Pound Hovers Near 2026 Low After Starmer Resigns as Brent Crude Falls Below $80
Updated
Updated · Euronews · Jun 22
Pound Hovers Near 2026 Low After Starmer Resigns as Brent Crude Falls Below $80
3 articles · Updated · Euronews · Jun 22
Summary
Sterling traded near its 2026 low before trimming losses after Keir Starmer resigned as UK prime minister, with investors weighing whether a Labour leadership change could revive fiscal concerns.
Andy Burnham, the favourite to replace Starmer, confirmed his candidacy on Monday; analysts said gilt and GBP/USD moves stayed relatively contained because a Burnham transition had already been partly priced in.
Brent crude fell 0.91% to $79.12 and WTI dropped 0.70% to $75.32 after Qatari and Pakistani mediators reported encouraging progress in the first round of US-Iran talks.
That easing in oil reflected hopes for a 60-day final agreement, an end to fighting on multiple fronts and the reopening of the Strait of Hormuz, helping keep broader market moves mixed rather than disorderly.