Iran has offered to reopen the Strait of Hormuz if the US lifts its blockade, but Washington remains focused on nuclear limits and has little appetite for a deal that separates shipping from enrichment. King Charles is in Washington to speak about renewal in the UK-US relationship, while North Korea is deepening its military bond with Russia and Mali faces a major jihadist offensive. Markets are watching oil, central banks and energy costs, while global politics continues to move through trade routes, alliances and domestic pressure points.

King Charles will address Congress today as Britain’s relationship with Washington sits under unusual strain. At home, Westminster turns back to the Mandelson affair, with Philip Barton and Morgan McSweeney facing MPs and a vote expected on whether Keir Starmer should be referred to the privileges committee. Rachel Reeves is weighing a one-year rent freeze, Robert Jenrick faces a Met investigation, and the assisted political backdrop is already sharpening before local elections. Globally, Iran’s Hormuz proposal, turmoil in Mali and North Korea’s Russia ties add a heavier edge to the week.