Good morning. Oil markets are in turmoil as President Trump escalated tensions with Iran, telling the Financial Times he's considering seizing Kharg Island to "take the oil." This sent crude prices soaring to $116 a barrel as traders digest signs of a protracted conflict, with more US troops arriving in the region and Yemen entering the war. TotalEnergies made a killing on their Middle East oil bets, with reduced contracts allowing a single trader to dominate the volatile market.
Meanwhile, there's some welcome news on the financial front as the City regulator prepares to outline how millions can claim car finance compensation, with average payouts expected around £700. This comes as the $22 trillion private capital industry faces scrutiny from regulators who aren't buying their dismissals of 2008-style risks. In sports, Roberto De Zerbi is in talks with Spurs about becoming their next manager, while Max Verstappen appears closer than ever to quitting Formula 1 despite his dominance.