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Oil markets experienced a dramatic correction on Wednesday, with Brent crude falling 13.9% to $94.10 per barrel and U.S. WTI futures sliding almost 16% to $95, marking the steepest daily percentage drop since the COVID‑19 crash of April 2020. Despite the plunge, prices remain well above pre‑conflict levels, when Brent traded below $73.The price shock followed President Donald Trump's announcement of a two‑week, conditional ceasefire with Iran, contingent on Tehran reopening the strategic Strait of Hormuz for oil tankers. Iran’s foreign minister, Abbas Araghchi, confirmed the strait would be managed by the Iranian military during the grace period, while Iran’s national security council accepted the ceasefire on the condition that U.S. attacks be halted.Equity markets reacted positively. The pan‑European Stoxx 600 surged 4%, its biggest one‑day gain in over four years. In the UK, the FTSE 100 climbed nearly 3% to 10,646 points, its highest level since the early days of the Iran war. Travel and leisure stocks led the rally, with Air France up 14.5%, Lufthansa +11%, IAG +9.5% and TUI +12%.Oil majors were the notable laggards; BP and Shell each lost more than 5% as investors priced in continued supply uncertainty. Asian markets also posted strong gains: Japan’s Nikkei 225 rose over 5%, Australia’s S&P;/ASX 200 jumped 2.55%, South Korea’s Kospi surged 7.5%, Hong Kong’s Hang Seng added 3.1% and China’s CSI300 climbed 3.2%.Bond yields eased on the ceasefire news. The U.S. 10‑year Treasury yield fell to 4.24% from 4.30%, while the UK 10‑year gilt slipped to 4.7% from 4.9%.Safe‑haven assets rallied as well: gold rose more than 2% to $4,812 per ounce, and cryptocurrencies recovered, with Bitcoin up 2.9% to $71,327 and Ether gaining 5.6% to $2,234.Market strategists emphasized the provisional nature of the relief. Jim Reid, Deutsche Bank markets strategist, warned that “investors will be breathing a big sigh of relief, but the durability of the ceasefire remains the key risk.” He noted ongoing Israeli‑Iran strikes and unclear extensions to Lebanon could reignite volatility.Energy analyst Saul Kavonic (MST Financial) described the pause as “an off‑ramp for Trump’s bombastic ultimatum, but not yet an off‑ramp for oil markets or the war.” He expects a limited release of tankers from Hormuz in May, which would ease storage pressure without boosting production.Capital Economics chief economist Neil Shearing highlighted potential transit fees for Hormuz passage, estimating a $1‑2 million charge per tanker—equivalent to roughly $1 per barrel—would have a modest effect on global oil prices but could signal a de‑facto partial nationalisation of the route.TD Securities senior strategist Prashant Newnaha cautioned that “renewed escalation cannot be ruled out, but markets are treating this ceasefire as the real deal, and all parties will sell it as a major win.” He added that oil prices are unlikely to revert to pre‑war levels, keeping inflationary pressures alive.Earlier in the week, U.S. equities swung sharply, with the S&P; 500 dipping 1.2% before rebounding after Pakistan’s prime minister urged Trump to extend the deadline and keep the strait open.The conflict, which began after the U.S. and Israel struck Iranian targets in late February, has choked the Strait of Hormuz—through which about 20% of global oil and LNG supplies flow—fueling a worldwide energy crunch.

Israel has reaffirmed that its military operations in Lebanon will persist, defying US President Donald Trump's ceasefire announcement aimed at Iran. The Israeli military has continued to carry out strikes in Lebanon, with civilians in southern Lebanon being told to move north of the Zahrani River.The office of Israeli Prime Minister Benjamin Netanyahu emphasized that Trump's two-week pause in military action against Iran does not include Lebanon. This stance directly contradicts statements made by Iran and Pakistan, which has been mediating in the conflict.Pakistan's Prime Minister Shehbaz Sharif had announced that Iran, the US, and their allies had agreed to an immediate ceasefire everywhere, including Lebanon. However, Israel maintains that its conflict with Lebanon, particularly with Hezbollah, is separate.On Wednesday morning, an Israeli military spokesperson confirmed that operations against Hezbollah were ongoing. The military also issued a warning in Arabic to people in Tyre to move away from a building, a common precursor to an airstrike in a populated area.The conflict in Lebanon has resulted in over 1,500 deaths, many of them civilians, and has displaced more than 1.1 million people, with many living on the streets. The situation remains volatile as Hezbollah is expected to issue a formal statement outlining its position on the ceasefire and Netanyahu's assertion that Lebanon is not included in the agreement.

Mariam Sabbah, a 10-year-old Palestinian girl, lost her arm in an Israeli missile attack on Gaza and has arrived in the UK for specialist treatment. She was accompanied by her mother, Fatma Salman, and two brothers at Heathrow airport.The family was met with a warm welcome, including gifts, balloons, and bouquets. Mariam's arm was amputated after a missile tore through her family's home in Deir al-Balah. Her family had initially hoped to go to the US for treatment but was unable to due to visa restrictions.According to the World Health Organization (WHO), over 11,000 patients have been evacuated from Gaza, with an estimated 18,500 more in need of urgent care. The UK government had announced a medical evacuation scheme last year, which led to the arrival of Mariam and her family in the UK for privately funded specialized treatment.Aid organizations have called on the UK government to increase efforts to help evacuate critically ill and injured children from Gaza. The WHO announced on Monday that it would suspend medical evacuations after a contracted worker was killed.Mosab Nasser, co-founder of FAJR Global, stated that more lives would be lost due to the WHO's decision. The UK government scheme relies on the WHO to provide a list of patients identified as priority cases by medical specialists in Gaza.Campaigners have expressed concerns that without urgent action, more preventable illness and deaths will occur. Since October 2023, Egypt, the United Arab Emirates, and Qatar have assisted the most number of patients medically evacuated from Gaza.

Shell is poised to report a substantial increase in profits from its commodity trading activities in the first quarter, driven by recent market volatility sparked by the Iran crisis. The energy giant's chemicals and products unit, which encompasses its primary oil trading desk, is expected to see a significant boost in trading results.The company's trading windfall is particularly notable in its renewable energy division, with predicted earnings ranging from $200m to $700m in the first quarter, up from approximately $100m in the previous quarter. This surge is attributed to the historic price rises in oil and gas markets following Iran's retaliation to US-Israeli aggression, which included throttling energy trade through the Strait of Hormuz and launching strikes against key energy infrastructure in the Gulf region.However, Shell's gas production is expected to decline by about 5% to between 880,000 and 920,000 barrels of oil equivalent per day, compared to 948,000 in the fourth quarter, due to the impact of the Middle East conflict on its assets in Qatar. A strike damaged Shell's assets at the Ras Laffan liquified natural gas (LNG) complex in Qatar, contributing to the expected decline.Despite these challenges, Shell's boss, Wael Sawan, has warned that Europe could face an energy and fuel shortage in April without a reopening of the Strait of Hormuz. The company is working with governments to address the oil and gas supply crisis, which has already led to energy rationing in some Asian countries.

Iran has put forth a 10-point peace plan aimed at ending the ongoing conflict with the United States and Israel. The plan, conveyed through Pakistan, includes key elements such as an end to hostilities in the region, a protocol for safe passage through the Strait of Hormuz, and the lifting of sanctions imposed on Iran.US President Donald Trump described the Iranian proposal as a 'significant step' but emphasized that it was 'not good enough'. He warned that if Iran does not agree to a deal, it will face severe consequences, including the destruction of its bridges and power plants. 'If they don't make a deal, they will have no bridges and no power plants,' Trump stated.The conflict, now in its second month, has led to a significant escalation of violence, with 1.2 million Lebanese people displaced due to Israeli attacks. Iran's top university and a major petrochemical plant were hit on Monday, following Trump's threat to target power plants and bridges unless Tehran agrees to end the war and open the Strait of Hormuz, a critical passage through which 20 percent of the world's oil and gas supplies pass.Human rights organizations and members of the US Congress have criticized Trump for threatening to attack civilian targets, which is considered a war crime. The situation remains dire as the deadline set by Trump for Iran to open the Strait of Hormuz approaches, with Tehran rejecting the ultimatum and threatening to retaliate.

Israel's latest invasion of Lebanon has resulted in a massive displacement of over 1.2 million people, including 350,000 children, making it one of the world's fastest-growing and most severe displacement crises. Since March 2, Israeli forces have launched over 1,840 attacks on Lebanon, killing more than 1,497 people and injuring over 4,639, according to Lebanon's Ministry of Public Health. The Israeli army claims it is targeting strongholds of the Iranian-backed group Hezbollah in southern Lebanon. Israel's Defense Minister, Israel Katz, stated that Israel plans to destroy Lebanese border towns and continue its occupation of southern Lebanon. The conflict has led to 20% of Lebanon's 5.9 million population being displaced, with one in five people affected. This crisis ranks among the top 10 displacement crises in recent years, according to UNHCR's 2025 data. Attacks have been concentrated in areas such as Bint Jbeil, Nabatieh, Tyre, Marjayoun, and Sidon, with over 2,000 attacks reported between March 2 and March 27. Israel carried out 1,840 of these attacks, mostly air or drone strikes and shelling. The destruction of bridges and crossings in southern Lebanon aims to isolate communities, with the Dalafa bridge and roads between villages like Sohmor and Yohmor being targeted. This has severe implications for access to hospitals and public services. Israel's evacuation orders now cover over 1,470sq km (568sq miles), or about 14% of Lebanon's territory, approaching the scale of Russian occupation in Ukraine.

A devastating US-Israeli airstrike has destroyed a synagogue in Tehran, the capital of Iran, and claimed the lives of over a dozen people. The strike is part of an escalating conflict in the region, with tensions between the US, Israel, and Iran continuing to rise.The airstrike, which occurred on [date], targeted the synagogue in Tehran, causing significant damage and loss of life. The exact number of fatalities has not been confirmed, but reports indicate that it exceeds a dozen. The incident has sparked widespread concern and condemnation from various quarters.The destruction of the synagogue in Tehran is seen as a significant escalation of the conflict, with Iran and Israel having a long-standing adversarial relationship. The US has also been involved in the conflict, with previous airstrikes and military actions in the region. The situation remains volatile, with fears of further retaliation and escalation.

President Donald Trump issued a stark warning that the United States would eradicate Iran’s “civilisation” unless the regime reopens the Strait of Hormuz and complies with his demands. The statement, posted on his Truth Social account less than twelve hours before the self‑imposed deadline, declared that a whole civilisation could die “tonight, never to be brought back again.” Trump set the cutoff for compliance at 8 p.m. Washington time (00:00 GMT) on Tuesday, framing the moment as a decisive point in what he called a long‑standing struggle against Iranian extortion and corruption. For more than two weeks, the president has threatened to strike Iran’s civilian infrastructure—bridges, power stations, roads and other non‑military assets—if his terms are not met. Legal analysts have warned that such actions would constitute a war crime under international law. “It’s horrific. It’s pure evil. It’s disqualifying,” said Yasmine Taeb, legislative and political director of MPower Change Action Fund, condemning the president’s rhetoric as that of “a deranged, unstable madman.” She called for a stronger response from both U.S. lawmakers and the global community. Democratic leaders reacted forcefully. Senate Majority Leader Chuck Schumer labeled Trump “an extremely sick person,” while House Minority Leader Hakeem Jeffries urged Republican colleagues to “put patriotic duty over party and stop the madness,” warning that the conflict could spiral into a world war. Representative Rashida Tlaib suggested invoking the 25th Amendment to remove Trump, citing the recent bombing of a school in Minab that killed over 170 children. Congressional attempts to curb the president’s war powers have stalled; a recent resolution to limit his authority failed to pass, leaving the legal basis for the campaign in question. Critics argue that launching a military operation without congressional approval violates the U.S. Constitution, which reserves the declaration of war to Congress. Republican reactions were muted. Representative Mike Lawler downplayed the threat, stating that any strikes would target only Iran’s energy and civilian infrastructure to cripple the regime’s economy, and affirmed that Trump is acting within his constitutional authority as commander‑in‑chief. The conflict, which began on February 28 when the United States and Israel allegedly killed Iranian Supreme Leader Ali Khamenei and other senior officials, has already claimed more than 2,000 lives, including civilians in schools, residential blocks and medical facilities. Iran’s retaliatory rocket and drone attacks have hit Israeli and U.S. assets across the Middle East, while Iranian forces have blocked the Strait of Hormuz, driving global energy prices higher. Despite the heavy toll, Iran’s governing structure appears intact, bolstered by the Islamic Revolutionary Guard Corps, designated by the United States as a terrorist organization. No major defections or anti‑government protests have emerged, and Khamenei’s son, Mojtaba Khamenei, has assumed a leading role. Trump, while maintaining a hardline stance, left a narrow window for diplomacy, suggesting that “maybe something revolutionary wonderful can happen.” He framed the deadline as “one of the most important moments in the long and complex history of the world,” promising that “47 years of extortion, corruption, and death will finally end.” Vice President J.D. Vance echoed the president’s message, warning Iran that the United States possesses additional, undisclosed tools and will employ them if Tehran does not alter its conduct, emphasizing the U.S. desire for free flow of oil and gas.

A shooting incident has taken place at Istanbul's Israeli consulate. The event has garnered significant attention, but specifics regarding the incident, including casualties or motives, remain unclear.The source of this information is Al Jazeera, a reputable news organization. However, due to the lack of detailed information in the provided content, a comprehensive analysis or further details about the incident cannot be accurately provided at this time.