Oil hits $108 ahead of Iran’s meeting with Gulf states

US long-term borrowing costs surged to their highest level in more than two decades, and Gulf foreign ministers plan to meet their Iranian counterpart to negotiate a deal temporarily managing shipping through the Strait of Hormuz. Plus, Brics – the developing world’s answer to the G7 – meets this weekend during a unique moment of opportunity to remake the global order. **Mentioned in this podcast:** Global bond sell-off reignites as oil jumps to $107 Iran and Gulf states to meet in push for Hormuz deal Houthis capture Red Sea port in blow to Saudis Virgin Media O2 owners target £600mn in cost cuts Time for the Brics Want to get in touch? Email us at [podcasts@ft.com](mailto:podcasts@ft.com) Note: The FT does not use generative AI to voice its podcasts  The FT News Briefing is produced by Sonja Hutson, Saffeya Ahmed, Katya Kumkova, and Josh Gabert-Doyon. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. Our executive producer is Topher Forhecz. Flo Phillips is the FT’s global head of audio. The show’s theme music is by Metaphor Music.  Read a transcript of this episode on FT.com * * * Hosted on Acast. See acast.com/privacy for more information.