US to ease Russian oil sanctions as energy prices soar

Move by Treasury comes after escalating crisis in Gulf sends Brent above $100 again

Trump attack on Iran carries on without any clear objectives

‘We want Iran to think we don’t know what we’re doing’

Why China’s renminbi push matters even if it never rivals the dollar

If renminbi settlement becomes cheaper and more trade migrates, firms will have less need to generate or hold US currency

FT Crossword: Number 18,317

US has burned through ‘years’ of munitions since start of Iran war

Rapid depletion of stockpile including Tomahawk missiles raises pressure on Trump over cost of conflict

FirstFT: Iran’s new supreme leader vows to keep blocking Strait of Hormuz

Also in today’s newsletter: China targets more ‘employment-friendly’ growth, and Honda reports $15bn loss

Investors slash Fed rate-cut bets as Iran war sends petrol prices surging

Traders expect central bank to remain on hold until next summer in blow to Trump’s hopes for lower borrowing costs

Middle East war day 13 as it happened: Mojtaba Khamenei calls for Strait of Hormuz to ‘remain closed’, Oil closes above $100 for first time since 2022

Latest round of strikes on tankers and Iranian supreme leaders comments fan fears of supply disruptions

Fed to loosen capital requirements for big US banks

Wall Street cheers plans that would water down protections designed to avoid repeat of 2008 financial crisis

Iran’s new supreme leader vows to keep Strait of Hormuz closed

Written statement is first public comment from Mojtaba Khamenei since the start of the war

Uncomfortable moments in private credit

Bad news piles up in non-bank lending

US intervention in oil futures would be ‘biblical disaster’, CME warns

Terry Duffy says any attempt by the government to lower prices using derivatives market would erode confidence

Partners Group sounds alarm on private credit default rates

Chair of Swiss private capital group warns pace could double to above 5% in coming years

How the Iran war will change global business

Damage from the conflict is already having an impact on corporate strategy

An uncomfortable truce in the AI platform wars

Anthropic and Microsoft have struck an alliance on agents but the tussle over the future of the technology will only intensify

Lula! How Brazil made him — and he remade Brazil

Richard Lapper’s richly rewarding biography charts his route from firebrand to pragmatic president

Tesla granted licence to supply electricity in UK

Approval threatens further disruption to retail energy sector after decade of upheaval

UK government under fire over ‘bungled’ crypto Isas policy

Digital investments will be restricted to niche Innovative Finance Isas from next month

Veteran US Democratic Congress member to seek 18th term at age of 85

Re-election bid of Jim Clyburn comes as critics say the US political system has become a gerontocracy

The AI cheating question dividing universities

Plus, the impact of rising oil prices on public finances

Russell Maliphant and Alina Cojocaru beguile in a miniaturist evening at Sadler’s Wells East

The London venue was offered an intimate setting for the veteran dancemaker and former Royal Ballet star

Six films to watch this week

Five stars for rapturous Icelandic drama ‘The Love That Remains’ and delirious Chinese oddity ‘Resurrection’; an Ealing classic reborn as ‘How to Make a Killing’; protests chronicled in ‘Everyone to Kenmure Street’; Jessie Buckley in madcap monster movie ‘The Bride!’; epoch-hopping German drama ‘The

The Love That Remains — rapturous portrait of an Icelandic family in the wake of separation

Hlynur Pálmason proves himself a genuine cinematic artist with a poetic drama that combines the feelgood and the minor-key

Resurrection — delirious oddity will make you wonder if your popcorn has been spiked

Chinese director Bi Gan crafts an entrancing, perplexing, sometimes infuriating film about a dreamer adrift in a dizzying world