Oil prices have risen sharply after the killing of a top Iranian general in Iraq. Analysts warned the action could escalate tensions in the region and affect global oil production.

The price of Brent crude jumped by more than 3% and at one point hit $69.50 a barrel, the highest since September.

Some of Wall Street’s biggest banks are facing in-depth investigations by Britain’s banking regulator amid concerns about widespread financial reporting failures. The decision to undertake the reviews has emerged weeks after Citi, the giant Wall Street lender, was handed a record £44m fine by the PRA for inadequate internal controls and governance arrangements relating to regulatory reporting obligations.

Sweden’s telecoms giant Ericsson has agreed to pay more than $1bn (£760m) to resolve allegations of bribery, the US Department of Justice has announced. It said the company had “admitted to a years-long campaign of corruption in five countries to solidify its grip on telecommunications business”.

It added that Ericsson had entered into a deferred prosecution agreement in connection with criminal charges filed in a New York court.

Ericsson has so far made no comment.

Britain’s longest-running rail franchise came to an end on Saturday after more than 22 years.

Virgin Trains, which began serving the West Coast Main Line in 1997, is being replaced by Avanti West Coast.

Almost 500 million journeys have been made with Virgin Trains, which is co-owned by Sir Richard Branson’s Virgin Group and Stagecoach.

Global Market Summary