Iran-backed Houthi forces said on 20 July they had imposed a blockade on Saudi Arabia’s Red Sea ports, after mounting multiple attacks on commercial vessels over the past week. Ship traffic through the Strait of Hormuz has fallen to single digits per day from more than 100 a day before the war, a chokepoint that previously carried about 20% of global oil and gas. Brent crude slid as much as 7.3% to $81.55 a barrel and settled at $84.05, down 4.4%. The developments underscore a material geopolitical shock to Middle East maritime energy routes.

The US and Japan’s central banks jointly intervened in foreign-exchange markets last week, buying yen after it slid to a fresh 40-year low against the dollar. The move marked the first coordinated intervention by the two countries since 2011, following the earthquake and tsunami in eastern Japan. The Bank of Japan raised its policy rate to 1% in June, its highest level since September 1995, while the Federal Reserve’s benchmark rate stands at 3.50%–3.75%. The intervention directly targeted the yen’s exchange rate, providing short-term support for the currency.

Sainsbury’s said it will sell its Argos retail brand to newly formed buyer Swift Partners for £120m. After the transaction, Argos will continue operating inside Sainsbury’s stores, selling Habitat products and supporting the Nectar points scheme. Sainsbury’s said operations for customers, staff and suppliers will remain “business as usual”. The deal is expected to complete next February as Sainsbury’s sharpens its focus on its core food business.

The UK aviation regulator has cleared Heathrow Airport to recover up to £320m spent on early work for its third-runway project by raising the per-passenger charges it levies on airlines. The regulator said this could add about 15p to a ticket in 2028, rising to an estimated 30p in later years. Arora Group’s unsuccessful Heathrow West proposal was also allowed to recoup £4.1m in costs, and the Civil Aviation Authority and Heathrow said safeguards would be put in place to protect consumers from unjustified charges.

New UK rules for buy now, pay later (BNPL) took effect from Wednesday, requiring providers to be authorised by the Financial Conduct Authority and to run an affordability check on every transaction. Consumers also gain access to the Financial Ombudsman Service for unresolved complaints and Section 75-style refund rights on faulty goods costing more than £100. Major providers including Klarna and Clearpay are directly affected. Kate Pender of Fair4All Finance estimated 10% to 30% of users could be turned down and may move to more expensive or unregulated credit options.

The Jackdaw gas field has been completed and is awaiting approval, with production expected to begin on 1 October and supply around 6% of the UK’s winter gas demand. With only about eight days of gas storage, the country faces tighter options if renewables output falls short or supply risks escalate. Regulators are reviewing a revised environmental impact assessment, while the final decision rests with Energy Secretary Ed Miliband.

Channel Islands fuel suppliers Rubis and ATF Fuels said retail petrol and diesel prices in Guernsey and Jersey have been falling for weeks as wholesale costs decline. Diesel recorded its fastest monthly drop since 2000 in June, down 17p a litre, while petrol prices fell more modestly. Although damage to refining infrastructure linked to the Iran war has slowed the fall in refined-product costs, the companies said lower wholesale prices are now feeding through to forecourts.

The UK and the European Union will introduce new steel import controls from 1 July 2026, cutting tariff-free quotas by 51% in the UK and 47% in the EU, with a 50% tariff on imports above the limits. Manufacturers in Northern Ireland, including steel-reliant firms in the Mid Ulster industrial hub, say the measures will sharply raise costs and erode export competitiveness. Industry representatives warn the policy could threaten jobs and divert millions of pounds of turnover abroad, while Stormont’s economy minister has criticised the approach for overlooking downstream businesses.

A BBC investigation found Instagram served paid ads in India promoting child sexual abuse material, using keywords such as “rape video” and directing users to Telegram channels. Meta said it had disabled several adverts and suspended accounts, and later removed additional ads, disabled more accounts and blocked URLs after the BBC shared its findings. The BBC said Instagram’s systems declined to remove one ad within 24 hours, saying it did not violate the platform’s rules. The BBC said it reported the ads and Telegram channels to Indian law enforcement and to the National Center for Missing and Exploited Children (NCMEC), and noted Meta was ordered to pay $375m in a similar case in the US state of New Mexico.