Daily brief
The United Kingdom has relaxed sanctions on Russian oil, particularly for jet fuel and diesel, as fuel prices surge amid the closure of the Strait of Hormuz and rising tensions with Iran. The measures include an indefinite waiver on certain Russian oil imports to address supply shortages.
UK inflation dropped sharply, providing a respite from the energy shock caused by the Iran crisis.
HSBC’s chief urged staff to embrace AI as technology upends banking jobs.
Jaguar Land Rover plans to develop vehicles in the US with Stellantis.
The UK and the Gulf Cooperation Council struck a milestone $5bn free-trade deal.