G7 told ‘we will stand with Ukraine for as long as it takes’, with Russia’s finance networks and shadow fleet targeted

Keir Starmer has vowed to “choke off” Russian revenue with further sanctions and to provide hundreds of millions of pounds worth of energy support for Ukraine, as he met world leaders in France for the G7.

After a torrid political week at home, the British prime minister sought to put himself on the front foot on the international stage at the meeting of the group of seven, which kicked off on Monday in the French spa town of Évian-les-Bains, on the shore of Lake Geneva.

Markets welcome US-Iran peace deal but prices may stay high as buyers race to refill depleted emergency crude stockpiles

• Oil prices hit three-month low and markets rally

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After more than 100 days of the greatest recorded disruption to the world’s energy supplies, the global oil and gas markets have breathed a sigh of relief.

Hours after Donald Trump confirmed that a US-Iran peace deal would lead to the reopening of the strait of Hormuz for tankers carrying millions of barrels of oil and gas, the price of Brent crude tumbled to lows of $82 a barrel. Wholesale gas prices fell about 6%.

US president left last meeting early, but world leaders aim to end Ukraine war and push for resolution in Gaza and Iran

Emmanuel Macron, the host of the G7 summit in Évian-les-Bains, has framed an agenda to make it as palatable as possible to his guest of honour, but the French president has no idea if Donald Trump, a haphazard summit attender, will last the full three days – or disrupt the proceedings every hour he stays.

The US president quit the last G7 summit in Kananaskis, Canada, early to work on the Iran conflict, and this year, plus ça change, Iran may also draw presidential attention. For good measure, he insulted this summit’s host before leaving Canada last year, describing Macron as “publicity seeking” and adding: “Purposefully or not, Emmanuel Macron always gets it wrong.”