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Oil and gas markets rallied on Thursday as investors grappled with the shaky outlook for the two‑week Iran‑Israel ceasefire. Brent crude rose more than 2% to $96.77 a barrel, while New York light crude climbed nearly 3% to $97.23, still shy of the $100 threshold that many traders watch. The previous session had seen Brent plunge 13.29% to a four‑week low of $94.75. In the gas sector, the UK month‑ahead contract rebounded 1% to 115.35p per therm after a 15% drop the day before. European natural‑gas futures also recovered, edging toward €46/MWh from a five‑week trough of €45.30. The price uptick reflects growing scepticism about the durability of the ceasefire announced a day earlier by the United States and Iran, which included a pledge to reopen the Strait of Hormuz. UAE and Kuwait reported intercepting Iranian drones, and Iran’s parliamentary speaker accused the United States and Israel of breaching several agreement points. Iran’s Revolutionary Guards warned of a “regret‑inducing response” if Israeli strikes on Lebanon continue. The latest Israeli barrage killed at least 254 people and wounded 837, prompting the Fars news agency to note that oil‑tanker traffic through the strait had been halted. Former President Donald Trump used his Truth Social platform to threaten that U.S. forces would remain in the region until a “real agreement” is fully honoured, warning that any non‑compliance would trigger “stronger than anyone has ever seen before” military action. Asian equity markets reacted negatively: Japan’s Nikkei slipped 0.7%, South Korea’s Kospi fell 1.7%, and Hong Kong’s Hang Seng edged down 0.4%. In Europe, the FTSE 100 dipped 0.1%, Germany’s DAX fell 0.6%, France’s CAC 40 dropped 0.3%, and Italy’s FTSE MIB slipped 0.2%. The pan‑European Stoxx 600 trimmed 0.1% after a near‑4% rally the day before, while U.S. futures pointed to a lower opening on Wall Street. Deutsche Bank strategist Jim Reid noted that market stress has eased compared with 24 hours earlier, as the ceasefire news generated renewed optimism and reduced fears of a stagflationary shock. On the diplomatic front, White House press secretary Karoline Leavitt announced that Vice‑President JD Vance will lead a delegation to Islamabad, with initial talks slated for Saturday morning. Jefferies chief European economist Mohit Kumar argued that, despite its fragility, the truce is likely to hold because of the “mutually assured destruction” calculus. He added that both sides now see a ceasefire as the lesser‑evil, given the escalating costs of continued conflict and the strategic challenges of securing cheap drone interceptors and a reliable Hormuz passage.

In a night that felt more theatrical than competitive, Paris Saint‑Germain secured a 2‑0 victory over Liverpool at the Parc des Princes, leaving the English champions questioning their own identity ahead of the second leg.While Liverpool’s players showed resilience by refusing to abandon the fight, the result underscores a deeper issue: the team has lost five of their last eight matches and currently sits fifth in the Premier League, just three points clear of Everton in eighth place. The margin is razor‑thin and the pressure is mounting.PSG’s performance was a masterclass in flair and efficiency. Their first goal set the tone, but it was the second strike at the 66‑minute mark that captured headlines. Georgian winger Khvicha Kvaratskhelia received a swift pass from João Neves, surged past two Liverpool defenders with remarkable balance, evaded Ryan Gravenberch’s challenge, and finished with a composed right‑footed shot that left the Anfield side scrambling.The goal highlighted PSG’s technical edge: their movement was fluid, their ball control assured, and their finishing clinical. In contrast, Liverpool’s pressing strategy, orchestrated by manager Arne Slot, appeared tentative. Slot’s early enthusiasm has given way to a more nervous demeanor, as reflected in his subdued sideline presence.Beyond the scoreline, the match exposed Liverpool’s structural deficiencies. The team’s lack of a clear pattern and the absence of a recognizable “Liverpool goal” raise questions about the effectiveness of Slot’s tactical overhaul, often dubbed “Slot 2.0”.Adding to the narrative, midfielder Dominik Szoboszlai walked off the tunnel alone, a symbolic gesture that contrasted sharply with the collective pursuit of the manager by his teammates. The moment, while minor, hinted at a growing disconnect within the squad.PSG’s dominance was not limited to the goals. Their pre‑match spectacle—flashing lights, dramatic sound cues, and a flamboyant PA announcer—set a tone of confidence that translated onto the pitch. The French side’s control of possession and spatial awareness suggested they could have added another goal with more ruthless finishing.For Liverpool, the defeat is a sobering reminder of the challenges ahead. After a heavy loss to Manchester City in the FA Cup, the Reds entered Paris with evident apprehension. The 2‑0 result, while disappointing, may serve as a catalyst for introspection before the return leg at Anfield.Looking forward, the upcoming fixture at Anfield will test whether Liverpool can summon the “deep Anfield voodoo” that fans often cite as a turning point. The stakes are high: a positive result could revive their European ambitions, while another setback may cement doubts about their season trajectory.

The recent ceasefire between the United States and Iran may provide temporary relief, but the oil crisis triggered by their conflict is far from over. After 40 days of fighting, the two nations agreed to a two-week ceasefire, with negotiations set to begin in Pakistan's capital, Islamabad.One of the key points in Iran's 10-point proposal is allowing shipping to resume through the Strait of Hormuz, a critical waterway through which 20 percent of the world's oil and gas is shipped during peacetime. The strait has been effectively closed since the start of the war, causing global oil and gas prices to soar.Following the announcement, oil prices dropped to $92 on Wednesday, down from over $110 for much of the war. However, delays in restarting production and transport mean the energy crisis is far from over. For ships to continue operating, they need certainty about security during the next two weeks of the ceasefire.Even with the waterway reopened, it will take weeks for large oil tankers – now scattered thousands of miles away – to return to the Gulf to collect the millions of barrels sitting in large reservoirs. With very few tankers able to load or unload and their onshore storage full, producers began shutting wells, causing regional oil output to plummet despite efforts to reroute limited volumes via overland pipelines.Economists warn that the true impact on grocery bills will likely persist throughout 2026 and into 2027. Additionally, it will take years for the Gulf energy industry to repair facilities damaged or destroyed during the war.Shipping data shows that combined exports from Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates fell from 469 million barrels in February to 263 million barrels in March – a decline of 206 million barrels, or 44 percent. Iraq's crude exports have been hit the hardest, falling 82 percent from 94m barrels in February to 17m in March.The 206 million barrels of Gulf oil lost since the start of the war would fill approximately 103 Very Large Crude Carriers (VLCCs), the workhorse supertankers of the global energy trade. A single VLCC stretches nearly 330 metres (1,080 feet) in length, nearly the same height as the Eiffel Tower in Paris.To put that in more practical terms, if you drove a pick-up truck that averages 24 miles per gallon (or 10 litres per 100km), one barrel of crude oil would carry you about 730km or 450 miles. That is about the distance from New York City to Cleveland, Ohio.For much of the war, oil has traded above $100 per barrel, hitting a peak of nearly $128 on April 2. The value of 206 million lost export barrels at various oil prices is significant, with Brent crude being the global benchmark.

Matteo Berrettini delivered a stunning performance at the Monte Carlo Masters, defeating former world number one Daniil Medvedev 6-0, 6-0 in the second round. This historic victory marked Medvedev's first-ever double-bagel loss, with Berrettini dominating the match in just 49 minutes.Medvedev struggled throughout, making 30 unforced errors and serving five double faults. His frustration boiled over in the second set, as he smashed his racquet into the court four times. Berrettini, now ranked 90th, limited his mistakes to just three shots throughout the match, praising his 'perfect game plan' and effective use of his weapons.In other matches, world number three Alexander Zverev staged a late comeback to edge out Chilean qualifier Cristian Garin 4-6, 6-4, 7-5. Zverev overcame a difficult third set, saving three break points and winning five consecutive games to secure his spot in round three.Zverev will face unseeded Belgian Zizou Bergs, who downed 2023 champion Andrey Rublev 6-4, 6-1. Berrettini, meanwhile, will face Brazilian teenager Joao Fonseca in the last 16.

Iran and the United States each declared a triumph after agreeing to a two‑week ceasefire that was announced just before President Donald Trump’s deadline to force Tehran’s surrender. The conflict, which began on 28 February, has already claimed 2,076 lives in U.S.–Israel strikes on Iran and has caused thousands more deaths across the region. The fighting has also shocked global energy markets, stranding oil tankers and pushing prices to unprecedented levels. Trump announced on Truth Social that the United States would halt bombing Iran after receiving a “workable” 10‑point ceasefire proposal, adding that “almost all of the various points of past contention have been agreed to.” Iran, for its part, said it would reopen the Strait of Hormuz to commercial traffic, even as some citizens denounced the government’s perceived capitulation. Both parties are set to resume Pakistan‑mediated talks in Islamabad on Friday, though analysts warn that earlier red lines may resurface. Key terms of the Tuesday agreement: the United States will suspend air strikes for two weeks, citing that it has already achieved its military objectives and is close to a “definitive agreement concerning long‑term peace.” Iran’s foreign minister, Abbas Araghchi, pledged to halt “defensive operations” and to allow safe passage through the Strait of Hormuz, while also indicating willingness to fund reconstruction from fees collected on transiting ships. Domestic reaction in Iran remains volatile. University of Tehran professor Foad Izadi noted that the public’s pessimism stems from two prior escalations—June’s 12‑day war and the February 28 strikes—both of which occurred amid ongoing negotiations. Earlier demands: The United States had presented a 15‑point plan on 25 March, calling for a 30‑day ceasefire, immediate reopening of the Strait, Iran’s de‑commissioning of its nuclear facilities, a total ban on uranium enrichment, handover of nuclear stockpiles to the IAEA, cessation of support to regional proxies, strict limits on ballistic missiles, and a full lift of sanctions, among other items. Iran responded with a 10‑point proposal that emphasized a non‑aggression commitment from the United States, controlled passage through the Strait, acceptance of its enrichment programme, comprehensive sanctions relief, withdrawal of U.S. combat forces, compensation for war damages via shipping fees, and a binding UN Security Council resolution. Both sides have already made concessions. Iran moved from demanding a permanent ceasefire to accepting a two‑week pause, and it shifted from insisting on reparations to proposing reconstruction funding from Strait fees. The United States, meanwhile, has softened its demand for an “unconditional” Iranian surrender and has not reiterated its earlier insistence on dismantling Iran’s missile capabilities. One of the most contentious issues remains the status of Lebanon. While Pakistan’s prime minister said the ceasefire would extend to Lebanon, Israeli Prime Minister Benjamin Netanyahu denied any such inclusion, and Israel launched a major bombing campaign in Beirut shortly thereafter, killing hundreds. Looking ahead, analysts highlight that the United States is unlikely to concede on the complete withdrawal of its roughly 50,000 troops stationed across 19 Middle Eastern sites—a demand Tehran has placed on the table. The outcome of the upcoming talks will hinge on whether Washington can accommodate Tehran’s broader political and economic requests without compromising its strategic objectives.

Arsenal's quest for a quadruple has hit a roadblock, with their UEFA Champions League hopes put to the test by Sporting Lisbon. The Gunners secured a 1-0 win in Lisbon, courtesy of a late Kai Havertz strike, but the performance left many questions unanswered.The team's recent back-to-back defeats in the League Cup final and FA Cup quarterfinals have raised concerns about a late-season slump. Despite leading the Premier League by nine points, Arsenal's consistency has been questioned, and Mikel Arteta's intensity has come under scrutiny.Arteta's emotional displays, particularly in defeat, have been a concern for some members of Arsenal's hierarchy, who worry that his temperament could be holding the team back. However, Arteta remains convinced that his side can handle the pressure and secure silverware.The team's midfielder, Christian Norgaard, emphasized the importance of maintaining a positive body language and focusing on the upcoming games. David Raya, the goalkeeper, expressed his confidence in the team's ability to win the Champions League, stating that belief is key to success.As Arsenal prepares for the second leg against Sporting Lisbon, they must address their concerns and capitalize on their strengths to achieve their goals. The team's performance will be crucial in determining their fate in the Premier League and Champions League.

The question of which team has gone furthest in Europe while being relegated in the same season was posed, sparked by Tottenham's Champions League participation despite a relegation battle. Teams like Nottingham Forest and Fiorentina are currently in similar situations.Celta Vigo went from fourth in La Liga in 2002-03 to 19th the next year but reached the Champions League round of 16, where they lost to Arsenal. Perugia reached the last 16 of the Uefa Cup in the same season they were relegated, losing to PSV Eindhoven.Juventus was relegated due to the Calciopoli scandal after reaching the Champions League quarter-finals. Villarreal earned zero points in their Champions League group in 2011-12 and were relegated.Several teams have been eliminated early in European competitions while being relegated, such as Real Zaragoza, Alavés, and Espanyol. In England, Blackburn Rovers, Bradford City, and Ipswich Town experienced similar situations.The article also touches on teams that were unbeaten in European competitions but still eliminated, such as Espanyol in 2006-07, who went 15 games without defeat but lost on penalties in the Uefa Cup final.Teams that were unbeaten and eliminated include Feyenoord, AEK Athens, AC Milan, Valencia, Chelsea, Montpellier, Arsenal, and RWD Molenbeek, among others.

The recent ceasefire between the US and Iran offers a glimmer of hope for the energy crisis that has been exacerbated by the conflict in the Strait of Hormuz. However, the deal's stability is already being questioned, with Iran claiming that Israel's attacks on Lebanon breach the agreement. Even if the ceasefire holds and hundreds of tankers stranded in the Gulf start to transit once more, analysts fear that it will not be enough to return the flow of oil, gas, chemicals, and other vital items to pre-crisis levels. An estimated 2,000 vessels with about 20,000 seafarers onboard have been trapped in the Gulf since the outbreak of the conflict. Shipping analysts and owners have cautioned that even a temporary ceasefire does not provide a sufficient guarantee that it is safe to make the passage, particularly because Iran's foreign minister has stated that transit will be under Iranian military management. Many questions remain for shipowners and their captains over whether it is safe to navigate through the strait. The disruption has been compounded by the forced shutdown of oil and gas production across the Gulf as storage facilities reached capacity. In addition, many key energy production sites have been damaged by drone attacks. Experts have said it could take months or years to fully restore the Gulf's energy production. Energy markets have fallen sharply on the hope that millions of barrels of crude oil and gas trapped in the Gulf could soon help to relieve a crisis that the International Energy Agency has said is more serious than the energy flashpoints in 1973, 1979, and 2022 combined. However, traders are also expected to price in a continuing 'geopolitical risk premium' to reflect uncertainty over whether the ceasefire will hold.

Riccardo Calafiori, the Italy defender for Arsenal, has found solace in the team's recent Champions League victory against Sporting, which has reignited their trophy hopes. The win came after a tough couple of weeks for Calafiori, who was part of the Italy squad that failed to qualify for the World Cup for the third consecutive time.Calafiori reflected on the painful period for both his country and club, where Arsenal suffered successive defeats either side of the World Cup qualification failure. However, he emphasized that the beauty of football lies in its unpredictability and the opportunity to bounce back. “It’s been tough, but that is the beauty of football: it is 100% better now,” Calafiori stated.The defender acknowledged that the defeat to Southampton in the FA Cup and the broader disappointment of the period had been challenging. Yet, he expressed gratitude for the chance to play against Sporting just three days later, which helped him shift focus away from the negativity. Calafiori mentioned that while the World Cup failure might have given him more desire to succeed at the club level, he remains disappointed and sad.Arsenal's recent performance was marked by goalkeeper David Raya's heroics, who made crucial saves to secure a 1-0 win against Sporting. This victory was a significant confidence booster for the team, especially with Kai Havertz scoring the winning goal in injury time. Calafiori praised Raya, stating that his return to the lineup after being rested had engendered confidence in the defence.Looking ahead, Calafiori and Arsenal are set to face Bournemouth in the Premier League, an opportunity to extend their lead at the top of the table to 12 points before Manchester City travels to Chelsea. Calafiori emphasized the importance of every upcoming game, stating, “Every game is really important now.”