Iran and Russia are reportedly said to conduct navy drills in the Sea of Oman and Northern Indian Ocean on February 19th

The joint naval drills between Iran and Russia in the Sea of Oman and Northern Indian Ocean signal a potential escalation in regional tensions, particularly affecting energy security in these critical waterways.

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Mohamed A. El-Erian writes, following the dovish UK jobs report earlier in the week, "today's inflation numbers reinforce the likelihood that the Bank of England will resume interest rate cuts next month."

BAE Systems (BA/ LN) FY (GBP): Underlying EBIT 3.32bln (exp. 3.27bln), Div/shr 36.3p (exp. 35.5p), Revenue 30.7bln (exp. 30.7bln); guides FY26 underlying EBIT +9-11%, Revenue +7-9%

Iran and Russia are reportedly said to conduct navy drills in the Sea of Oman and Northern Indian Ocean on February 19th

Glencore (GLEN LN) FY (USD): Revenue 247.5bln (exp. 233.9bln); Adj. EBITDA 13.51bln (exp. 13.22bln), Adj. EBIT 5.98bln (exp. 5.72bln), is to return USD 2bln to shareholders

UK Inflation Rate YoY (Jan) Y/Y 3.0% vs. Exp. 3.0% (Prev. 3.4%, Low. 2.9%, High. 3.5%)

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This could impact oil prices, with WTI likely reacting to concerns over supply routes; traders should monitor shifts in market sentiment and any immediate consequences for commodity markets.

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