Oil prices have fallen to a three-week low after senior US officials raised hopes of a deal to reopen the Strait of Hormuz. The waterway, through which a fifth of global oil and gas shipments usually pass, has effectively been closed since the start of the Iran war. On Tuesday, 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. As a result, the cost of a barrel of Brent crude, the global benchmark, fell by almost 5% to under $80 (£60). Iran said it is not negotiating with the US and is instead talking to mediator Oman on a new mechanism for vessels going through the strait. No details on any potential deal have been released.

More than 170 migrants have been rescued by vessels from the UK and France after their boat caught fire while attempting to cross the English Channel. All 173 people on board the migrant vessel were taken back to France for treatment with 11 suffering minor injuries. In the last two weeks alone, more than 2,000 people have made the perilous crossing. Successive UK governments have vowed to crack down on the number of people arriving illegally on small boats.