mention is that, without the genius, foresight, strength, and stability of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!”

Chevron reported its highest quarterly profits in six years on Friday. Adjusted earnings per share came to $6.06, or $12bn, as tensions between the US and Iran strained global oil supply chains in the strategically vital Strait of Hormuz, where roughly one-fifth of the world’s energy supply travelled through before the war, sending prices soaring.

Chevron rewarded its employees. Wirth praised them for their work and said in an email that most workers would receive a bonus equivalent to half their monthly base pay, the Reuters news agency reported, citing an internal email.

Al Jazeera has not been able to independently confirm Reuters’ reporting.

Chevron’s strong earnings come as the company is less reliant on Middle Eastern production operations than its competitors, allowing it to reap the benefits of higher global oil prices during the quarter. Brent crude, the global benchmark for oil prices, was 23 percent higher than in the first three months of the year.

“Being less dependent on the Strait of Hormuz is definitely helping them. It’s also the refining they’re able to do here. The fact that Chevron has less than 5 percent exposure there gives it some protection,” Bill Drolet, executive director, mergers & acquisitions at The Post Oak Group investment bank, told Al Jazeera.

“More than 70 percent of Chevron’s production is concentrated in America, and that’s where it’s making its biggest margins right now.”

Chevron also benefitted from the president’s move to open up oil production in Venezuela after US special forces abducted the country’s president, Nicolas Maduro, in January. Chevron had stayed on in the South American nation even after former President Hugo Chavez nationalised oil production.

Chevron did not respond to Al Jazeera’s request for comment.

Competitors also performed well. ExxonMobil on Friday posted its best quarterly profits in four years, but they fell short of analysts’ expectations. Earnings raked in $9.2bn.

Exxon did not respond to a request for comment.

On Thursday, Valero Energy reported its highest ever second-quarter profit, with net income coming in at $3.7bn as US refiners reap the benefits of tensions choking oil production across the Middle East.

But those benefits have not reached consumers, who are feeling the strain at the petrol pump. Petrol prices are above $4 a gallon (3.78 litres) across the US. The average price for a gallon of petrol is $4.09, down from $4.11 this time last week, but up from $3.82 a month ago, according to the American Automobile Association (AAA), which tracks daily petrol prices.

By comparison, when the US and Israel first struck Iran in late February, the average price was $2.98.

An analysis from Bank of America published in April showed consumers spending as much as 4.2 percent of their income on petrol in March, up from 3.9 percent in 2019. Lower-income earners are hit much harder, with more than 10 percent of households spending more than 10 percent of their monthly income on petrol.

This comes as pressure on the US Strategic Petroleum Reserve continues. The reserves hit their lowest level since 1983 this week, according to the Department of Energy. They fell by 2.8 million barrels over the week to 304.8 million barrels.

Political pushback

The condemnation of the oil industry has come from across the political spectrum.

“A decent industry would say, ‘this was money we didn’t earn, it’s a windfall we get from our cartel pricing scheme.’ Not these corrupt, greedy and grasping rogues,” Democratic Senator Sheldon Whitehouse of Rhode Island wrote in a post on X on Sunday.

But lowering prices might not be as easy. Beyond pressure from consumers, companies across the corporate United States are beholden to a concept called shareholder supremacy. This means that while lowering prices might be in the best interest of pinched consumers, it may not be possible given the legal framework and companies’ fiduciary responsibility to shareholders.

“They’ve [oil companies] got shareholders they’re responsible for. They could reduce share buybacks or dividend payouts, but right now, I don’t see oil companies doing much,” Post Oak Group’s Drolet said.

He said if he were advising a member of Congress or the president, providing relief to consumers might be easiest by suspending the so-called gas tax, which varies by state. In Texas, for example, the gas tax accounts for 20 cents per gallon, while in California, it is 63 cents per gallon.

“From a political standpoint, the best thing our government can do is suspend gas taxes, especially in California. If they put a temporary hold on taxes, that would help everybody get through this challenging time.”

Al Jazeera asked the White House if that policy is on the table, but the press office did not respond.

Heading into the US midterm elections, cost of living remains among the highest concerns for consumers. In a Washington Post/Ipsos poll last month, 54 percent of respondents said that high prices and the economy were a chief concern heading into November.

“They see the price of fuel and net profit for Exxon and Chevron and feel that they are abusing US consumers, especially as US consumers have access to the correct fuel, whereas other areas around the world have shortages [such as Germany, Philippines],” Babak Hafezi, professor of international business at American University, told Al Jazeera.

“The reality is that as the war [On Iran] progresses, the impacts of the lack of supply will create full price and supply shocks.”

Amid Trump’s comments, Chevron’s stock is on the downturn in midday trading, tumbling more than 2 percent from the market open. However, it is up more than 1.1 percent over the last five days.

ExxonMobil is down 0.5 percent for the day and 0.1 percent over the last five days.

The price for a barrel of Brent crude oil for October delivery lost 5.16% to $83.39 a barrel, while US crude, or WTI, futures for September delivery declined nearly 6% to $79.66 per barrel.

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Crude declined after US President Donald Trump said fresh talks with Iran would begin later in the day, easing concerns over potential supply disruptions. Additional downward pressure came after Saudi Arabia, Russia and five other key members of OPEC+ agreed in an online meeting on Sunday to boost oil production by 188,000 barrels a day from September, against a backdrop of disruption caused by the Middle East conflict.

“The seven participating countries decided to implement a production adjustment of 188 thousand barrels per day,” they said in a joint statement.

The increase, decided by the key countries in the enlarged Organisation of the Petroleum Exporting Countries, was widely expected by analysts.

“OPEC+ has finished unwinding its voluntary cuts. The next challenge is managing the surplus that could emerge as export flows normalise,” Jorge Leon, analyst at Rystad Energy, said.

He warned, however, that the decision “changes little in the near term because (the Strait of) Hormuz remains constrained. The real market impact will come when normal export flows resume.”

The Gulf countries have struggled to increase exports due to the near-paralysis of the Strait of Hormuz orchestrated by Iran during the war in the Middle East – despite a brief upswing in shipping traffic after a US-Iran memorandum of understanding was signed in June.

Many OPEC+ members cannot produce as much oil as their official targets allow due to a “decline in production capacity”, so increasing targets has become less meaningful, Giovanni Staunovo, an analyst at UBS, said.

Future pause foreseen

The September increase, agreed by OPEC+ countries Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, completes the unwinding of the second of the three production-cut packages introduced by organisation.

“Having completed the restoration campaign, OPEC+ has little incentive to rush into further supply changes. Our base case is a fourth-quarter pause while the group prepares for the 2027 quota negotiations,” Rystad Energy’s Leon said.

“For now, geopolitics is masking the scale of the supply increase. That will become much clearer once export flows normalise,” he added.

It remains unclear when the group will actually be able to increase its oil volumes. Some member countries, such as Iraq, have expressed a desire to significantly boost production.

Russia, though, is confronted with repeated Ukrainian drone attacks on its oil infrastructure that have crimped production, currently hovering around nine million barrels per day – compared with a target of 9.8 million barrels per day.

OPEC+ “faces potentially difficult talks over new production quotas” starting next year following the September increase, according to analysts at DNB Carnegie.

Between late 2022 and 2023, OPEC+ became concerned that oil prices were falling, and agreed to cut oil production in three separate rounds, reducing total output by nearly six million barrels per day.

But Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman and the United Arab Emirates – before the latter’s exit from the group on May 1 – then changed their strategy by gradually upping production starting in 2025.

“I don’t think cohesion is at risk at this very moment,” Leon said, warning, however, that the UAE’s withdrawal from the group in May has highlighted a weakness in this area.

Emerging-market stocks stumbled in July as renewed geopolitical tensions, volatile AI-related shares and rising interest-rate concerns interrupted what had been a strong rally earlier this year, Bloomberg News reported Sunday.

For investors, the outlook for developing markets is becoming more complicated. While

Taiz, Yemen – Fuad Mohammed has been working as a construction labourer for more than 25 years. The 46-year-old has seen things get progressively worse in Yemen’s construction industry since the war in the country started more than a decade ago, and then further deteriorate after the US-Israel war on Iran began in late February, with its devastating economic impact on the wider region.

“We can barely eke out a living for our families,” Fuad told Al Jazeera.

The ongoing regional war has damaged economies across the Middle East, with government-controlled areas of Yemen bearing a heavy burden as commodity prices soar. Among the hardest-hit sectors is fuel: in January, 20 litres (5.3 gallons) of diesel cost 25,000 Yemeni riyals ($17), but today that price has skyrocketed to 45,000 riyals ($30). That massive spike has triggered a domino effect, driving up the costs of all goods and services dependent on fuel and transportation – including construction.

As a result, countless construction projects across those areas – in Yemen’s east and southwest – have ground to a halt.

Pausing construction

Fuad explained that, before the US-Israel-Iran war, he was able to find work for around two weeks every month. But this year, he has now gone several months with barely any work.

“The price hikes in building materials have frustrated both homeowners and construction labourers,” Fuad said. “Those who want to build find that their budgets are no longer enough, and we are left with no work.”

Fuad recalled that he briefly found work in May for a woman who had saved money to build a home for her family. However, when a fresh wave of price increases hit the market, she paused construction to wait for prices to drop.

“I also work with construction contractors, but most of them have paused their projects at the request of homeowners,” he added. “When I call them, they tell me they are waiting for regional conditions to improve.”

As an example of the rising costs, the price of a truckload of sand increased from 130,000 Yemeni riyals ($87) to 190,000 riyals ($127), while the average cost of one metre of window glass rose from 90,000 riyals ($60) to 130,000 riyals ($87).

Fuad’s situation at home is desperate. Relying entirely on daily wages but having no work, he can not provide basic essentials for his family. He has considered finding another job, but he lacks professional experience in other fields.

In a desperate attempt to find work, he has lowered his daily wage from 25,000 Yemeni riyals ($17) to 20,000 riyals ($13).

“My situation is getting worse every day,” he said.

Economic division

An official from the Yemen Petroleum Company in Aden told the Reuters news agency in May that the increase in the price of diesel was caused by the worsening supply crisis and rising global fuel prices, driven by regional tensions and the closure of the Strait of Hormuz, alongside increased transportation and marine insurance costs. The official noted that the measure was temporary and would remain in place until the end of the crisis and conditions returned to normal.

Wafeeq Saleh, executive director of the Taiz Center for Yemeni-Gulf Studies, explained that the Yemeni economy was particularly susceptible to external economic shocks.

“Any disruptions in global commodity markets directly affect the local market because [Yemen] imports nearly 90 percent of its needs,” Saleh told Al Jazeera. “Consequently, the local rise in commodity and fuel prices is a natural outcome of surging global prices, shipping tensions in the Strait of Hormuz, as well as increased maritime insurance and freight fees.”

In areas controlled by Yemen’s Houthi rebels, however, including the capital Sanaa, there has not yet been a sharp increase in fuel prices, and therefore no impact on the construction industry – yet.

Yemen’s war has entrenched two separate economic structures in the country, with the central bank bifurcated between Aden and Sanaa, and two different exchange rates operating for the Yemeni riyal.

The Houthi group is already facing popular anger over a weak economy, as it grows increasingly isolated regionally and internationally. The group has so far avoided an increase in the price of fuel, with 20 litres (5.3 gallons) of diesel costing 9,500 Yemeni riyals, which at the exchange rate set in Sanaa is the equivalent of roughly $18.

“[The Houthis] may have sufficient inventory from previous months, which is why the local market hasn’t been affected,” Saleh said. “However, the impact will appear in the coming period when imports are made at the new price.”

The actions of the pro-Iranian Houthis themselves have contributed to the increase in global oil prices. Having sat out the Iran war for its first few months, the Houthis recently began attacks against Saudi ships passing through the Red Sea, after the Yemeni government and the Saudi-led coalition that backs it refused to allow a plane from Iran to land in Sanaa. The Houthi attacks mean that the transportation of oil from the Gulf is now disrupted in both the Strait of Hormuz and the Red Sea, and has contributed to oil prices going past $100 a barrel for the first time since May.

Will prices come down?

Lutf Zuraiqi, 58, had saved some money to build a home, but the dramatic increase in the cost of building materials forced him to pause the project until “things get better”.

“Price increases aren’t new in Yemen, but I believe this current surge is regional. I believe as soon as the regional war ends, building materials will return to their old prices,” Zuraiqi told Al Jazeera.

Zuraiqi has been following news of the Iran war on a daily basis because its end would mean lower material costs for him and the chance to resume building his planned home.

“The government promised that prices will go back down after the [US-Iran] war ends,” he said. “So this time I’m choosing to believe them and hope I will manage to finish my home.”

Mohammed Jameel, on the other hand, hasn’t been following the news – but the building contractor has been tracking prices of building materials instead. The 59-year-old believes that, based on his experience, once the price of the materials goes up, they never come down.

“I have worked in construction for more than four decades now, and throughout this entire period, building material prices have consistently risen,” Jameel said. “We have never witnessed a price drop. So, I advise those who have paused their construction to resume, as today is always better than tomorrow.”

Jameel said that he has been forced to reduce his rates and cut profit margins on major contracts to keep some work.

“My experience tells me it is normal for owners of homes and projects to pause work until they adapt to the new prices,” he added. “But eventually, construction labourers’ wages will rise, and the total cost of building will increase.”

Jameel feels for the plight of construction labourers, but he views this as a temporary phase and believes the suffering will ease once work picks up again. “We are all in the same boat, not just the daily wage labourers,” he said. “But we hope things will get better.”

Heathrow Airport will be allowed to charge airlines more for its services to recover money spent on the early stages of its third runway project.

The aviation regulator is permitting the airport to claw back up to £320m through higher airport charges to airlines for each passenger, which is likely to end up being added to ticket prices.

A bidder which unsuccessfully put forward a rival design involving a shorter runway, Arora Group’s Heathrow West, will also be allowed to recover £4.1m pounds in costs.

The Civil Aviation Authority (CAA) and Heathrow said safeguards would be put in place to protect consumers from unjustified costs.

At this stage, the costs being recovered are only for the early planning and design of the runway during 2025 and 2026.

Tim Johnson, the CAA’s director of consumers and markets, told the BBC: “We’ve announced that the first tranche of costs, which is to help with the planning of this, can be recovered from passengers. That’s up to a maximum of £320m.”

Heathrow airport will also be able to collect Heathrow West’s costs up to November last year by adding to its airport charges.

The CAA said allowing these costs to be recouped will result in the maximum airport charge per passenger increasing by around 15 pence in 2028, rising to an estimated 30 pence in the following years.

In November, the government announced it preferred the £33bn scheme put forward by the airport over Arora’s alternative plan.

At the time, the Department for Transport said Heathrow’s own proposal offered the most deliverable option, and the “greatest likelihood” of getting a decision on planning approval within this parliament.

The CAA’s director of consumers and markets, Tim Johnson, said today’s decision “strikes a balance between supporting the delivery of benefits to consumers through timely progress on Heathrow expansion, whilst also protecting them from undue increases in costs”.

The regulator said “safeguards” designed to monitor cost efficiency would include transparency and cost reporting requirements, and assurance by independent experts.

Airlines often complain that Heathrow is the world’s most most expensive hub airport, and have repeatedly voiced concern that the airport’s expansion plans will make it pricier.

The government hopes for a planning decision by 2029.

Plans for a third runway stretch back decades, with the government backing the plans in 2003.

However, the idea has also long faced opposition from climate campaigners, many local residents, and several politicians.

They worry an additional runway will increase air pollution, noise pollution, and breach the government’s legally binding climate commitments.

PRINCESS Andre has admitted she can’t keep up with mum Katie Price’s “extreme” love life and rollercoaster marriage to latest husband Lee Andrews.

The influencer and TV star, 19, spoke candidly on her reality series, The Princess Diaries, after her parent tied the knot with conman Lee in January.

Katie said I Do just 10 days after meeting Lee for the first time.

Princess, who is Katie‘s child with ex Peter Andre, along with big brother Junior, revealed in her ITV show: “Mum’s in Dubai right now to see her husband and to be honest I don’t really know much about it.

“I’ve never met him but mum’s love life is everywhere at the moment.

“Mum’s love life stories are quite extreme and honestly I don’t even follow it myself, but as long as my mum’s happy, we’re happy, and that’s all that matters”.

PRINCESS DIARIES

Princess Andre lifts lid on her love life & mum Katie’s truce with Peter

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Princess Andre takes swipe at ‘copycat’ star online in surprise new feud

Back in June, Katie’s new spouse Lee made a bizarre claim he had “adopted” Princess – alongside the former glamour model’s four other kids.

The suggestion prompted Princess’ dad, Mysterious Girl hitmaker Pete, to deny Lee’s words.

At the time, his rep told Metro that Lee’s claims were “categorically untrue” and are “yet another lie” from the self-proclaimed business man.

Since then, former glamour model Katie has been presented with an explosive dossier from The Sun’s Clemmie Moodie covering her spouse’s misdemeanours – including his mental health lies and damning texts.

At the time, The Sun’s files against Lee – including a “gay affair rumour” – had, according to a source, left Katie with no choice but to consult a divorce lawyer.

Who is Katie Price’s husband Lee Andrews?

KATIE Price tied the knot with Lee Andrews in January 2026. Yet who is he?

• Katie Price has married businessman fiancé Lee Andrews in a whirlwind wedding
• It is the fourth time Katie, 47, has been a bride. She has also been married to Peter Andre, Alex Reid and Kieran Hayler
• Katie and Lee met just after being introduced on social media
• Lee claimed he is a billionaire in a failed clip from his acting career
• He now claims to be a Dubai-based businessman
• Yet The Sun has unmasked him as a fantasist who faked celebrity links using AI-generated photos and recently talked about marrying two other women
• Failed actor is just another title to add to Lee’s questionable CV, after he claimed to have once worked as the Director of Philanthropy at The Prince’s Trust (now The King’s Trust)
• Lee also shared images – since proven to be AI – of him working with Elon Musk and Kim Kardashian
• It’s been revealed shameless Lee told former girlfriends that he had studied at Cambridge University, and has a PhD in biotechnology science
• But The Sun has seen a response from the university explaining it could not find a record of Lee being registered as a student with a date of birth they had provided
• His LinkedIn profile says Lee has been a Member of the Board of Advisors to the Labour Party since 2015
• Lee was also mocked for repeating the exact same wedding proposal on Katie – that he did for another woman just four months ago.

Clemmie also confirmed in her in-depth article that Katie is refusing to return to Dubai – where Lee lives and is currently locked up in prison.

Meanwhile Katie has vowed to quiz her husband over his offer to sell a sex tape of them – as her sister Sophie branded him a “d***head”.

It comes after The Sun revealed Lee’s sickening plan of hawking an alleged “sex tape” with his wife.

Speaking on the latest episode of her podcast, Katie addressed the video and insisted she has no knowledge of it – but said finds the whole things “ridiculous” and “overwhelming”.

She said: “I commented when he went missing but he’s in prison and I will be questioning him about a lot of things when he’s out. I’m just getting on doing what I’m doing.

“There is so much, there is no smoke without fire.”

Within days of Katie marrying Lee in Dubai, stories started to emerge of the lies the conman has told.

Lee claimed he had connections with some of the richest stars in the world, but it proved to be fake, and that he had used AI to fake meetings and pictures with Kim Kardashian and Elon Musk.

In one of Lee’s only interviews, he told The Sun he planned to buy Chelsea FC as part of a £2billion bid.

Lee has also claimed that he has degrees from some of the UK’s top universities, including Cambridge, but the institution quickly clarified that they had no trace of Lee having ever attended as a student.

Through it all, Katie has stood by her husband and jetted back and forth to Dubai to be with him.

The couple also recently got a dog together in the UAE city, and despite her family’s on-going protests over the relationship – she had been planning to jet back out for another reunion with Lee before Clemmie’s bombshell dossier was published.

The U.S. war with Iran escalated again Thursday as Iran-backed Houthis in Yemen attacked two Saudi Araian oil tankers in the Red Sea, causing global oil prices to surge amid fears of yet another vital energy corridor being choked off by the conflict.

The attacks came after the Trump administration threatened additional strikes on Iran’s nuclear infrastructure while pushing a new deal to help Saudi Arabia develop a nuclear energy program of its own. Also Thursday, four Republicans in the U.S. House joined Democrats in a vote to halt the American military campaign absent congressional approval. Senate Republicans blocked a similar measure.

The price of oil hit $100 a barrel for the first time since May, increasing the financial pressure on Americans at the gas pump and the political pressure on President Trump to end a war he promised would last weeks but has persisted for months. At least 18 U.S. service members have died in the war.

The Houthis, who control the populous northwest of Yemen, receive arms and training from Tehran but had remained largely on the sidelines since the U.S. and Israel launched the war. Their latest strikes complicate already fraught negotiations between the U.S. and Iran after the collapse of a ceasefire this month amid renewed hostilities in the Strait of Hormuz, the other major energy passageway choked by the conflict.

The Houthis had this week announced a naval blockade of Saudi ships in the Red Sea, which stretches along Saudi Arabia’s western flank. That blockade centered on the Bab al Mandeb strait, the only southbound route for Saudi tankers headed to Asian markets.

Tanker traffic has already been heavily diminished in the Persian Gulf along Saudi Arabia’s northeast flank and between it and Iran, because of Iran’s threats to vessels traveling through the Strait of Hormuz. Saudi Arabia had diverted its oil exports to its Red Sea ports and out the Bab al Mandeb, dispatching some 4.5 million barrels via that route per day.

In a social media post Thursday, Trump said that if the Houthis continue attacking ships in the Red Sea, the U.S. “will hold Iran responsible” because the Houthis are an Iranian proxy, and inflict “major military punishment” on the Houthis and Iran.

He said he was “very disappointed” in the Houthis, “in that they have, until now, acted very professionally and smart” amid the Iran war.

At a later event Thursday, Trump said the U.S. is “doing extremely well” against Iran, which he accused of having “evil intentions.”

Democrats in the House and Senate cited the war’s spread to the Red Sea as yet another reason that Congress should act to pass a war powers measure to halt the president’s military campaign. Sen. Chris Van Hollen (D-Md.), who led the unsuccessful effort in the Senate, cited the expansion while recalling how Trump had claimed victory in Iran as far back as March.

“If we won back in March, why are more Americans getting killed in July? If we won back in March, why is the Strait of Hormuz closed? If we won back in March, why is the war expanding as Houthis attack ships transiting the Bab al Mandeb strait in the Red Sea? If we won back in March, why are oil and gas prices and diesel prices shooting through the roof again, imposing costs on every American family?” Van Hollen said. “Is that their definition of winning?”

The Houthis’ military spokesman, Yahya al-Sarea, said the group’s forces conducted “a qualitative military operation” targeting two Saudi oil tankers with missiles and drones for what he said were violations of the Houthis’ blockade on the Red Sea.

The Houthis have accused Saudi Arabia of imposing a blockade on airports and seaports in northwestern Yemen, where most of the country’s population lives and which the Houthis otherwise control. They also blamed Saudi Arabia for an attack this month on Sanaa’s airport to prevent the landing of a plane carrying a Houthi delegation returning from the funeral of Iranian Supreme Leader Ali Khamenei, who was killed at the start of the war.

Al-Sarea said that in addition to striking the two tankers, the Houthis forced 10 other ships to turn back from their passage, will “continue their naval operations against the Saudi enemy” and will “continue imposing the equation of blockade against blockade.”

The escalation of the war — and the shock wave it sent through global energy markets — added to regional uncertainty already being stoked by the Trump administration’s announcement Wednesday that it had agreed to work with Saudi Arabia to develop a civilian nuclear program.

That announcement, after years of U.S. attempts to block nuclear proliferation in the Middle East, sparked widespread concern in Washington, where lawmakers will vote on the deal, and in Israel, which has long feared a nuclear arms race in the region.

Trump administration officials said the deal would “uphold the highest standards of nuclear safety and nonproliferation,” with American firms developing the program. But they provided few details, and questions immediately arose about the absence of clear inspection protocols or any requirement that Saudi Arabia first normalize diplomatic relations with Israel.

On Thursday, Trump said the deal would be conditioned on Saudi Arabia joining the Abraham Accords and establishing diplomatic ties with Israel. White House Press Secretary Karoline Leavitt later said that Trump had not talked to Saudi leaders since making that condition public, but that they would have to agree to it or “the deal is off.”

Leavitt said that Trump had raised the matter with Saudi leaders in the past, and that it is something Trump “feels very strongly about.”

Asked whether Israel pressured the president to impose the condition, Leavitt said, “Not to my knowledge.”

Earlier this week, Defense Secretary Pete Hegseth told Congress that the Iran war has already cost the U.S. $37.5 billion. House Republicans on Wednesday pushed through a $1.15-trillion defense policy bill to fund the war moving forward. Most Democrats voted against the measure in protest of the war, and it faces stiff opposition in the Senate.

Trump in recent days has tried to deny polls showing plummeting support for the war among Americans. On Wednesday, before attending the dignified transfer of the bodies of U.S. service members killed in the war to Dover Air Force Base in Delaware, Trump claimed Americans don’t want high gas prices but “aren’t against the war.”

On Tuesday, Trump posted statistics showing that more U.S. service members died in past wars, which Democrats denounced as disrespectful to those killed in the current conflict.

The Houthis seized control of the Yemeni capital in 2014, along with much of Yemen’s populous northwest. Their advance triggered a devastating Saudi-led campaign to dislodge them. Since 2022, the two sides have been in a stalemate, though tensions have been rising again in recent months.

Mohammed al-Basha, founder of the Basha Report, a U.S. risk advisory firm focused on the Middle East and Africa, said the Houthis’ latest escalation comes as their influence is growing because of the increased importance of Bab al Mandeb while the Strait of Hormuz is choked off by Iran.

“This is their moment, because with everything happening in the Strait of Hormuz, Bab al Mandeb quadrupled in importance. By exerting maximum pressure in this period, they can maximize the effect of any kinetic action they’re trying to do,” Al-Basha said.

“Their narrative is very aggressive. They want war. And they feel that because they want war and sense that the U.S. and Saudi Arabia don’t, that they will submit to their demands.”

Inflation has fallen both in the UK – down to 2.6% in the year to June helped by slowing diesel and petrol prices – and in the US to 3.5%.

But questions remain whether the slow down will prove short-lived due to the renewed conflict in the Middle East.

New data released on Thursday showed that UK petrol prices have risen by 5p a litre since the beginning of July, hitting reaching almost £1.56.

Diesel is at £1.72 a litre, on average, according to the RAC.

Average gasoline prices in the US have surpassed $4 a gallon once more, up from $3.92 a month ago, according to motorist advocacy group AAA.

“More expensive fuel and energy can ripple through the wider economy, increasing costs for businesses and ultimately feeding through into the price of food and other goods,” said Jonathan Raymond, investment manager at Quilter Cheviot.

“This creates another headache for central banks as they continue their battle against inflation.

“If energy prices remain elevated, policymakers may come under pressure to keep interest rates higher for longer or even raise them. This would come as a blow to mortgage holders and borrowers already feeling the strain.”

The Bank of England, which sets UK interest rates, has held them at 3.75% in its last four meetings.

Paul Dales, chief UK economist at Capital Economics, said he believed the Bank will “almost certainly” hold them again. But he said analysts still expected that interest rates could be cut next year if energy price rises ease.

Kevin Warsh, the newly-appointed chair of the US Federal Reserve, last week told Congress that the central bank had “no tolerance to persistently elevated inflation”.

US President Donald Trump had pushed Warsh’s predecessor, Jerome Powell, to cut interest rates.

Trump has made it clear he expects Warsh to fulfil his demand for reductions in borrowing costs for Americans.

But the Fed held US interest rates between 3.5% and 3.75% at Warsh’s first meeting last month. He also told Congress that he was committed to “restoring price stability” in the wake of the Middle East conflict impacting prices.

The price of resale housing in Spain ended the second quarter of 2026 with a year-on-year increase of 17.2%, according to the Fotocasa Real Estate Index.

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Between April and June, prices also rose by 4%, bringing the average to €3,133 per square metre in June. Spain’s resale home prices have hit new record highs in four of the first six months of the year and are now at their highest level in the past 21 years.

Fotocasa’s head of research and spokesperson, María Matos, attributes this trend to a sharp imbalance between strong demand and limited supply. She explains that the shortage of available properties, financing conditions and demographic pressure in the main markets are driving prices up and making it more difficult to access housing.

According to Matos, “the result is ever faster price growth that makes it harder to access housing and widens the affordability gap for a large proportion of households.”

Fotocasa’s data is in line with the trend shown by statistics from the National Statistics Institute (INE), although the two use different methodologies.

While the property portal analyses the asking prices of advertised listings, the INE measures the prices of homes that are ultimately sold. According to the institute, the overall price of housing rose by 12.9% year-on-year in the first quarter of 2026, while second-hand homes became 13.5% more expensive.

Murcia leads the increases

Prices rose during the second quarter in 16 autonomous communities.

The Region of Murcia recorded the largest rise, at 8.6%, followed by Cantabria (6.3%), the Valencian Community (5.9%), Castile and León (5.6%) and La Rioja (5.1%). The Canary Islands was the only region where prices fell, with a drop of 0.7%.

On an annual basis, Murcia once again came out on top with an increase of 28%, ahead of Cantabria (20%), the Valencian Community (19.8%), Asturias (17%) and Andalusia (16.9%).

The report also highlights that “June 2026 ended with 14 autonomous communities posting double-digit year-on-year increases, compared with 11 in 2025, six in 2024 and seven in 2023”.

The Balearic Islands and Madrid remain the most expensive regions to buy a resale home, at €5,441 and €5,410 per square metre respectively.

They are followed by the Basque Country (€3,925), Catalonia (€3,418) and the Canary Islands (€3,374). At the opposite end of the scale are Extremadura (€1,352), Castile-La Mancha (€1,407) and Castile and León (€1,816).

Provinces, provincial capitals and major cities

Forty-six provinces recorded quarterly increases, with León (10.7%), Palencia (10.2%) and Murcia (8.6%) seeing the sharpest rises, while Cuenca, Huelva, Santa Cruz de Tenerife and Ávila were the only ones where prices fell.

The Balearic Islands remains the most expensive province to buy a resale home, at €5,441 per square metre, followed by Madrid (€5,410), Guipúzcoa (€4,695) and Málaga (€4,690). Jaén continues to be the most affordable, at €1,112 per square metre.

Among provincial capitals, León recorded the largest quarterly increase, while Donostia-San Sebastián maintains the highest average price in Spain, at €7,158 per square metre, ahead of Madrid (€6,630), Barcelona (€5,368), Palma (€5,275), Málaga (€4,320) and Bilbao (€4,157).

At municipal level, Santa Eulària des Riu in Ibiza tops the national ranking with €8,491 per square metre, followed by Sant Antoni de Portmany (€8,284) and Eivissa (€7,441). In Madrid, the Salamanca district reaches €10,786 per square metre, while Sarrià-Sant Gervasi leads the way in Barcelona at €7,540 per square metre.

Published on
20/07/2026 – 10:53 GMT+2

Oil prices jumped in early trading as the US announced further attacks for a ninth consecutive night. Iran has responded to the strikes by targeting US allies across the Middle East.

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Brent crude, the international benchmark, rose 3.2% to $90.95 per barrel, while US benchmark crude climbed 2.8% to $84.04 per barrel.

“The US and Iran continue to exchange strikes, which are proving to be deadly for both sides,” ING commodities strategists Warren Patterson and Ewa Manthey wrote in a commentary on Monday.

“If this escalation goes unchecked, we could return to an environment of widespread attacks across the Persian Gulf,” they added.

Tanker traffic through the Strait of Hormuz, a crucial waterway for global oil transport, has nearly ground to a halt, adding to pressure on supplies, they noted.

Elsewhere, AI-related shares including chipmaking stocks declined on Friday, pulling world markets lower. Pledges of huge spending on AI are fuelling worries the sector may be in a bubble, and many investors have opted to sell to lock in profits from recent big gains.

“The return to war in the Strait of Hormuz may start to weigh more heavily on financial markets before too long, especially if even strong tech earnings reports continue to be met with scepticism,” Jonas Goltermann, chief markets economist at Capital Economics wrote in a note Monday.

Markets were also shaken by the rollout of another powerful Chinese AI model, this time by Beijing-based Moonshot AI.

The impact of the new Kimi K3 open-source AI model was similar to when China’s “ DeepSeek moment” rattled world markets in early 2025. It was viewed as another sign of how lower-cost, capable Chinese AI models are increasingly challenging rivals like Anthropic’s Claude and OpenAI’s GPT.

Additional sources • AP

KATIE Price’s good friend and podcaster pal Lewis Nicholls shares sweet moment with her son Harvey on social media.

It follows husband Lee’s latest lock up in Dubai, whom Katie, 48, married in January just days after meeting him.

Lewis took to his Instagram to post a heartwarming video of him and Harvey, 24, in his apartment.

Harvey is filmed giving Lewis a flower as a gift as the two share a sweet moment.

As Lewis filmed the gesture, he said: “Best gift ever. Harvey, what did you give me? 

Harvey replied: “A flower.”

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“You got me a flower. It says to Lewis, you look handsome Lewis. Love from Harvey Daniel Price. Thank you so much,” he added.

The video then ends with Harvey sweetly kissing Lewis and saying “Love you”.

He captioned the post: “Harvey just melts my heart. Came back to the apartment and had this gift waiting for me (heart emoji)”

Lewis is close with the family and most recently went on holiday with Katie to Cornwall.

The pair snapped themselves whilst away, dressed in matching harnesses and helmets with Go Pro cameras attached to them. 

“What have we just done,” Lewis captioned the photo of them with an eye emoji.

Katie reshared the image on her Instagram Story and wrote: “Such a fun day with friends in Cornwall.”

She also hung out with Lewis’ parents at a pub, with Lewis sharing photos of them having dinner and cocktails. 

The pair grew close when Lewis hosted Katie and Kerry Katona’s tour around the UK, An Evening With Katie Price & Kerry Katona.

“Katie – well, what can I say, the most random, funniest and loyal person I have met and we have had lots of laughs from our daily shopping trips, sunbeds and car singalongs,” Lewis wrote alongside photos of them on tour in November.

Speaking of his relationship with Harvey, Lewis said: “Also spending a week with Harvey was the best and to see how much of an amazing mum she is and their bond is just the best, he loved my voice-over.” 

It comes several days after Lee was put into prison once again in Dubai.

The controversial businessman was arrested for unpaid debts.

Many of Lee’s victims have told The Sun he took thousands of pounds from them in supposed investment schemes only to be left high and dry.

Lee has already boasted he’s raised the cash to get out of Al-Awir prison and is expected to be a free man by the end of the week, The Sun exclusively revealed.

In another fresh blow it was then revealed, that Conman Lee Andrews’ father joined him in prison earlier this week, after being reported to officials by a third party. 

Father and son are understood to have seen one another inside the jail, with both believed to be facing allegations of fraud.

Lee is currently trying to raise funds to pay off his debts and be released, from where he faces extradition. He hopes to return to the UK, to be with his wife.

Sources say a patient Katie has finally snapped – and is now “at the end of her tether” with friends urging her to leave Lee once and for all.

July 14 (UPI) — The consumer price index for the year ending in June rose 3.5%, less than economists expected, the U.S. Bureau of Labor Statistics reported Tuesday.

For the month, consumer prices fell by 0.4% due in part to the energy index dropping by 5.7%. It was the largest decline in the energy index in more than six years, following a spike in energy prices due to the Iran war and closure of the Strait of Hormuz.

The consumer price index decline for the month followed a 0.5% increase in May, also making the decrease a six-year best for a single month.

The energy index remains high for the 12 months ending in June, up by 15.7%. This is bolstered by a 26.7% increase in the index for gasoline.

Energy services decreased by 0.7% on a per-month basis, putting the annual rate of inflation at 3.9%. Electricity fell by 1% to an annual 4% increase while utility gas service rose by 0.5% to an annual 3% rate of inflation.

June’s index beat estimates by the Dow Jones consensus, which projected a 0.2% decrease in the consumer price index with annual inflation at about 3.8%.

The index for all items not counting volatile food and energy, known as core inflation, remained steady between May and June. Core inflation measured at 2.6% for the year ending in June after reading at 2.9% in May.

The index for food rose by 0.2%, as did the indexes for food at home and food away from home. The annual index for food rose by 3%.

Tuesday’s report comes as new Federal Reserve Chairman Kevin Warsh appears before Congress. In his prepared remarks, Warsh will tell Congress that the “number one objective is to get monetary policy right.”

“That is our clear and constant aim, the star we steer by,” Warsh’s prepared statement reads. And if we get policy right — and we will — the inflation surge of the last five years will be a thing of the past.”

Published on
14/07/2026 – 7:53 GMT+2

The price of Brent crude climbed to just over $84 a barrel after soaring nearly 10% on Monday. US benchmark crude was up 1.4% at $79.20 a barrel.

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Oil prices are still below their wartime peak of nearly $120 a barrel, but uncertainty over the future stability of supplies deepened as the US and Iran each asserted they controlled the Strait of Hormuz.

US share futures were down 0.3% as the U.S. launched more strikes on Iran after President Donald Trump said Washington was “reinstating” a blockade on Iran in the strait.

Fighting in the region has kept oil tankers from using the waterway to deliver crude to customers from the Persian Gulf, driving up fuel prices worldwide.

Asia-Pacific shares slip overnight

In Asian trading, Tokyo’s Nikkei 225 lost 1% to 66,574.96 and the Kospi in South Korea declined 3.2% to 6,589.37.

The Shanghai Composite index lost 0.8% to 3,884.32, even though the government reported that China’s exports jumped 27% in June from a year earlier as adoption of artificial intelligence drove strong demand for computer chips and other technology.

Hong Kong’s Hang Seng edged 0.1% higher, to 24,230.46, while in Australia, the S&P/ASX 200 shed 0.5% to 8,767.00.

Monday on Wall Street, the S&P 500 fell 0.8%, coming off its fourth winning week in the last five. The Dow Jones Industrial Average dropped 0.3%, and the Nasdaq composite sank 1.6%.

Chip stocks like Micron Technology helped lead the way lower. Micron fell 4.4%, eating into what had been a stellar rise of 243.1% for the year so far.

Worries are rising that stock prices have shot too high and that the demand may not be sustainable if AI doesn’t deliver as much profit and productivity as expected.

Nvidia fell 3.5%. Because it’s the largest stock on Wall Street by value thanks to the euphoria around AI, it was the single heaviest weight on the S&P 500.

Investors turn to earnings

Much of Wall Street’s attention this week will be on profit reports from companies saying how much they earned during the spring. On Tuesday alone, Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Wells Fargo are all releasing their latest quarterly results.

Analysts are forecasting that companies in the S&P 500 index will deliver overall growth of 23.6% from a year earlier, according to FactSet. If they’re right, it would be the second straight quarter of growth better than 20%.

Companies across industries will need to deliver strong growth to justify the big moves their stock prices have made. Indexes are near records despite their sharp recent swings due to worries around AI stocks.

More costly oil would push inflation higher, potentially leading the Federal Reserve and other central banks to raise interest rates. Higher rates can keep a lid on inflation, but they also slow the economy and hurt prices for all kinds of investments.

In other dealings early Tuesday, the US dollar slipped to 162.34 Japanese yen from 162.35 yen. The euro rose to $1.1391 from $1.1381.

Additional sources • AP

Published on 13/07/2026 – 6:56 GMT+2•Updated
6:59

The price of Brent crude, the international benchmark, gained 3.9% to $78.96 per barrel, while the US benchmark crude oil price rose 4% to $74.26 per barrel.

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Prices for both types of crude oil had recently slipped back to the levels seen before the war with Iran began, after the two sides reached an interim agreement to end the conflict and ships resumed transporting oil through the Strait of Hormuz.

However, the United States launched several waves of strikes on Iran early on Monday morning following an Iranian attack on a container ship in the Strait of Hormuz that set the vessel ablaze and left one crew member missing over the weekend. Iran retaliated by targeting countries across the Middle East.

US stock futures fell, with the contract for the S&P 500 down 0.4% and that for the Dow Jones Industrial Average 0.3% lower. Nasdaq Composite futures lost 1%.

In Asian trading, Tokyo’s Nikkei 225 index lost 1.1% to 67,786.86, while in Seoul, the Kospi declined 5.6% to 7,060.69.

Shares in South Korean memory chipmaker SK Hynix, which soared 13% on their Wall Street debut on Friday, slumped 10.6% in Seoul. Its bigger rival, Samsung Electronics, fell 6.7%.

Elsewhere in Asia, Hong Kong’s Hang Seng edged 0.1% higher to 24,202.41, and the Shanghai Composite index shed 1.2% to 3,947.34.

In Australia, the S&P/ASX 200 declined 0.3% to 8,777.00.

US stocks ticked higher on Friday after investors showed sustained appetite for winners of the artificial intelligence (AI) boom. The S&P 500 rose 0.4% and the Dow Jones Industrial Average added 0.3%. The Nasdaq Composite climbed 0.3%.

SK Hynix’s shares jumped after trading began at midday after it raised roughly $26.5 billion by selling American depositary shares at a price of $149 each.

SK Hynix’s stock in Seoul had already surged more than 600% over the past year thanks to enthusiasm for AI. The boom has translated into real profits, driven by soaring demand for computer memory. But it has also raised concerns that AI stock prices have climbed too high and that the world’s spending on chips and data centres will not generate enough productivity and profit growth to justify the investment.

That has led to sharp swings in AI stocks, which have become some of Wall Street’s most influential because of their enormous market values.

Nvidia was the single biggest force lifting the S&P 500 on Friday, rising 4%.

Beyond the uncertainty surrounding AI, investors are turning their attention to the upcoming corporate earnings season.

Companies across industries will need to deliver strong profit growth to justify their elevated share prices, which remain close to record highs. This week will bring earnings reports from many of the biggest US banks, including Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Wells Fargo, with several reporting on Tuesday alone.

Concerns about how the continued fighting with Iran will affect the global flow of crude oil are clouding the outlook for both energy costs and overall inflation.

High bond yields have been weighing on financial markets worldwide because more expensive oil and persistently high inflation could prompt the Federal Reserve and other central banks to raise interest rates.

Higher interest rates can help keep inflation under control, but they also slow economic growth and weigh on the prices of all kinds of investments.

Additional sources • AP

Oil prices have jumped amid the latest outbreak of hostilities between the United States and Iran over the Strait of Hormuz.

Brent crude, the main international benchmark, rose more than 4 percent on Monday as Washington and Tehran traded attacks amid their escalating standoff over control of the critical waterway.

Brent futures for September delivery stood at $79.26 a barrel as of 05:00 GMT, the highest since June 22.

US Central Command (CENTCOM) said on Sunday that it had carried out dozens of strikes on Iran to degrade its ability to attack vessels in the strait, hours after striking hundreds of targets in the country.

US forces launched the earlier round of strikes after accusing Iranian forces of “blatantly” attacking a Cyprus-flagged container ship, the MV GFS Galaxy, as it was transiting the strait.

“The Strait of Hormuz is a vital maritime corridor for global trade. Iran does not control it,” CENTCOM said in a statement late on Sunday.

“US forces are postured and prepared to ensure that freedom of navigation remains available to commercial shipping despite Iran’s continued unwarranted aggression, harassment, threats, and arbitrary declarations.”

Iranian forces on Sunday launched a wave of missile and drone attacks against the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain in response to the US strikes.

Iran’s Persian Gulf Strait Authority, which claims the right to control traffic through the Strait of Hormuz, earlier reiterated that vessels attempting to cross the waterway without using its preferred route would “not be covered by safe passage guarantees”.

“The consequences arising from transit through unauthorized routes shall be the responsibility of the owner, operator, and vessel commander,” the authority said.

After ticking up following Washington and Tehran’s signing of a memorandum of understanding on ending the war last month, maritime traffic in the Strait of Hormuz has declined sharply amid the renewed fighting between the sides.

Just six vessels were tracked crossing the strait between 18:00 GMT on Thursday and 06:00 GMT on Friday, compared with 18-22 daily crossings earlier this month, according to maritime intelligence platform Windward.

Nine vessels were tracked in the waterway between 18:00 GMT on Saturday and 06:00 GMT on Sunday, four of which were flying the Iranian flag, according to Windward.

Roughly 130 vessels transited the strait, a conduit for one-fifth of the global oil trade in peacetime, each day before the start of the war.

Oil prices, which had returned to pre-conflict levels following the signing of the memorandum on June 17, are now about 9 percent higher than before the US and Israel launched their initial strikes on Iran in late February.

Mukesh Sahdev, founder and chief oil analyst at XAnalysts in Sydney, Australia, said he expects the per-barrel price of Brent to remain in the upper $70s during August and September amid the heightened geopolitical uncertainty.

“There could be occasional spikes and dips outside that range,” Sahdev said in a note to clients on Saturday.

“Long-haul procurement forces refiners to make supply decisions weeks in advance,” Sahdev added.

“Those decisions have already reduced immediate reliance on the Middle East, and the latest escalation is likely to reinforce rather than reverse that trend.”

Fabien Yip, a market analyst at IG in Sydney, Australia, said prices are unlikely to approach the much higher levels seen earlier in the war despite the latest turmoil.

“Oil’s return towards pre-war levels in June reflected markets pricing in a best-case outcome for the fragile US-Iran arrangement; last week’s re-escalation exposes how fragile that assumption was,” Yip said in a note to clients on Monday.

“Near-term, the risk premium should keep prices supported, though a repeat of the earlier spike appears unlikely, as demand remains slow to recover while stranded-tanker releases and OPEC+ output quota expansion continue to add barrels to an already oversupplied outlook.”

Major Asian stock markets fell on Monday amid the renewed fighting in the Middle East.

Japan’s benchmark Nikkei 225 fell more than 2 percent in afternoon trading, while South Korea’s Kospi plunged more than 8 percent.

Hong Kong’s benchmark Hang Seng Index dipped about 0.2 percent.

PUSSYCAT DOLLS have cut their ticket sales in half across some of their UK gigs following their reunion tour axe. 

Back in May, the trio were forced to scrap their North American shows after failing to sell enough tickets. 

The girl group, featuring Nicole Scherzinger, 48, Ashley Roberts, 44, and Kimberly Wyatt, 44, are due to launch their comeback later this year. 

There are eight scheduled tour dates set up and down the UK for fans to enjoy but it has now been revealed that the price for four of them have been discounted. 

The sale is a part of a promotion for the AXS 2026 Summer Sale, and includes shows in Birmingham, Leeds, Newcastle and London. 

The sale will run till July 15, giving fans time to grab the discounted tickets but having slashed ticket prices before it remains unclear whether this will boost sales. 

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For their tour across the pond, the girls struggled to sell tickets despite cutting prices to $30, and several dates still had as much as 80 percent of the seats available. 

They had planned 33 dates across the US and Canada, starting in Palm Desert, California, on June 5. 

Rehearsals were delayed and had not formally started before the plug was pulled.

They then went on to announce the news in a group statement, they said: “When we announced the PCD Forever Tour, we hoped to bring the show to fans across the world.

“After taking an honest look at the North American run, we’ve made the difficult and heartbreaking decision to cancel all but one of the North America dates.”

But speaking about the Europe and UK leg, they added: “We are putting everything into making this show a true celebration of the music and the memories.”

The European leg of the PCD Forever tour is due to begin in Copenhagen on September 9.

And Insiders have insisted their ticket sales have been far better in Europe than in North America, with shows in Warsaw and Paris already sold out.

The cancellation was another setback for the girl group, who also cancelled their last reunion tour.

They announced in 2019 that they were launching a comeback as a five-piece along with former members Carmit Bachar and Jessica Sutta, with shows across the UK, Europe, Asia, South America, Australia and New Zealand.

However, it was delayed due to Covid and was eventually axed due to a disagreement between frontwoman Nicole and the band’s founder Robin Antin, on which they reached a confidential settlement last September following a lawsuit.

The Dolls, who had eight Top Ten hits including No1s Don’t Cha and Stickwitu between 2005 and 2009, announced their return as a trio in March when they dropped their new single Club Song.

VOGUE Williams has shared a private ‘threatening’ message that Katie Price’s husband Lee Andrews sent to her.

The My Therapist Ghosted Me star, 40, chatted with co-host Joanne McNally about Lee’s whirlwind marriage in a podcast entitled ‘we’re at war’.

After hearing the criticism about his relationship, Lee took to his social media and said he would be sharing a video of his own to expose “fake boxers, sneaky DJs, famous-for-nothing presenters, desperate exes, and desperate reality-relevant goons making money on my name and slandering my relationship with lies and gossip” at 10pm.

Vogue joked that 10pm was too late for her to stay up now she’s pregnant with her fourth child.

The star then messaged Lee about it privately, asking if the release could be brought forward to 8pm, and she surprisingly ended up receiving a response from him.

Reading out Lee’s message, she joked that the pair are now “friends” after he seemed to ease his defensive stance.

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Lee said: “Oh, he said, ‘haha, I didn’t schedule it, but I’ll see what I can do. Congrats on the baby to both of you.

“There are a few other things coming your way, but nothing detrimental.

“More on the gist of the recent events. Take good care.”

Co-host Joanne laughed at Lee’s response, then said to Vogue: “Did he just congratulate you on your baby and then threaten you in the same message? This is a wild morning.”

But Vogue didn’t appear too fazed by it, replying: “It’s nothing detrimental. More in the gist of recent events. I’ll be like, ‘It’s all in the name of fun, Lee, isn’t it?’.”

The remark comes after Vogue and Joanna slammed Lee for being a “clout chaser”.

Lee then hit back, branding Vogue a “clout chaser”, which led to him and the two ladies getting embroiled in an online spat.

Speaking in the episode that was released today, Joanne said that Lee “lives to chase clout”, before detailing the ways in which he has done this.

“He literally he set up a Cameo two weeks after marrying Katie Price. I’ve never seen clout chasing like it,” she said.

“It’s podium level clout chasing.”

Meanwhile, Vogue said that she feels “icky” and “dirty” about Lee.

She noted: “For me, it’s more like I just don’t want to get involved because it feels so icky.

“And I feel like I’m dirty when I talk about… I don’t want to be sullened by this by this.”

It came after Lee made another bold claim and this time he said he was joining the BBC One soap EastEnders.

Brent crude rises above $76 a barrel for the first time in two weeks amid renewed violence in Strait of Hormuz.

Oil prices have surged as renewed hostilities between the United States and Iran threaten to derail a fragile ceasefire that had brought some relief to global energy markets.

Brent crude, the main international benchmark, rose as much as 3 percent on Wednesday, reversing a slide that had seen prices return to pre-war levels.

Brent futures for September stood at $76.07 a barrel as of 04:00 GMT, the highest since June 23.

The jump came after the US launched strikes on Iran and revoked a temporary waiver of sanctions on Iranian oil, following attacks on three commercial vessels in the Strait of Hormuz.

US, Qatari and Saudi officials blamed Iran for the attacks on the vessels.

US Central Command said on X that it had begun “launching a series of powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway”.

Tehran has not directly claimed responsibility for the attacks, but has repeatedly warned vessels against attempting to transit the waterway on routes it has not approved.

Iranian Deputy Foreign Minister Kazem Gharibabadi said earlier that Tehran would take “decisive actions to safeguard its national interests and security” in response to the revocation of the sanctions waiver, describing the move as a “blatant violation” of the memorandum of understanding (MoU) signed by Washington and Tehran on June 17.

Tony Sycamore, a senior market analyst at IG Australia, said the MoU’s language was deliberately vague regarding control of the strait and traffic management.

Disagreement between the US and Iran over whether the strait is an international waterway or partly Iran’s territorial waters was never fully resolved, Sycamore said.

“It remains to be seen whether this morning’s US strikes bring a swift end to the latest escalation or Iran elects to continue flexing its leverage over the Strait with actions that fall short of triggering a broader conflict,” Sycamore said in a note to clients on Wednesday.

“At the very least, it will keep markets on edge and does suggest crude oil prices have based for now.”

The US strikes followed a separate move by the US Treasury Department late on Tuesday to revoke its 60-day waiver on sanctions on Iranian oil.

The Treasury Department last month authorised the sale of Iranian oil until August 21 as part of broader negotiations with Tehran, but transactions will now no longer be allowed after 12:01am EDT (04:01 GMT) on July 17, according to a statement on the department’s website.

The new order also rescinds authorisation for any new transactions, including purchases or loading, after Tuesday.

Saul Kavonic, head of energy research at MST Marquee, said he expects oil prices to remain elevated as hazardous conditions persist in the strait and the release of emergency oil stockpiles wind down.

“Iran fully intends to cement its control over the Strait of Hormuz in the coming weeks, which is unacceptable to the US, many Gulf states and global customers, and could result in passage through the strait remaining below 50 percent of pre-war levels for many months with periodic flare-ups in hostilities,” Kavonic told Al Jazeera.