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Amid conflicting signals from the Trump administration about the end of military operations in the Middle East, US President Donald Trump has rejected Iran's latest peace proposal. Meanwhile, Australia announced a $10 billion fuel security package as the economic impact of the war continues to be felt.
U.S. President Donald Trump has expressed dissatisfaction with Iran's latest proposal to end the two-month war, rejecting it as 'totally unacceptable' and warning the ceasefire is on 'massive life support.' The proposal, which reportedly defers nuclear talks until after the conflict ends, has failed to meet U.S. demands, according to officials and reports.
Kenya has approved a six-month waiver on fuel sulphur limits to ensure continued supply amid global disruptions tied to Middle East tensions and the closure of the Strait of Hormuz. The move follows requests from the energy ministry and industry players, with reviews planned if conditions improve.
The CEO of Yara International, the world's largest fertiliser company, warns that the war in Iran could lead to a global fertiliser shortage, reducing crop yields by up to 50% and costing 10 billion meals a week globally, with the poorest countries in Africa and Asia hit hardest. The UK is unlikely to face shortages but may see higher food prices.
Nigel Farage is under formal investigation by the UK parliamentary standards watchdog over an undisclosed £5m gift from crypto billionaire Christopher Harborne. The gift, received before the 2024 election, was not declared, and Farage claims it was for personal security. The Electoral Commission is also considering whether to investigate.
Saudi Arabia's Public Investment Fund has confirmed it will stop funding LIV Golf after the 2026 season, citing a shift in its investment strategy. The breakaway league, which has spent over $5 billion since 2022, is now restructuring with a new board and seeking alternative partners, while players like Cameron Smith express confidence in its survival.
The United Arab Emirates has officially left OPEC and OPEC+ effective May 1, 2026, a move reported across multiple outlets as a response to ongoing regional conflicts and a shift toward national energy priorities. The decision comes amid significant disruptions to oil flows through the Strait of Hormuz due to the US-Israel war with Iran, with some sources suggesting the move is a rebuke to neighboring states. The UAE has also left OAPEC but remains a member of the Arab League, according to an official statement.
US President Donald Trump has warned Iran to 'get smart soon' and capitulate on nuclear talks, as the US naval blockade continues to pressure Tehran's economy. Reports indicate Trump rejected an Iranian proposal to reopen the Strait of Hormuz, and oil prices have soared amid the impasse.
As the US-Israel war in Iran disrupts global oil supplies, major energy companies report soaring profits, sparking debate over windfall taxes and the burden on households. BP and TotalEnergies lead with significant earnings jumps, while analysts highlight the broader economic impact on consumers and governments.
European airlines face their biggest challenge since the Covid-19 pandemic as the Iran war pushes up jet fuel prices and disrupts travel through the Middle East. Tourists are reshaping plans, booking later and staying closer to home, while carriers warn of potential fuel shortages if the conflict persists.
Average US gasoline prices have climbed to multi-year highs above $4 a gallon, with reports citing figures from $4.18 to $4.48 nationally and over $6 in California, as Brent crude exceeds $100 a barrel. Outlets link the rises to disruptions in the Strait of Hormuz amid the US-Israel conflict with Iran and related naval measures. Officials and analysts offer differing assessments of the economic impact and underlying causes.
The United Arab Emirates announced its withdrawal from OPEC and OPEC+ effective May 1, 2026, a decision the Kremlin respects as sovereign. The UAE says it aligns with its long-term economic strategy, while officials and experts weigh potential impacts on oil markets and regional politics.
The UAE has officially left OPEC and OPEC+ as of May 1, 2026, with officials saying the move was not aimed at any country and that production will not immediately increase. Minister Suhail Mohamed Al Mazrouei cited the closure of the Strait of Hormuz among factors, while Turkish and Malaysian experts see limited impact on global prices.
According to The Wall Street Journal, President Trump has ordered preparations for a prolonged naval blockade of Iran, believing it less risky than resuming strikes or ending the conflict. The move comes amid a fragile ceasefire, rising oil prices, and internal administration divisions over economic and political fallout.
As Iran faces the economic fallout of a potential blockade of the Strait of Hormuz, attention turns to Russia as a possible alternative trade partner. While Russia-Iran trade has grown by 16 percent, reaching $4.8 billion last year, experts question whether Moscow can truly replace the Gulf shipping lanes that handle 90 percent of Iran's international trade.
Multiple polls show President Trump's approval rating has fallen to record lows, with a majority of Americans disapproving of his handling of the economy, the cost of living, and the war with Iran. A Washington Post-ABC-Ipsos poll found 61% believe the military action against Iran was a mistake, while a Reuters/Ipsos poll showed just 22% approve of Trump's performance on the cost of living.
Gulf leaders met in Saudi Arabia for their first in-person summit since the start of the US–Israel war with Iran, focusing on regional security and long-stalled joint projects. The meeting came amid reports that the US is considering an Iranian proposal to end the conflict and reopen the Strait of Hormuz, and as the UAE announced its withdrawal from OPEC and OPEC+.
The superyacht Nord, linked to sanctioned Russian billionaire Alexei Mordashov, has completed a rare passage through the Strait of Hormuz, traveling from Dubai to Oman. The journey comes amid an ongoing US-Iran standoff that has severely restricted shipping in the critical waterway. Sources suggest neither Iran nor the US objected to the transit, which was conducted under the Russian flag.
China has publicly urged that the Strait of Hormuz remain open and has called for a ceasefire, signaling a rare split with Iran over its blockade. Analysts view this as a test of Beijing’s balancing act between Iranian ties and its economic interests, while the US sanctions Chinese vessels amid rising tensions.
As the US-Israel war on Iran intensifies, Tehran's use of cryptocurrency has surged, with the IRGC dominating on-chain activity and the central bank buying over $500m in USDT. Analysts say the conflict is accelerating de-dollarisation and eroding the effectiveness of US sanctions, as Iran turns to crypto, barter, and hawala networks.