Brent crude futures advanced $4.19, or 4.6%, to $94.57 a barrel by 1027 GMT and U.S. West Texas Intermediate was up $4.60, or 5.5%, at $88.45
International News via Reuters:
Oil prices jumped around 5% in early Monday trading on fears that the ceasefire between the United States and Iran could collapse after the U.S. seized an Iranian cargo ship and traffic through the Strait of Hormuz remained largely halted.
Brent crude futures advanced $4.19, or 4.6%, to $94.57 a barrel by 1027 GMT and U.S. West Texas Intermediate was up $4.60, or 5.5%, at $88.45.
Both contracts tumbled by 9% on Friday, their largest daily declines since April 18, after Iran said that passage for all commercial vessels through the Strait of Hormuz was open for the remainder of the ceasefire.
U.S. President Donald Trump, meanwhile, said that Iran had agreed never again to close the strait through which about a fifth of the world’s oil supply passed before the war began almost two months ago.
“Within 24 hours of Friday’s ‘completely open’ announcement, there were already tankers that were fired upon by the Islamic Revolutionary Guard Corps (IRGC),” said Sparta Commodities analyst June Goh.
“Market fundamentals are getting worse, as 10-11 million barrels per day of crude oil remains shut in,” Goh added, referring to losses in oil production.
The United States said on Sunday that it had seized an Iranian cargo ship that tried to break through its blockade while Iran said it would retaliate, heightening fears of a resumption in hostilities.
Tehran also said it would not participate in a second round of negotiations that the U.S. had hoped to start before the two-week ceasefire expires this week.
“The financial market is trading negotiations, improvements and resolution while at the same time the physical market is deteriorating day by day,” said SEB Research analyst Bjarne Schieldrop. “Physical oil flows remain constrained by disrupted flows, longer voyage times and elevated freight and insurance costs.”
Shipping traffic through the Strait of Hormuz remained at a virtual standstill on Monday, with only three crossings in the past 12 hours, shipping data showed.
More than 20 ships passed through the strait on Saturday, carrying oil, liquefied petroleum gas, metals and fertilisers, Kpler data showed. That was the highest number of vessels crossing the waterway since March 1.
Reporting by Stephanie Kelly in London and Florence Tan and Siyi Liu in SingaporeEditing by David Goodman
Cooper’s department is at the centre of a new crisis over Peter Mandelson’s appointment as Britain’s ambassador to the United States
International News via Reuters:
British foreign minister Yvette Cooper will cut short an intensive diplomatic tour designed to build consensus around making a ceasefire in the Iran war permanent and on the next steps to reopen the Strait of Hormuz.
Cooper’s department is at the centre of a new crisis over Peter Mandelson’s appointment as Britain’s ambassador to the United States, after the government last week said foreign office officials had overruled a recommendation that he should not be given the role.
That revelation led to new calls from political opponents for Prime Minister Keir Starmer to resign. Starmer says he was not told of the initial vetting recommendation and is due to speak to parliament on the matter later on Monday.
Against that backdrop, Cooper will return to London early from the Japan leg of her trip after meetings on Monday, cancelling a scheduled speech in Tokyo on Tuesday and skipping a planned return to the Gulf.
The foreign office did not give a reason for the change to her itinerary.
Cooper has been on the road since last week, meeting allies in Paris, Antalya, Dubai and Tokyo.
The top official in her department, Olly Robbins, was sacked last week after Starmer and Cooper lost confidence in him over what Downing Street said was his decision to overturn the vetting recommendation that Mandelson should not be cleared.
Robbins is expected to appear before a parliamentary committee on Tuesday. That comes after allies spoke out publicly to say he had been treated harshly by ministers.
Reporting by William James in London and Tim Kelly in Tokyo, editing by Elizabeth Piper and Hugh Lawson
Inflation in Britain – already the highest among the Group of Seven advanced economies – looks set to rise further
International News via Reuters:
British consumer morale last month hit its lowest level since mid-2023, according to two surveys on Monday, reflecting the impact of the conflict in the Middle East.
Inflation in Britain – already the highest among the Group of Seven advanced economies – looks set to rise further, and investors consider the country is especially exposed to the energy price surge that followed U.S.-Israeli attacks on Iran that began at the end of February.
Data company S&P Global said its consumer sentiment index fell to 42.3 from 44.1, a 33-month low, while accountants Deloitte said its quarterly gauge of confidence sank to its lowest since the third quarter of 2023.
Both reported a deterioration of morale around household finances and job security.
IRAN VOWS RETALIATION AFTER SHIP SEIZED
Concerns grew on Monday that the ceasefire between the United States and Iran might collapse after the U.S. said it had seized an Iranian cargo ship that tried to run its blockade and Iran said it would retaliate.
“Many (consumers) were already facing a squeeze on their household budgets at the start of the year with the slowing of wage growth and a cooling jobs market,” said Céline Fenech, consumer insight lead at Deloitte UK.
“For consumer sentiment and spending to improve, households will want to see a more certain outlook for the economy.”
The housing market has also shown signs of weakening.
Separate data from online property portal Rightmove showed asking prices for British homes rose by 0.8% month-on-month in April, a smaller-than-usual increase when activity often increases.
“With mortgage rates remaining elevated due to the war in Iran, it’s not a surprise that price growth is proving strongest in parts of the market less exposed to higher borrowing costs, such as top-of-the-ladder homes, while sectors more exposed to interest rates are seeing slower momentum,” said Colleen Babcock, property expert at Rightmove.
S&P Global said more than half of households expect the Bank of England will raise interest rates. BoE Governor Andrew Bailey had said earlier this month that investors were getting ahead of themselves by pricing in interest rate hikes.
Iranian Foreign Ministry spokesman Esmaeil Baghaei said Washington has shown it was “not serious” about pursuing the diplomatic process and Tehran would not change its clearly stated demands
A view of Iranian-flagged cargo ship M/V Touska as the U.S. Navy Arleigh Burke-class Aegis guided missile destroyer USS Spruance conducts its interception in a location given as the north Arabian Sea, in this screen capture from a video released April 19, 2026. CENTCOM/Handout via REUTERS
International News via Reuters:
A ceasefire between the United States and Iran appeared in jeopardy on Monday after the U.S. said it had seized an Iranian cargo ship that tried to run its blockade and Tehran vowed to retaliate, refusing for now to join new peace talks.
Iranian Foreign Ministry spokesman Esmaeil Baghaei said Washington has shown it was “not serious” about pursuing the diplomatic process and Tehran would not change its clearly stated demands, adding that it did not believe in deadlines or ultimatums when safeguarding national interests.
The U.S. had hoped to start negotiations in Pakistan shortly before the two-week ceasefire expires, with sweeping security preparations under way in Islamabad, but Baghaei said the U.S. was “insisting on some unreasonable and unrealistic positions”.
A senior Iranian source told Reuters the continuation of the U.S. blockade on Iranian ports was undermining the prospect of peace talks, and Tehran’s “defensive capabilities”, including its missile programme, were not open to negotiation.
A Pakistani security source said Pakistan’s key mediator, Field Marshal Asim Munir, had told U.S. President Donald Trump the blockade was an obstacle to talks, and that Trump had replied that he would consider the advice.
U.S. MARINES BOARD IRANIAN VESSEL
The U.S. has maintained a blockade of Iranian ports, while Iran has lifted and then reimposed its own blockade on marine traffic passing through the Strait of Hormuz, which typically handles roughly one-fifth of the world’s oil and liquefied gas supply.
Oil prices rose more than 6% and stock markets wobbled as traders fretted that the ceasefire would collapse and traffic in and out of the Gulf would remain at a bare minimum. [O/R]
The U.S. military said it had fired on an Iranian-flagged cargo ship headed towards Iran’s Bandar Abbas port on Sunday after a six-hour standoff, disabling its engines. U.S. Central Command released video showing Marines descending ropes from helicopters onto the vessel.
Iran’s military said the ship had been travelling from China and accused the U.S. of “armed piracy”, according to state media. They said they were ready to confront U.S. forces over the “blatant aggression”, but were constrained by the presence of crew members’ families on board.
China expressed concern over the “forced interception”, and a Chinese foreign ministry spokesperson urged relevant parties to abide by the ceasefire agreement in a responsible manner.
Tehran refused new peace talks for now, citing the ongoing blockade, threatening rhetoric, and Washington’s shifting positions and “excessive demands”.
“One cannot restrict Iran’s oil exports while expecting free security for others,” First Vice President Mohammadreza Aref wrote on social media. “The choice is clear: either a free oil market for all, or the risk of significant costs for everyone.”
Trump earlier warned that the U.S. would destroy every bridge and power plant in Iran if it rejected his terms, continuing a recent pattern of such threats.
Iran has said that if the United States were to attack its civilian infrastructure, it would strike power stations and desalination plants in its Gulf Arab neighbours.
PREPARING FOR TALKS THAT MIGHT NOT HAPPEN
Trump said his envoys would arrive in Islamabad on Monday evening, one day before the two-week ceasefire ends.
A White House official told Reuters the U.S. delegation would be headed by Vice President JD Vance, who led the U.S. delegation to the first round of talks a week ago, and also include Trump’s envoy Steve Witkoff and son-in-law Jared Kushner. But Trump told ABC News and MS Now that Vance would not go.
Pakistan, which has served as the main mediator, was still gearing up for the talks.
Nearly 20,000 police, paramilitary and army personnel have been deployed across the capital Islamabad, a government and a security official said.
Iran’s parliament speaker, Mohammad Baqer Qalibaf, who has led Iran’s side in the talks, said on Saturday the two sides had made progress but were still far apart on nuclear issues and the Strait.
European allies, repeatedly criticised by Trump for not aiding his war effort, worry that Washington’s negotiating team is pushing for a swift, superficial deal that would require months or years of technically complex follow‑on talks.
Now in its eighth week, the war has created the most severe shock to global energy supplies in history, sending oil prices surging because of the de facto closure of the strait.
Thousands of people have been killed by U.S.-Israeli strikes on Iran and in an Israeli invasion of Lebanon conducted in parallel since the war began on February 28, where a truce is also currently in place.
Iran responded to the attacks with missiles and drones against Israel and nearby Arab countries that host U.S. bases.
Reporting Reuters bureaus; Writing by Andy Sullivan and John Geddie; Editing by Lincoln Feast, Alexandra Hudson
Market participants were also keeping an eye on UK assets as British Prime Minister Sir Keir Starmer prepared to address parliament as he faces calls to resign
International News via Reuters:
The pound slipped on Monday after tensions between the U.S. and Iran rose sharply over the weekend, raising the prospect that a two-week ceasefire might collapse and pushing investors towards the safe-haven U.S. dollar.
Market participants were also keeping an eye on UK assets as British Prime Minister Sir Keir Starmer prepared to address parliament as he faces calls to resign after it emerged former U.S. ambassador Peter Mandelson had failed a vetting process.
The pound was last down 0.1% at $1.3503 as the dollar rose. The euro was 0.1% higher against the pound at 87.10 pence.
The U.S. currency rose as stocks fell and oil prices climbed after Iran said it would not participate in a second round of negotiations.
Tensions were running high after the U.S. said it had seized an Iranian cargo ship that tried to run its blockade of the Strait of Hormuz.
“Fresh worries are percolating about the fragility of the Iran ceasefire, sending oil prices higher and keeping investors on edge,” said Susannah Streeter, chief investment strategist at Wealth Club.
The pound was not too far off Friday’s two-month high of $1.3599, however, reflecting market optimism that the worst of the Iran conflict is over.
Sterling has climbed 2% this month, after falling 1.9% in April, as hopes of a ceasefire deal have caused investors to sell the dollar.
Yet the pound could fall if Starmer is ousted due to the latest scandal over Mandelson’s appointment as U.S. ambassador, which was ignited over the latter’s close ties to convicted paedophile Jeffrey Epstein.
On Thursday, The Guardian reported that Mandelson had failed a security vetting process, heaping further pressure on Starmer.
“This will be a tough session for PM Starmer and one which will extend into tomorrow, when the top civil servant involved in the approval process also appears at a parliamentary hearing,” said Chris Turner, global head of markets at ING.
“GBP/USD could well hand back a big chunk of recent gains this week.”
Some investors say Starmer’s replacement could lead Labour policies further to the left, increasing government borrowing.
Reporting by Harry Robertson; Editing by Sharon Singleton
Nathan Trott and Cardiff City are heading back to the Championship after a clinical 3-1 away victory over Reading secured their return to English football’s second tier.
The Bluebirds arrived at the Select Car Leasing Stadium knowing only a win would guarantee promotion. Trott, a mainstay in goal throughout the campaign, delivered a disciplined performance to help spark jubilant scenes among the traveling support. The result ensures the Welsh side’s stay in League One is a short-lived one, bouncing back at the first time of asking.
The drama extended across the English pyramid for Bermuda’s overseas contingent. In League Two, veteran forward Nahki Wells proved his worth from the bench, providing the spark for Luton Town to claw back a 2-2 draw at Mansfield. Meanwhile, in the National League North, Keziah Martin was instrumental as Hereford dismantled Radcliffe 3-1, while Kane Crichlow helped Chelmsford City to a 2-0 road win over Chesham United.
It was a day of stalemates elsewhere, including a notable “Bermuda Derby” where Zhani Burgess’s Quorn FC and Reggie Lambe’s Needham Market shared the spoils in a 2-2 draw. Willie Clemons (Leiston), Milan Butterfield (Halesowen), and Ajani Burchall (Wimborne) all earned points in their respective battles.
The season ended on a high for Roger Lee, whose West Bridge FC edged Ayleal Dill’s Southwell City 3-2 in a five-goal thriller, while Coolridge Fubler’s Binfield suffered a narrow 1-0 defeat. With Trott leading the way, it remains a landmark weekend for Bermudian talent abroad.
Keunna Dill nets 4 in Team Bermuda’s stunning comeback victory over Grenada
There may have been only bragging rights on the line, but Grenada came out firing.
The visitors struck in the fourth minute and nearly doubled their lead in the 13th, only to miss from the penalty spot. They quickly made amends, scoring twice more in the 21st and 24th minutes to surge into a commanding 3-0 lead and leave Bermuda reeling.
But the Lady Gombey Warriors refused to fold.
Keunna Dill ignited the comeback in the 38th minute, finishing from close range into the top left corner after a setup from Eva Frazzoni. With momentum shifting, Dill struck again deep into first-half stoppage time, converting from the centre of the box after an assist from Jya Ratteray-Smith to cut the deficit to 3-2.
Bermuda carried that energy into the second half—and took control.
Dill completed her hat-trick in the 56th minute to level the score at 3-3, capping a remarkable turnaround. The decisive moment came in the 82nd minute when a handball by Grenada’s Jezelle Melo handed Bermuda a free kick. Kenni Thompson made it count, curling a left-footed strike into the bottom corner to give Bermuda the lead for the first time.
Dill then put the result beyond doubt in the 90th minute, scoring her fourth of the match with a stunning long-range effort from a tight angle, assisted by Khyla Brangman following a corner.
From 3-0 down to 5-3, Bermuda delivered a thrilling comeback to cap an unforgettable performance.
From 3-0 Down to Game On: Bermuda Roar Back Against Grenada
There may only be bragging rights to play for—but Grenada came out firing.
The visitors struck early, opening the scoring in just the fourth minute. They nearly doubled their advantage in the 13th, but a missed penalty kept Bermuda within reach. Grenada didn’t let up, however, finding the net again in the 21st and 24th minutes to surge into a commanding 3-0 lead.
At that point, Bermuda looked in serious trouble.
But the Lady Gombey Warriors responded with resilience. Keunna Dill pulled one back in the 38th minute, sparking life into the home side. With momentum shifting, Dill struck again deep into first-half stoppage time, cutting the deficit to 3-2 and setting up a thrilling second half.
An action-packed opening 45 minutes left everything to play for.
Bermuda Electric Light Company Limited (BELCO) has been named the title sponsor of the 14th Annual Kappa Classic, reinforcing its ongoing commitment to youth development through its Giveback Programme.
The Kappa Classic, recognised as the island’s largest youth spectator event and premier youth football tournament, will run from April 16 to 19 at the Bermuda National Sports Centre. The event is organised and hosted by the Brothers of Kappa Alpha Psi Incorporated, who are guided by the principle of “Achievement in Every Field of Human Endeavour.”
BELCO says its support reflects a long-standing tradition of investing in Bermuda’s young people, particularly through initiatives that promote teamwork, discipline and personal growth. The company noted that football, deeply embedded in Bermuda’s culture, mirrors many of the values upheld within its own organisation, including unity, adaptability and skill.
BELCO President Wayne Caines said the company is proud to play a role in one of the island’s most anticipated youth sporting events.
“Our entire team at BELCO is proud to support the 14th annual Kappa Classic,” he said. “We are excited to see the young men and women compete in their respective categories, and we know that teams have trained hard all year for this event, which represents the culmination of tremendous club and community efforts.”
Mr Caines added that sport continues to play a critical role in shaping Bermuda’s future leaders.
“We believe in Bermuda and we believe that sport is an important part of the development of our young people. We are looking forward to an amazing five days of brilliant football. This is the best of who we are, and well done to the Brothers of Kappa Alpha Psi Incorporated,” he said.
He continued: “We are committed to investing in the leaders of tomorrow, ensuring they are equipped with the skills required to move Bermuda forward. I wish all the young footballers good luck, to have fun, and I look forward to watching our future leaders in action.”
The tournament is expected to draw large crowds, showcasing top youth talent from across the island while reinforcing the importance of sport as a unifying force within the community. More information on the event is available at kappaclassic.com.
The Bermuda Police Service has issued a fresh warning to motorists attending events at the National Sports Centre in Devonshire, following a wave of illegal parking during a recent enforcement exercise.
Officers handed out 70 parking tickets on the evening of Thursday, April 16, targeting vehicles parked on sidewalks and other unauthorised areas along surrounding streets.
Acting Chief Inspector Anthony Smith said motorists must take responsibility when attending large events, stressing that improper parking creates avoidable safety risks.
“Motorists are once again urged to park responsibly and only in authorised areas,” he said. “Parking on sidewalks, verges, or roadways in a way that blocks access for residents, pedestrians, or other road users creates unnecessary inconvenience and can pose a safety risk.”
Police also pushed back against claims that parking rules are enforced inconsistently, particularly during high-profile events such as the International Rugby Classic.
Mr. Smith said the same restrictions apply across all events at the National Sports Centre, noting that clear public advisories were issued ahead of previous gatherings, including the rugby tournament.
Authorities are now urging members of the public to plan ahead when attending events at the venue, use designated parking areas, and avoid leaving vehicles in locations that could result in fines or enforcement action.
The Bermuda Police Service said it appreciates public cooperation as efforts continue to ensure safe and accessible roadways for residents and eventgoers alike.
The UK’s House of Lords’ Constitution Committee chaired by Lord Strathclyde have asked for the Minister of State for the Overseas Territories to respond to their recommendations by 17 June
“We strongly agree with the Overseas Territories that the 2012 White Paper is now badly out of date.”
Its the messsage from the UK House of Lords’ Constitution Committee that published its findings and recommendations, following the review of the Overseas Territories Joint Declaration for improving relations with the UK.
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