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The global energy crisis, exacerbated by Middle East tensions, enters a new phase with Brent crude surpassing $111 per barrel. Analysts warn of potential price spikes to $180 and risks of a global recession, while the European chemical industry faces plant closures.
Russian media report that the US and Israel are preparing new strikes against Iran, while Washington awaits Tehran's response to a proposal aimed at ending the conflict. Separate reports cover delays in Russia-Ukraine talks, potential extensions of oil waivers, and warnings of symmetric strikes over the Zaporozhye Nuclear Power Plant.
The federal government and Sindh province have announced exemptions from early market closure timings until May 31, responding to business and public concerns. The move follows previous restrictions imposed due to the global fuel crisis and austerity measures.
President Yoweri Museveni has announced Uganda's readiness to buy shares in a proposed East African regional refinery championed by Nigerian industrialist Aliko Dangote, aligning with Uganda's push for local value addition over raw material exports. The proposed facility, which could cost between $15 billion and $17 billion, would serve multiple regional markets.
Ryanair says it is increasingly confident it will avoid jet fuel shortages this summer, though fares may rise for late bookers. Meanwhile, easyJet reports summer bookings trailing last year and an unexpected £25m fuel cost in March, while both airlines hedge fuel needs and adjust pricing strategies.
Prime Minister Narendra Modi's two-day visit to Norway focuses on strengthening India-Norway ties, with trade and energy supplies as top priorities. Discussions also cover the India-EFTA trade agreement, the 3rd Nordic-India summit, and global conflicts, including Ukraine and Iran.
South Korean stocks rebounded Monday as investors bought chipmakers, with the KOSPI closing 0.31% higher. The index had fallen sharply earlier, triggering a temporary trading halt, but recovered after Samsung Electronics' gains.
A Reuters analysis cited by multiple outlets reports that the US-Israeli war on Iran has cost companies worldwide at least $25 billion, with 279 firms taking defensive measures. Toyota alone faces a £3bn hit, and air carriers account for $15bn of the total, as energy prices and supply chain disruptions persist.
The Federal Court in Melbourne has started hearing pianist Jayson Gillham's discrimination case against the Melbourne Symphony Orchestra over the cancellation of a concert after he dedicated a piece to journalists killed in Gaza. The trial is set for three weeks, with the orchestra expected to call about 20 witnesses. The case centers on freedom of expression and political belief in the workplace.
British businesses are pausing investment and hiring plans as the Middle East conflict and domestic political uncertainty drive up costs, according to multiple surveys and reports. Key indicators show a contraction in services activity, falling payrolls, and a sharp drop in vacancies, prompting calls for coordinated G7 action.
Iran has appointed Parliament Speaker Mohammad Bagher Ghalibaf as a special representative for China affairs, a move analysts say underscores Tehran's commitment to Beijing amid shifting regional dynamics. The appointment, proposed by President Masoud Pezeshkian and approved by Supreme Leader Mojtaba Khamenei, comes as China emerges as a 'third space' for Middle East diplomacy.
The operator of Hong Kong’s Hung Shui Kiu industrial park is considering bond issuance and tax concessions to attract enterprises, with Chairman Jeffrey Lam Kin-fung aiming for operational status by July next year. The park, part of the Northern Metropolis megaproject, has already drawn global interest from environmental and AI sectors.
Reports indicate the Trump administration has encouraged the UAE to become more directly involved in the conflict with Iran, with discussions reportedly including the seizure of Iran's Lavan Island. The UAE and Saudi Arabia have conducted secret strikes against Iranian targets in response to Iranian attacks, while the UAE has sought to coordinate with Gulf neighbors.
Israeli and Lebanese delegations are meeting for a third round of direct talks in Washington, DC, aimed at securing a durable ceasefire. However, Israeli strikes in southern Lebanon have continued, killing at least seven people, while deep divisions remain over the negotiations, including Hezbollah's opposition to direct talks.
During their Beijing summit, US President Donald Trump and Chinese President Xi Jinping agreed the Strait of Hormuz should remain open to ensure global energy supplies, with Xi offering to help broker an end to the Iran conflict. China's foreign minister reiterated Beijing's call for a ceasefire and early reopening of the strategic waterway, as Iran urged BRICS nations to condemn US-Israeli actions.
As Palestinians mark Nakba Day, Representative Rashida Tlaib has reintroduced a resolution in the US House calling for official recognition of the ongoing Nakba. The bill, which has over 100 endorsing organizations, would also resume UNRWA aid and restrict US weapons to Israel.
At the BRICS Foreign Ministers’ Meeting in New Delhi, member states reaffirmed their commitment to reforming global governance, including the UN Security Council, and strengthening their strategic partnership. Russia voiced support for Brazil and India’s permanent membership bids while opposing additional seats for Western nations, and Ethiopia called for sweeping reforms to multilateral institutions.
Six million people in Somalia are facing acute food insecurity, with nearly two million in emergency phase and famine risk in the southern district of Burhakaba. The UN and humanitarian groups warn that reduced funding and the Middle East war are worsening the crisis, urging immediate action to prevent catastrophe.
Samsung Electronics' largest labor union said it will proceed with a major strike planned for next week, rejecting the company's proposal to resume talks without preconditions. The union demands fixed performance bonuses tied to 15 percent of operating profit from the semiconductor division, while management proposed maintaining the current system with alternative calculations. The strike, set to last 18 days, could disrupt production at the world's largest memory chipmaker.
Debris from the airborne objects that struck the HMM Namu in the Strait of Hormuz has arrived in South Korea for analysis. The government has yet to identify the objects or the perpetrators, though officials have pointed to a possible Iranian origin. Meanwhile, the shipowner has finalized plans to repair the vessel in Dubai.