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Ofgem's quarterly price cap will increase by nearly 13% from July, pushing a typical household energy bill to £1,850 a year. The rise, driven by the Iran war and higher wholesale gas prices, has sparked calls for government support, though the chancellor has so far only offered targeted measures.
The United States is expected to inform NATO allies of significant reductions in its military contributions available for European defense in a crisis, including cuts to fighter jets, warships, and submarines. The move, reported by multiple outlets, reflects Washington's push for Europe to assume primary responsibility for its own security.
Russian Foreign Minister Sergey Lavrov informed US Secretary of State Marco Rubio on Monday that Moscow is launching systematic strikes on targets in Kyiv, advising evacuation of American diplomatic personnel and citizens. The two discussed Ukraine, Cuba, and the Strait of Hormuz, while Washington said they also exchanged views on Iran.
An explosion damaged a tanker sailing off Oman near the Strait of Hormuz, with conflicting reports about the cause. US forces had conducted strikes on Iranian missile sites and boats alleged to be laying mines, while Oman's Mina al Fahal terminal suspended oil loading amid the incident.
Oil prices have again touched $100 a barrel following fresh US strikes on Iran, with analysts warning the global energy market may be past the 'point of no return'. The IEA has warned of a potential 'non-linear adjustment', while European gas reserves are under pressure at only 37% full.
Iranian Supreme Leader Ayatollah Mojtaba Khamenei, in a written address marking the Hajj pilgrimage, declared that Middle Eastern nations will no longer serve as hosts for US military bases, warning that Washington is losing its position in the region. He also reiterated harsh rhetoric against Israel, describing it as a 'cancerous tumor' nearing demise, while praising the so-called Axis of Resistance. The statement comes amid ongoing tensions and indirect negotiations between Washington and Tehran.
South Korea’s KOSPI closed above 8,000 points for the first time on May 26, 2026, rising 2.55 percent as foreign investors returned to net buying on optimism over a possible U.S.-Iran peace framework. The rally, driven largely by AI-linked semiconductor shares, has lifted Korean equity market capitalization well past earlier milestones and above the estimated value of the greater Seoul housing market.
US President Donald Trump has demanded that several Muslim-majority nations, including Saudi Arabia, Qatar, and Pakistan, sign the Abraham Accords as part of a potential deal to end the Iran war. The proposal has met with resistance from Pakistan, skepticism from Gulf states, and criticism from analysts who question its timing and logic.
South Korean stocks closed above the 8,000-point level for the first time, driven by optimism over a possible U.S.-Iran peace agreement. The KOSPI gained 199.8 points, or 2.55 percent, to close at a record 8,047.51. President Trump's comments on talks proceeding 'nicely' and falling oil prices buoyed investor sentiment.
State-run think tanks have revised South Korea's 2026 economic growth forecast upward to 2.5%, citing strong semiconductor-led exports and recovering domestic consumption. The Korea Development Institute (KDI) and the Korea Institute for Industrial Economics & Trade (KIET) both raised their projections, while noting persistent uncertainties from the Middle East conflict.
US Central Command conducted self-defence strikes on Iranian missile sites and boats attempting to lay mines in southern Iran, as Iranian negotiators arrived in Qatar for talks to end the war. Iran denounced the strikes as a 'gross violation' of the ceasefire and warned of consequences, while signalling that negotiations remain ongoing.
South Korea's oceans ministry announced plans to open a regular Arctic shipping route to Europe by 2030, with a pilot voyage from Busan to Rotterdam scheduled for September. The initiative is part of a broader strategy to transform the southeastern region into a global maritime hub, mirroring China's existing Arctic container express route.
The US military launched self-defense strikes in southern Iran targeting missile launch sites and mine-laying boats, even as diplomatic talks continue. Officials on both sides express cautious optimism, but Iran warns a deal is not imminent.
President Donald Trump stated that negotiations with Iran are proceeding steadily, dismissing reports of a suspension, while warning that failure to reach a deal would result in renewed US attacks. Iran's foreign ministry said talks are focused on ending the war, not nuclear issues, amid ongoing Israeli strikes in Lebanon.
Israeli Prime Minister Benjamin Netanyahu has told confidants he has little ability to sway US President Donald Trump's decisions on Iran, as Washington and Tehran negotiate a preliminary agreement. Israel has been largely excluded from the talks, which focus on a memorandum of understanding that does not address Iran's nuclear program or enriched uranium stockpile, according to reports.
The United States and Iran have signaled progress toward a possible agreement to end a three-month war and reopen the Strait of Hormuz. Negotiators acknowledge significant hurdles, including the nuclear issue and control of the strait. Media reports differ on how close a deal is and what it entails.
Iran's foreign ministry spokesman says Tehran and Washington have reached understandings on many issues in talks over ending the war, but cautions that an agreement is not imminent. A 14-point framework is being finalised, and U.S. Secretary of State Marco Rubio suggested a deal could materialise on Monday, though President Trump urged negotiators not to rush.
Chinese President Xi Jinping thanked Pakistani Prime Minister Shehbaz Sharif for Pakistan's proactive role in mediating peace in the Middle East during a visit marking 75 years of diplomatic relations. Both sides pledged close coordination to promote stability in the region.
Oil futures slid on Monday following US President Donald Trump's announcement that a deal with Iran had been 'largely negotiated,' though a separate France 24 report noted prices had risen earlier on Trump's rejection of Iran's counterproposal. The conflicting coverage highlights market sensitivity to diplomatic developments amid the ongoing closure of the Strait of Hormuz, which continues to impact global economies.
Indian sailor Sunil Pooniya survived a missile strike on the oil tanker Skylight near the Strait of Hormuz, an attack that killed two colleagues. As tensions in the region escalate, thousands of seafarers remain stranded, and the human cost of the conflict is becoming clearer.