BP set for further boost from oil prices, but braces for £740m write-down
BP has said it expects a further boost to oil trading in its second quarter due to the soaring cost of crude, but flagged a write-down of around £1 billion dollars (£740 million) and expects production to fall amid the Middle East conflict.
The FTSE 100 giant said its oil trading result is set to be “slightly higher” than the first quarter, when the wider customers and products division saw profits surge to 2.5 billion US dollars (£1.87 billion).
This compared with 1.4 billion dollars (£1.04 billion) in the previous quarter and 103 million dollars (£77.1 million) a year ago.
James Reynolds14 July 2026 16:30
Trump scraps Hormuz fee a day after raising it
Donald Trump says in a post on Truth Social that he has decided to scrap the 20% fee on traffic in the Strait of Hormuz – barely a day after suggesting it.
In his latest U-turn, Trump says:
“Based on highly productive conversations with Middle East leadership, I have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States.
“Those Investments will be MASSIVE but, at the same time, extraordinarily good for them, and their future.”
Trump again insists the Strait is open to all traffic except Iranian boats, despite Iran hitting cargo ships with cruise missiles
James Reynolds14 July 2026 16:09
Recap: Downing Street ‘in touch’ with Trump administration over Strait of Hormuz toll
Downing Street is “in touch” with the United States after Donald Trump said he would levy a 20 per cent toll on shipping for safe passage through the critical waterway.
Asked whether the prime minister is making representations to the US president to reverse the policy, his spokesperson said: “Our priority is stability and a return to a ceasefire between the US and Iran and we continue to work with our allies to support a long lasting peace deal which will see an end to the violence and full reopening of the Strait.
“The UK’s position hasn’t changed. Freedom of navigation must now be restored to begin easing the severe economic impacts that have been felt on families here in the UK and around the world.”
She added: “We are in touch with the US as you’d expect, we are using diplomatic channels to find out the intended scope of this. Those conversations are happening.”
James Reynolds14 July 2026 16:00
Watch: US military says it used drone boats on Iranian targets in first-of-its-kind attackUS military says it used drone boats on Iranian targets in first-of-its-kind attack
James Reynolds14 July 2026 15:30
US attacks Iran using unmanned kamikaze boats for first time
US forces struck a submarine and ship maintenance facility in Iran using kamikaze drone boats in an operational first amid renewed hostilities around the Strait of Hormuz.
Central Command said on Monday that it had “degraded Iran’s ability to continue attacking commercial shipping” with strikes on the port at Bandar Abbas naval base.
Footage shared by Centcom showed three Corsair unmanned surface vessels speeding into jetties, causing huge explosions and smoke to billow over the port.
Here’s how it happened:
James Reynolds14 July 2026 14:30
Netanyahu to Iran: Don’t count on there being silence if you attack us
Israeli prime minister Benjamin Netanyahu says in a message to Iran’s leaders: “Don’t count on there being silence if you attack us.
“Don’t count on a replay; it will be a different broadcast—one far more powerful.”
James Reynolds14 July 2026 14:22
Analysis: Trump is a toxic ally. His war with Iran is once again spreading across the Gulf
As the war in Iran spreads again to Oman, Bahrain and Kuwait and Donald Trump announces a 20 per cent toll on all ships passing through the Strait of Hormuz, it’s time the Gulf states realised the US president is a dangerous ally, writes world affairs editor Sam Kiley:
James Reynolds14 July 2026 14:00
World Middle East Dubai to build new port to bypass Strait of Hormuz
Dubai is planning to build a new port and terminal to circumvent Iran’s control over the Strait of Hormuz.
Passage through the vital shipping route – through which one fifth of the world’s oil passes – has been disrupted since US-Israeli strikes on Iran on 28 February.
Despite an interim agreement effectively opening up access to commercial vessels, a row has broken out over the interpretation of a clause relating to the waterway, sparking a resumption of hostilities between the US and Iran.
James Reynolds14 July 2026 13:30
Downing Street ‘in touch’ with Trump administration over Strait of Hormuz toll
Downing Street is “in touch” with the United States after Donald Trump said he would levy a 20 per cent toll on shipping for safe passage through the critical waterway.
Asked whether the prime minister is making representations to the US president to reverse the policy, his spokesperson said: “Our priority is stability and a return to a ceasefire between the US and Iran and we continue to work with our allies to support a long lasting peace deal which will see an end to the violence and full reopening of the Strait.
“The UK’s position hasn’t changed. Freedom of navigation must now be restored to begin easing the severe economic impacts that have been felt on families here in the UK and around the world.”
She added: “We are in touch with the US as you’d expect, we are using diplomatic channels to find out the intended scope of this. Those conversations are happening.”
Millie Cooke14 July 2026 13:02
Iranian foreign minister makes a dig at Trump over plan to charge ships for transiting Hormuz
Iranian foreign minister took a jab at Donald Trump over his comments saying the US should be compensated for ensuring safe transit through the Strait of Hormuz.
The president on Monday reinstated a blockade of Iranian shipping and proposed charging a 20% fee to guard the Strait of Hormuz.
James Reynolds14 July 2026 13:00