Andy Burnham set to become UK PM as Trump urges North Sea oil expansion

• Britain's Andy Burnham is set to enter Downing Street as the U.K.'s new Prime Minister.
• President Donald Trump has called for the opening up of North Sea oil exploration.
• Crude prices are higher following an intensification of attacks between the U.S. and Iran.
• Boeing looks to fund new plane programmes.
• CNBC is live from the Farnborough Airshow, U.K.
• Spain wins the FIFA World Cup, defeating Argentina 1–0 in the final.

Andy Burnham speaks after being confirmed as the Labour Party's new leader and the country's next prime minister, during 'Labour's Special Conference' in central London on July 17, 2026. Henry Nicholls | AFP | Getty Images

Hello, this is Leonie Kidd coming to you from London.

Football may not have come home this time, but Britain's new Prime Minister Andy Burnham does have a new home.

Read on!

What You Need to Know Today

Today, Andy Burnham will enter Downing Street as the British Prime Minister.

He is expected to announce a raft of policy changes, from devolution from London to an overhaul of the Treasury. But the most contentious could be his approach to North Sea oil.

Over the weekend, President Donald Trump took to Truth Social to welcome Burnham's approach to "open up" North Sea oil, saying it will take "the United Kingdom from a Poverty Stricken Disaster to one of the Richest Countries anywhere in the world."

The devil will be in the details, after Labour's deputy party leader Lucy Powell told the BBC that Burnham would not overturn a manifesto pledge to end new exploration licences.

He is expected to travel to Aberdeen in Scotland to push for further drilling in existing oil fields, ahead of upcoming decisions about the Jackdaw and Rosebank fields that sit offshore.

Oil Drives Higher

Meanwhile, oil prices are higher in early trade on Monday after American military casualties triggered a fresh wave of attacks on Iran.

A third service member has been confirmed as killed in recent operations. U.S. Central Command said in a statement on X that it had completed the ninth consecutive night of strikes against targets in Iran, further "degrading Iranian military capabilities."

Early Monday, sirens continued to be heard in Kuwait, Bahrain and Jordan as Iran launched drone attacks against targets within its Gulf neighbours.

There has also been an escalation in the conflict between Russia and Ukraine. Moscow launched one of its biggest ballistic missile attacks against the Ukrainian capital of Kyiv, while drones from Ukraine delivered one of their deadliest strikes on Russia in over two years.

Boeing Is Back

In corporate news, Boeing has announced it expects to launch a programme to replace its 737 Max fleet by 2030. On the eve of the Farnborough Airshow in England, the group said it expects demand for air travel to double over the next 20 years.

For more coverage of the Farnborough Airshow, CNBC's "Squawk Box Europe" will hear from the CEOs of Boeing, Airbus and Honeywell Aerospace. You can watch here.

Spain's Success, FIFA Wins

Spain is the FIFA World Cup Champion.

The team beat Argentina 1–0 with a Ferran Torres goal in extra time, securing Spain its second title.

Alex Livesey - Danehouse | Getty Images Sport | Getty Images

Another winner was FIFA itself. The world's football governing body is poised to net over $9 billion in revenue.