How the oil market shrugged off the Iran crisis
Fears of summer shortages and $200 oil have been replaced by a focus on looming gluts
Letter: El Niño is a reminder supply shocks are structural, not episodic
From Lena Thiede, Co-Founder and General Partner, Planet A, Berlin, Germany
Letter: Starmer’s social media ban smacks of moral panic
From Jem Eskenazi, London N3, UK
Letter: Token economics is the wrong model to adopt
From Yakov Filippenko, Founder, Intch, New York, NY, US
Letter: Athenians’ Sicily disaster: something for Xi to ponder
From William Steeds, Political Risk Insurance Underwriter at Lloyd’s of London, London W2, UK
US and Iran sign deal as Trump vows to release frozen funds and ease sanctions
President says Iranians will receive incentives when they ‘behave’ and acknowledges Tehran will keep ballistic missiles
Andy Burnham campaigns for by-election win with view to Labour leadership challenge
Five things to know about Kevin Warsh’s first Fed meeting as chair
Central bank chief says ‘new chapter’ has begun as he promised sweeping reforms
Chinese universities gain ground on UK and US in global rankings
Britain and US retain grip on top 10, with MIT first and Imperial College London second
Possible prototype for Stonehenge discovered near historic stone monument
Timber structure suggests Neolithic people gathered to celebrate solstice on Salisbury Plain earlier than thought
FT Crossword: Number 18,403
FirstFT: Lululemon apologises after Japanese drum controversy in China
Also in today’s newsletter: Mukesh Ambani’s Jio set to file for IPO, and Fed officials tilt towards rate rise
Fed officials tilt towards rate rise as Kevin Warsh era begins
US government bonds drop after central bank vows to tame jolt of inflation triggered by Iran war
Crunching the numbers on Warsh’s lil’ statement statement
It’s both the size and what you do with it
Blow to UK authorities as former Nigerian oil minister cleared in bribery case
Diezani Alison-Madueke had been accused of receiving private jet flights and use of properties in top London districts
Federal Reserve holds rates with short statement and hawkish projections
Kevin Warsh has eliminated explicit forward guidance, but his colleagues project that at least one rate rise is needed
Five things to know about the high-stakes Makerfield by-election
Labour candidate Andy Burnham hopes to win the seat and then seek to replace Keir Starmer as prime minister
Fed decision as it happened: US central bank drops bias for rate cuts as Kevin Warsh era begins
Donald Trump’s war in Iran has sent inflation to nearly double the central bank’s target
The risks of borrowing from China’s economic playbook
Western governments must ensure industrial policy does not turn into unchecked state expansion
CME chief Duffy to step down after reshaping global derivatives trading
CEO led the group through a transformation from markets dominated by physical pits to decentralised electronic trading
Starmer holds out prospect of cabinet job for Burnham
Allies of mayor say he would turn down such a role as he is pitching himself as a change from current administration
Anthropic boss tells G7 leaders to ‘resist the temptation to splinter’ over AI
Dario Amodei is supported by rival Sam Altman in call for international co-operation
Activist investor TCIM targets Devon Energy after landmark merger
Speculation of a looming consolidation wave mounts in the heartland of the US shale oil patch
To avoid backlash, tech giants must share their AI wealth before it’s too late
The US cannot wait for the worst job losses to hit before moving corporate and public policy in a pro-worker direction