Burnham takes over as UK oil debate meets rising crude prices

Andy Burnham is set to enter Downing Street as Britain’s prime minister, putting UK energy policy back in the spotlight at a time when crude prices are already rising. For everyday investors, the link is direct: oil policy can affect energy stocks, fuel costs and inflation expectations, which in turn can feed into interest-rate bets and broader market sentiment.

Burnham is expected to announce several policy shifts, CNBC reported, including more devolution, meaning more power shifted away from central government in London, and changes at the Treasury, the UK’s finance ministry. The most sensitive issue may be North Sea oil.

President Donald Trump posted on Truth Social over the weekend that he welcomed Burnham’s approach to “open up” North Sea oil, saying it would take “the United Kingdom from a Poverty Stricken Disaster to one of the Richest Countries anywhere in the world.”

The policy details remain narrower than Trump’s comments suggest. Labour deputy leader Lucy Powell told the BBC that Burnham would not reverse the party’s manifesto pledge to stop issuing new exploration licences. Exploration licences are government approvals that allow companies to search for and develop new oil and gas resources.

CNBC reported that Burnham is expected to visit Aberdeen in Scotland to support additional drilling in existing oil fields. That distinction matters: more drilling in fields already in use is different from opening entirely new exploration areas. Upcoming decisions on the offshore Jackdaw and Rosebank fields are expected to test how far the new government is willing to go.

Crude rises as conflict widens

Oil prices moved higher in early Monday trading after the conflict between the U.S. and Iran intensified, CNBC reported. Oil often rises during military escalations because traders price in the risk that supply routes, production facilities or shipping lanes could be disrupted.

U.S. Central Command said in a statement on X that a third U.S. service member had been confirmed killed in recent operations. CENTCOM also said it had completed a ninth straight night of strikes on targets in Iran, saying the campaign had further degraded Iranian military capabilities.

CNBC reported that sirens were heard early Monday in Kuwait, Bahrain and Jordan as Iran launched drone attacks against targets in Gulf neighbors. The Middle East is central to global energy supply, so even threats to stability can move crude prices before any physical supply loss is confirmed.

The Russia-Ukraine war also escalated, according to CNBC. Moscow carried out one of its largest ballistic missile attacks on Kyiv, while Ukrainian drones conducted one of their deadliest strikes inside Russia in more than two years.

Boeing looks past the 737 Max

Boeing said it expects to launch a program to replace its 737 Max fleet by 2030, CNBC reported ahead of the Farnborough Airshow in England. The company also said in its commercial market outlook that global passenger air travel demand is expected to double over the next 20 years.

That outlook matters for Boeing and Airbus investors because a new aircraft program can require large upfront spending long before deliveries generate revenue. CNBC said its “Squawk Box Europe” coverage from Farnborough would include the CEOs of Boeing, Airbus and Honeywell Aerospace.

World Cup gives FIFA and Kalshi a lift

Spain won the FIFA World Cup, beating Argentina 1-0 after Ferran Torres scored in extra time, according to CNBC. The victory gave Spain its second World Cup title.

FIFA is set to bring in more than $9 billion in 2026 revenue, CNBC reported. Prediction market Kalshi also benefited from the tournament, adding 3 million users during the World Cup. CNBC reported that more than $1.2 billion was traded on Kalshi contracts tied to predicting the tournament winner, a record for one market.

In entertainment, Universal’s Christopher Nolan film “The Odyssey” opened with an estimated $124.5 million over the weekend, according to CNBC. Shawn Robbins, director of analytics at Fandango and founder of Box Office Theory, said Nolan had “done it again” with the adaptation of the ancient poem.

This story draws on original reporting from CNBC.