Brent crude slipped below $103/bbl, falling nearly 2% intraday.

Mitsubishi UFJ analyst Lee Hardman says market expectations for Bank of England rate hikes appear overheated, leaving sterling vulnerable to depreciation. "There has been no sign of second‑round inflation effects so far, and a persistently weak UK labour market has eased some of the BoE's pressure to tighten," he said. He warned that if energy prices do not improve, the BoE may find it hard to ignore inflation that could reach around 4% in early next year, though current rate‑hike expectations are already overheated.

US Vice President Vance said Trump has shown a willingness to break with Netanyahu when he believes the interests of the American people diverge from those of the Israeli government.