U.S. President Joe Biden on Tuesday welcomed a ceasefire deal between Israel and the Iran-backed militant group Hezbollah in Lebanon. However, there is no indication the deal will hasten a truce and hostage-release deal in Gaza.

ICE Brent has been trading flat after a sharp fall on Monday as the market assesses the Middle East's new dynamics.

Problems with the UK's net-zero plans and Israel's deal with Hezbollah lead Wednesday's papers.