Oil prices fell to a three-week low on Tuesday as senior US officials raised hopes of a deal with Iran to reopen the key Strait of Hormuz waterway.

US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent both announced talks had progressed to allow shipments to potentially resume as soon as this week.

The cost of a barrel of brent crude, the global benchmark for oil prices, fell by almost 5% to under $80 on the news of supply disruptions potentially being eased.

But the failure of previous negotiations in recent months to de-escalate the conflict between the US and Iran have led to a volatile oil market, with drivers ultimately being hit by higher fuel prices at the pumps.

On Tuesday, along with the drop in Brent crude, US West Texas Intermediate prices were down more than 5%, to $76 a barrel. Both contracts dropped to their lowest levels since 13 July.

US Secretary of State Marco Rubio said there had been progress made in discussions on getting more ships through the Strait with Iran and Oman.

“There’s been progress made in those talks, but not finality yet. We’re hoping that will happen very shortly,” he told reporters at the State Department.

Bessent said a deal to reopen the Strait of Hormuz could be agreed as soon as Tuesday or Wednesday.

There was a “chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict,” he told CNBC.

“It would be freedom of movement,” he added, when asked whether Iran would be allowed to charge for ships passing through.

While senior figures in the US government have announced talks have been progressing, no details of what a potential deal may look like have been released.

The Strait of Hormuz has been a central point in negotiations between the US and Iran. Before the conflict began in late February, the waterway handled about one-fifth of global daily oil and liquefied natural gas supplies.

National Chocolate Chip Cookie Day arrives Tuesday, giving fans of the classic baked treat a fresh excuse to indulge, with dozens of restaurant chains, bakeries and hotels offering free cookies and discounted deals to mark the occasion.

The holiday, celebrated annually on Aug. 4, honors one of America’s most beloved desserts. According to estimates from Mrs. Fields, Americans eat roughly 7 billion chocolate chip cookies every single year, cementing the treat’s status as a staple of the American dessert landscape.

Where the chocolate chip cookie came from

The most widely told origin story credits Ruth Wakefield, a chef who ran the Toll House Inn with her husband in Whitman, Massachusetts, with inventing the chocolate chip cookie in 1937. According to the popular account, Wakefield cut up a semi-sweet chocolate bar and added the bits to her Butter Drop Do cookie recipe, expecting the chocolate to melt smoothly into the dough. Instead, the chocolate held its shape, creating the now-iconic cookie studded with distinct chocolate chunks. Wakefield published her recipe in 1938, and Nestlé soon began promoting it on its chocolate packaging and in the company’s advertising, helping cement the cookie’s popularity nationwide.

But the full history may be more complicated than the popular Toll House legend suggests. Pastry chef and author Stella Parks, in her 2017 book “BraveTart: Iconic American Desserts,” uncovered evidence that chocolate chip cookies were advertised in supermarket circulars as early as the 1930s, and that recipes for similar treats called “Chocolate Jumbles,” made with grated chocolate, were published as far back as 1877, decades before Wakefield’s famous recipe.

Even so, Parks has credited Wakefield with playing a pivotal role in the cookie’s lasting popularity. Wakefield having “popularized and developed a recipe that is still in use 100 years later” is an impressive feat, Parks said during an April 2022 appearance on the Gastropod podcast, hosted by the food news site Eater.

Deals at cookie shops and bakeries

Several cookie-focused chains are offering direct deals tied to the holiday. Insomnia Cookies is running a buy-one-get-one-free promotion on its Chocolate Chunk cookies through Tuesday, covering flavors including Chocolate Chunk, Double Chocolate Chunk, Vegan Chocolate Chunk, Vegan Double Chocolate Chunk and Gluten-Free Chocolate Chunk. The deal is valid both in-store and online.

Crumbl, while not running a promotion specifically tied to National Chocolate Chip Cookie Day, is offering customers a free 12-ounce drink through its app when they order, valid August 3 through August 8, though the offer is limited to select locations and flavors.

4th Street Cookie Company is offering 12 free mini chocolate chip cookies to customers who spend $50, limited to one box per order, while Cookies & Dreams, a woman-owned bakery based in Iowa, is hosting a giveaway offering two winners a free dozen of its signature chocolate chip cookies, along with free mini cookies for the first 15 in-store purchases at its two Iowa locations.

Hotel chains and restaurants join in

DoubleTree by Hilton, long known for greeting hotel guests with a warm chocolate chip cookie at check-in, is extending that tradition to the general public for the day. The hotel chain is offering a free DoubleTree chocolate chip cookie to guests and non-guests alike, with no reservation required.

BJ’s Restaurant & Brewhouse is offering its signature “Pizookie” chocolate chip cookie dessert for $5, though the promotion is technically a standing weekly special that happens to coincide with this year’s holiday. Burger King is also joining the celebration, offering Royal Perks members two free cookies in exchange for 150 crowns redeemed through the chain’s app.

Delivery apps and grocery chains get involved

Delivery platform Gopuff is running two cookie-related promotions Tuesday, offering customers the chance to buy two packs of Basically Cookie Thins for $8, along with a 20% discount when purchasing two packs of Crave Shoppe Chocolate Chip Cookie Dough.

Nothing Bundt Cakes is offering Bundtastic Rewards members 100 bonus points when they purchase any size of the chain’s Gluten-Free Chocolate Chip Cookie cake, while Tate’s Bake Shop is treating the first 1,000 customers at its Lexington Avenue and Madison Avenue locations in New York City to a frozen yogurt cup topped with one of the brand’s signature crisp chocolate chip cookies.

Where to find more deals

Beyond the major national chains, smaller local bakeries and regional coffee shops frequently run their own promotions tied to food holidays like this one, and shoppers are encouraged to check social media accounts of their favorite local spots to see whether they’re participating. National retailers with loyalty apps, including grocery chains like Publix and BJ’s Wholesale, have also historically featured limited-time offers tied to the holiday, making it worth checking individual retailer apps and websites for exclusions, participating locations and exact terms before heading out.

A holiday born from two others

National Chocolate Chip Cookie Day is technically a combination of two related but separate food holidays: National Chocolate Chip Day, observed each year on May 15, and National Cookie Day, observed on Dec. 4. The Aug. 4 date specifically celebrates the intersection of the two, chocolate and cookies together, giving fans of the classic treat a dedicated day each summer to seek out deals and freebies from their favorite bakeries and restaurant chains.

What to keep in mind

As with most retail promotions tied to unofficial food holidays, availability can vary significantly by location, and some deals require app downloads, loyalty program membership or minimum purchase amounts to redeem. Shoppers planning to take advantage of Tuesday’s offers are encouraged to double-check participating locations and any fine print before visiting, since not every chain location may honor national promotions uniformly, and several of Tuesday’s deals, including offers from Crumbl and BJ’s, are either ongoing weekly specials or promotions that extend beyond the holiday itself.

In a 29-page ruling, they said: “We conclude that each of the grounds of appeal raised by each appellant is unarguable.

“Neither appeal has a real prospect of success. We also consider that there are no other compelling reasons for either appeal to be heard.”

The two senior judges also said that the previous ruling was “detailed and thorough”.

Gatwick is the UK’s second busiest airport and one of the busiest single-runway airports in the world.

The expansion will allow the site to be used for the departures of narrow-bodied planes such as Airbus A320s and Boeing 737s.

Following the decision, Barclay said: “We are very disappointed with the Court’s decision. We took this challenge as far as we could because we believed that the decision to allow Gatwick to expand was fundamentally flawed.

“It was not supported by government policy, would only serve to line the pockets of the airport and airlines, and would do so at the expense of local residents and the climate.”

Cagne said: “Residents should be immensely proud of what they have achieved in holding Gatwick Airport’s shareholders to account.

“This proposed new runway will come at a significant cost to both the taxpayer and the planet.”

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A new report by LinkedIn ranked the top 50 colleges in the U.S. based on how they prepare students for long-term success in their careers, using a range of factors that leverage the career networking platform’s data.

The report uses LinkedIn data to rank colleges based on five categories: job placement, internships and recruiter demand, career success, network strength and knowledge breadth.

The job placement data tracks cohorts of recent graduates from 2020 to 2025 who start a full-time position or graduate school program within a year of their graduation, while network strength tracks how connected recent alumni cohorts are to each other as well as to all past alumni and current students.

“We’re seeing students think about career success differently than previous generations. They want to build skills, grow their networks and position themselves for a labor market that’s rapidly changing,” said Andrew Seaman, editor-at-large for jobs and careers development at LinkedIn.

SOUTHERN CITIES DOMINATE RANKINGS OF BEST JOB MARKETS FOR NEW COLLEGE GRADUATES

Stanford University made LinkedIn’s list this year. (David Paul Morris/Bloomberg via Getty Images)

“In today’s slower hiring market, professional relationships can make a meaningful difference. Skills and experience remain critical, but a strong alumni network can help open doors throughout a career, whether that’s through internships, mentorship, professional guidance, or new job opportunities,” Seaman added.

Compared with last year’s report, 43 of the top 50 schools, or 86%, returned to the rankings this year, which LinkedIn explained shows the continued strength of institutions that consistently prepare graduates for long-term career success.

US WORKERS INCREASINGLY TRAPPED IN THE ‘GREAT DETACHMENT’ AS HIRING SLOWS, REPORT SHOWS

Harvard ranked third on this year’s list. (Getty Images)

Seven new schools debuted in the rankings, including Middlebury College (No. 37), Claremont McKenna College (No. 40), Washington University in St. Louis (No. 42), University of North Carolina at Chapel Hill (No. 45), Davidson College (No. 47), Williams College (No. 48) and Bowdoin College (No. 49).

There was modest movement in the top 10 compared with last year’s edition of the report, with Princeton and Duke holding firm in the top two spots. Harvard rose to third and Dartmouth to fifth, while Yale returned to the top 10 with a ninth-place ranking.

WHY 529 PLANS REMAIN A POWERFUL TOOL FOR COLLEGE, TRADE SCHOOL SAVINGS

Princeton remained in the top spot of LinkedIn’s top colleges list. (Loop Images/Universal Images Group via Getty Images)

LinkedIn’s Top 50 Colleges

1. Princeton University
2. Duke University
3. Harvard University
4. Massachusetts Institute of Technology
5. Dartmouth College
6. University of Pennsylvania
7. University of Notre Dame
8. Cornell University
9. Yale University
10. Stanford University
11. Vanderbilt University
12. Brown University
13. Babson College
14. Northwestern University
15. University of Virginia
16. Bucknell University
17. Wake Forest University
18. Tufts University
19. Washington and Lee University
20. Carnegie Mellon University
21. Boston College
22. University of Chicago
23. Lehigh University
24. Columbia University
25. Villanova University
26. Rice University
27. Fairfield University
28. Bentley University
29. University of California-Berkeley
30. Colgate University
31. California Institute of Technology
32. Georgetown University
33. University of Southern California
34. University of Illinois Urbana-Champaign
35. University of Richmond
36. Trinity College
37. Middlebury College
38. University of Michigan-Ann Arbor
39. Southern Methodist University
40. Claremont McKenna College
41. Bryant University
42. Washington University in St Louis
43. Providence College
44. Miami University
45. University of North Carolina at Chapel Hill
46. Lafayette College
47. Davidson College
48. Williams College
49. Bowdoin College
50. Purdue University

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Unite is pursuing collective employment tribunal claims against airline catering firm Do & Co over its refusal to transfer 117 employees at London Heathrow, the union said on Tuesday, and says a further 44 workers due to move to the company by 1 September are in the same position.

The first set of claims follows Dnata’s loss of its American Airlines catering contract at Heathrow, which was taken over by Do & Co. Unite said Do & Co refused to transfer the 117 employees, more than 100 of whom were Unite members, and that those workers subsequently lost their jobs. The union said proceedings are in progress and tribunal claims are pending.

In early June, Unite said, it learned that Do & Co had won the catering contract for Air India flights operating out of Heathrow, again taking over from Dnata. Forty-four employees should transfer to Do & Co by 1 September, the majority of them Unite members, according to the union.

Unite said Do & Co has refused to engage with it on that transfer. The only correspondence received had been marked “without prejudice”, the union said, together with the position that TUPE may not apply because Do & Co considers the services provided under the contract to be different from those previously delivered by Dnata.

Under the Transfer of Undertakings (Protection of Employment) Regulations 2006, a service provision change occurs when a contract ends and is given to a new contractor, and only employees who can be clearly identified as providing the service being transferred are protected, according to government guidance on business transfers. The guidance states that the size of the business does not matter. Employers involved in a transfer are also required to inform and consult representatives of affected employees.

Unite said it has been the case for decades that when an airline moves to another catering firm under a service provider change, the affected employees move to the new contract holder.

Unite general secretary Sharon Graham said: “The behaviour of Do & Co has been nothing short of disgraceful. While Unite is taking legal action, it has decided to put the jobs of more of our members at risk.

“TUPE agreements must be honoured. The situation is completely unacceptable and Unite will never allow our members to be left high and dry. All workers who have been refused transfers have our full support in their fight to protect their jobs.”

Unite regional officer Shereen Higginson said: “Time is running out for our members who worked for Dnata on the Air India work who are impacted. Unless consultation begins immediately, there is a high chance they will be left without jobs.

“Do & Co has form for this behaviour, which goes completely against any agreements. It must honour TUPE and Unite will look into all avenues to ensure this is met. It must stop burying its head in the sand and negotiate with Unite.”

The claims enter a tribunal system in which the backlog of active claims passed half a million by the end of September 2025, according to quarterly tribunal statistics, with open employment tribunal cases up 33 per cent on the same period a year earlier.

Unite has previously taken employment status cases to the employment appeal tribunal, including a 2018 ruling on agency workers paid through payroll companies which found that such a worker could be a worker of the agency, the payroll company or both.

Do & Co has been approached for comment.

Jamie Young

Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk