Meta said it would boost its spending on AI this year, and Jay Powell says he will stay on as a Federal Reserve governor once his term as chair ends. Plus, the special relationship between the UK and US held up under intense pressure, and defence stocks are struggling despite the US and Israel's war in Iran.

Oil jumps to almost $120 as Trump signals extended Hormuz stand-off

Fed chair nominee Kevin Warsh secures Senate committee approval

Oil surge divides US central bank as Jay Powell’s term at helm draws to a close

America’s special relationship is ‘probably Israel’, says UK ambassador to US

King Charles defends transatlantic relationship in speech to Congress

Defence stocks give back gains as investors buy rumour but sell war

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Defence stocks drop despite US-Iran war

FT News Briefing

Defence stocks drop despite US-Iran war