Good morning. Oil extends gains as Israel and Iran attacks intensify. London home sellers are cutting prices. And a woman will head the MI6 spy service for the first time. Listen to the day’s top stories.

Oil rose as the conflict between Israel and Iran entered a fourth day, with the market bracing for an escalation that may disrupt energy supplies. Donald Trump vetoed an Israeli plan to kill Iran’s Supreme Leader Ayatollah Ali Khamenei. Airstrikes dealt critical damage to a key Iranian nuclear facility, according to the UN atomic watchdog. Meanwhile, the UK is moving aircraft to the Middle East to protect its military bases, Keir Starmer said.

Elsewhere in markets, European stock futures slipped while equity investors in Asia struck a cautious tone.

Corporate roundup: Luxury-goods company Kering is set to name Renault’s boss as its next CEO as it seeks to turn around the struggling Gucci fashion label. Abu Dhabi National Oil Co. made a $18.7 billion offer for Australia’s Santos, the latest move by the Middle Eastern company to expand LNG production. And BT Group’s CEO told the Financial Times that AI advancements may deepen job cuts at the firm.

London home sellers cut almost £7,000 off their asking prices in June to lure buyers facing higher taxes and greater choice, according to property website Rightmove. Sellers in the capital and other pricey regions are offering discounts to offset the impact of increased transaction costs.

Ukraine latest: Volodymyr Zelenskiy said “American decisiveness” is the key to ending the war. Russia struck a large oil refinery in central Ukraine. More than 6,000 North Korean soldiers are believed to have been injured or killed fighting in the Kursk region, according to British intelligence.

Deep Dive: Decision Time

Central bankers in countries that account for two-fifths of the global economy will make interest-rate decisions this week, seeking to assess risks to inflation and economic growth from Trump’s trade policies.

• The Federal Reserve is expected to hold steady and so too is the Bank of Japan, while Sweden may trim borrowing costs.
• The Bank of England is facing pressure to push ahead with more rate cuts after a week of woeful economic data.
• The Swiss National Bank will probably lower its rate to zero and stay there for some time, according to a survey of economists.

The Big Take

Opinion

Building nuclear power in the UK is so expensive in part because the nation never committed to a full fleet of plants, Lara Williams writes. The trick is to maintain momentum around construction.

Before You Go

A view of the MI6 building in London. Photographer: Jeremy O'Donnell/Getty Images

Meet the new M. Blaise Metreweli, 47, will become MI6 chief, the first woman to lead the UK spy service. She’s currently director general of technology and innovation—a role known as Q that was made famous in the James Bond franchise.