Tesco said it will cut fuel prices across its more than 500 UK filling stations from June 19, reducing diesel by 5p a litre and unleaded petrol by 2p. The retailer linked the move to this week’s drop in global oil prices after the United States and Iran signed a preliminary agreement to extend a ceasefire and reopen the Strait of Hormuz. The strait had been effectively shut for months following late-February attacks on Tehran by the US and Israel and subsequent Iranian retaliation, which helped push fuel costs higher.

Voters in Aberdeen South head to the polls on Thursday in a byelection that has turned into a test of UK policy on North Sea oil and gas. Conservatives and figures in the energy industry have criticised Labour’s position of banning new licences to explore for oil and gas, arguing it risks jobs, tax receipts and increases reliance on imports. A Conservative win would be read as a political signal on the direction of policy, shaping near-term market expectations for North Sea output. The vote does not involve any immediate change in production or a supply disruption, but it has become a political catalyst for short- to medium-term sentiment in crude oil.