Burnham set for Downing Street as oil and security risks lift crude

Andy Burnham is set to enter Downing Street as Britain’s prime minister on Monday, with energy policy already emerging as an early test for the new Labour leader. Oil prices were higher in early trade after an intensification of U.S.-Iran hostilities, adding market weight to a domestic debate over North Sea production.

CNBC reported that Burnham is expected to announce several policy shifts, including further devolution from London and changes to the Treasury. The most contested area may be his approach to the North Sea, where new exploration licences and additional drilling in existing fields carry different political and economic implications.

President Donald Trump used a post on Truth Social over the weekend to welcome what he described as Burnham’s plan to “open up” North Sea oil. Trump said such a move would take “the United Kingdom from a Poverty Stricken Disaster to one of the Richest Countries anywhere in the world.”

Labour’s deputy leader Lucy Powell told the BBC that Burnham would not reverse the party’s manifesto pledge to end new exploration licences. CNBC reported that Burnham is expected to travel to Aberdeen, Scotland, to support further drilling in existing oil fields before decisions on the offshore Jackdaw and Rosebank fields.

The distinction matters for operators and policymakers. Exploration licences allow companies to search for and develop new reserves, while drilling in existing fields can extend production from known assets. The former raises questions over climate pledges and long-term supply policy, while the latter is often framed around energy security, jobs and tax receipts.

Oil rises as conflicts intensify

Crude prices rose in early Monday trading after U.S. military casualties led to a renewed wave of attacks on Iran, CNBC reported. U.S. Central Command said in a statement on X that a third service member had been confirmed killed in recent operations and that it had completed a ninth consecutive night of strikes against targets in Iran.

Central Command said the strikes further degraded Iranian military capabilities. CNBC reported that sirens continued early Monday in Kuwait, Bahrain and Jordan as Iran launched drone attacks against targets in Gulf neighbours.

Security risks also increased in Europe. CNBC reported that Moscow launched one of its largest ballistic missile attacks against Kyiv, while Ukrainian drones carried out one of their deadliest strikes on Russia in more than two years.

Boeing outlines fleet ambitions

In corporate news, Boeing said ahead of the Farnborough Airshow in England that it expects to launch a programme to replace its 737 Max fleet by 2030. The company also said it expects demand for air travel to double over the next 20 years, with the global commercial fleet topping 50,000 aircraft over that period.

CNBC said its “Squawk Box Europe” programme would speak with the chief executives of Boeing, Airbus and Honeywell Aerospace during coverage from Farnborough. The airshow is a key venue for manufacturers and suppliers to discuss orders, production capacity and airline demand.

Spain wins World Cup as FIFA revenue climbs

Spain won the FIFA World Cup, beating Argentina 1-0 in the final after Ferran Torres scored in extra time, CNBC reported. The victory secured Spain’s second World Cup title.

FIFA is poised to generate more than $9 billion in revenue for 2026, according to CNBC. Prediction market Kalshi added 3 million users during the tournament, and more than $1.2 billion was traded on its contracts tied to the World Cup winner, a record for a single market.

At the box office, Universal’s Christopher Nolan film “The Odyssey” recorded an estimated $124.5 million opening weekend, CNBC reported. Shawn Robbins, director of analytics at Fandango and founder of Box Office Theory, said Nolan had “done it again” with a film based on the ancient poem.

This story draws on original reporting from CNBC.