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Oil prices jumped back above $100 a barrel and global stocks fell after weekend talks between the US and Iran ended without an agreement and Donald Trump imposed a blockade of the Strait of Hormuz. The US president announced the blockade on Sunday, targeting Iranian vessels and ships that have paid a toll to Iran for passage through the strait, in an attempt to choke off the flow of Iranian oil.US Central Command said it would start at 10am ET (5.30pm in Iran and 3pm in the UK), blocking all Iranian Gulf ports and coastal areas, in effect seizing control of maritime traffic in the Strait of Hormuz. The news drove oil and gas prices sharply higher again, after the two-week ceasefire between the US and Iran announced on Wednesday prompted a sharp fall in energy prices, and crude ended the week below the psychological $100 a barrel threshold.Brent crude rose by nearly 7% to $101.74 a barrel on Monday morning, while US crude is up more than 8% to $104.69 a barrel. Gas prices also increased, with the British wholesale gas contract for May soaring by 11.7% to 122.5p a therm. Analysts at JPMorgan Chase said last week they expected oil prices to stay high in the second quarter, above $100 a barrel, before easing in the second half of the year.Most Asian stock markets fell on Monday, with Japan’s Nikkei down 0.7% and Hong Kong’s Hang Seng index losing 1%, while Chinese stocks rose slightly. Sentiment was helped by Beijing’s announcement of a 10-initiative strategy aimed at deepening ties with Taiwan. European stocks also fell, led by airlines including Lufthansa, Wizz Air, easyJet and British Airways parent IAG. The FTSE 100 index in London lost 0.4%, dropping 45 points to 10,555. Germany’s Dax fell 1%, Italy’s FTSE MiB slipped 0.7% and Spain’s Ibex was down 1.1%. With oil and gas prices rising sharply higher, energy companies such as BP and Shell are rallying.Priyanka Sachdeva, senior market analyst at the broker Phillip Nova, said: “In today’s environment, every barrel of risk added to oil markets carries an inflation price tag for the global economy.” She added: “The market reaction underscores a simple but powerful reality: Hormuz risk is not theoretical; it is structural, and it is real.”Interest rate expectations have shifted again; investors now see an 84% chance of two rate increases from the Bank of England this year to tackle rising inflation, up from 60% on Friday. Before the Iran war, the central bank was expected to cut rates. The price of gold fell 0.4% to $4,730.75 an ounce as the blockade fuelled inflation concerns, prompting traders to scale back expectations for Federal Reserve rate cuts this year.

The ongoing US-Israel war on Iran has taken a critical turn with Donald Trump's announcement that the US Navy would start blockading the Strait of Hormuz. This strategic waterway is crucial for global oil shipments, and any disruption could have significant economic impacts. In response, Iran's Revolutionary Guard warned that approaching military vessels to the strait would be considered a violation of the ceasefire. This development has led to a surge in oil prices, with US crude oil rising 8% to $104.24 a barrel and Brent crude oil increasing 7% to $102.29. The blockade, set to begin on Monday morning, will be implemented by US Central Command (Centcom) and will affect all maritime traffic entering and exiting Iranian ports. This move is part of a broader strategy that may include resuming limited military strikes in Iran, according to reports. The situation has drawn international attention, with Australian Prime Minister Anthony Albanese stating that his government has not been asked to participate in the blockade and is keen on continuing negotiations between the US and Iran. Meanwhile, Iranian parliamentary speaker Mohammad Bagher Ghalibaf dismissed Trump's threats, asserting that they would have no effect on the Iranian nation.

Senator Bernie Sanders used a Manhattan rally on Sunday to issue a stark warning: “the worst is yet to come” for the U.S. economy unless workers confront a ruling class of billionaires. Sharing the stage with New York City mayor Zohran Mamdani, the two leaders announced the launch of Union Now, a nationwide drive to boost union density and provide resources for organizing and strikes. Sanders singled out high‑profile billionaires – Elon Musk (Tesla, SpaceX), Jeff Bezos (Amazon), and President Donald Trump – as the architects of a looming crisis. He warned that Musk’s push for robotics and AI, coupled with Bezos’s recent pledge to raise $100 billion for buying and automating manufacturing firms, threatens to replace human labor on a massive scale. “Unless we fundamentally transform our economic and political systems, the worst is yet to come,” Sanders declared, emphasizing that increasing union membership is the most effective tool to tackle income inequality. Mamdani echoed the sentiment, noting that artificial intelligence is “coming for human jobs” and that worker protections are eroding. He pledged his administration’s support for Union Now, describing the effort as essential for safeguarding workers’ rights. Data presented at the rally underscored the scale of wealth concentration: in 2025, 938 U.S. billionaires saw their net worth rise by $1.5 trillion, while Musk alone possesses more wealth than the bottom 53 % of Americans. Sanders painted the billionaire class as “extremely greedy” and likened their self‑perception to 19th‑century monarchs who believe they have a divine right to rule. He warned that their unchecked influence could leave future generations without a safety net. Highlighting a recent political victory, Sanders cited Mamdani’s mayoral win as proof that ordinary people can defeat billionaire‑backed opposition. He warned that if the current trajectory continues, “fewer people will have more wealth and power, democracy will be undermined, and workers will be left with no recourse.” Closing his speech, Sanders urged unity: “If we stand together and fight for a government that works for all of us, there is nothing we cannot accomplish.”

The US has announced plans to blockade the Strait of Hormuz, a vital waterway through which about 20% of global oil passes. This move comes after ceasefire talks with Iran ended without an agreement over the weekend. The blockade, threatened by President Donald Trump, aims to pressure Iran into reopening the strait, which has been effectively closed since February 28. Trump's announcement on social media stated that the US Navy will begin the process of blockading any and all ships trying to enter or leave the Strait of Hormuz. He accused Iran of 'WORLD EXTORTION' and threatened that any person who attacked US vessels would be 'BLOWN TO HELL!' However, the blockade's scope appears to have been scaled down, with US Central Command (Centcom) stating it would be confined to vessels transiting through Iranian ports, permitting passage of ships headed to ports belonging to America's Gulf allies. The blockade is set to come into effect at 10am ET (2pm GMT). The UK will not be involved in any blockade of the strait, and Australian Prime Minister Anthony Albanese has stated that his country was not asked to participate. Oil prices have surged following Trump's announcement, with US crude increasing 8% to $104.24 a barrel and Brent crude oil rising 7% to $102.29. Experts warn that the blockade could lead to higher oil prices, but much depends on its 'scope and implementation.' The managing director of research at ClearView Energy Partners, Kevin Book, noted that leaner volumes generally mean tighter markets and higher prices. Iranian and/or Houthi reprisals against Gulf producers' alternative routes could drive prices still higher. The blockade could cut off one of the Iranian regime's major sources of funding but might also have a short-term negative effect on global prices. About 100 tankers have transited the strait since the US and Israel started bombing Iran, most carrying Iranian oil products bound for China and India. Iran's Revolutionary Guards have stated that any warships approaching the strait to enforce a blockade would be considered in breach of the current ceasefire and would be dealt with strongly. Trump floated the possibility of a resumption of US strikes inside Iran, citing missile factories as one possible target.

The ongoing conflict in Iran has created a perilous situation where the threat of nuclear war and climate disruption have converged into a single, catastrophic crisis. This crisis will persist long after the war subsides, emphasizing the need for immediate and decisive action. For over a decade, climate change has been recognized not just as an environmental issue but as a fundamental threat to national and global security. The current situation demands that governments conduct thorough risk assessments and treat climate change with the same urgency as military threats. The war on Iran has several alarming features: Unilateral action: The US and Israel launched a large-scale war against a sovereign nation without consulting major allies, creating a diplomatically isolated conflict with no clear exit strategy. Escalation threats: There are credible threats of escalation from both sides, with Donald Trump issuing ultimatums and Iran threatening to target critical infrastructure. Catastrophic miscalculation: The conditions for miscalculation are ripe, with erratic leadership, intelligence failures, and extreme pressure on decision-makers. The conflict has significant implications: Global energy shock: The closure of the Strait of Hormuz has caused an acute global energy shock, with higher oil prices likely to accelerate inflation and economic instability. Climate impact: The war is consuming military resources and political attention, with no climate dividend, and may pressure countries to extend fossil fuel use. Australia, as a regional power and signatory to the NPT, has responsibilities to the international order. The author, Admiral Chris Barrie, calls on the Australian government to take four key steps: Conduct and release a nuclear escalation risk assessment. Use diplomatic channels to counsel restraint. Refuse any form of complicity in nuclear use. Champion de-escalation at the NPT review conference. Australia can play a crucial role in addressing these threats by acting on evidence, speaking plainly about risks, and leading rather than following events.

In a significant political shift, Hungary's opposition party Tisza, led by Peter Magyar, has emerged victorious in the parliamentary elections, defeating the ruling Fidesz party of Viktor Orban, who has led the country for 16 years.According to early results, Tisza is projected to win 52.49 percent of the vote, while Fidesz secured 38.83 percent. This outcome marks a substantial change in Hungary's political landscape.Conceding defeat, Orban stated that the situation was “understandable and clear,” and he congratulated Magyar on his success. In response, Magyar thanked Hungary for its support and confirmed Orban's congratulatory message.The international community has reacted positively to the election results. Estonia's Prime Minister Kristen Michal praised Hungarians for making a “historic choice for a free and strong Hungary in a united Europe.” European Commission President Ursula von der Leyen hailed Magyar's victory, saying, “Hungary has chosen Europe.”Similarly, France's President Emmanuel Macron, Germany's Chancellor Friedrich Merz, Lithuania's President Gitanas Nauseda, Norway's Prime Minister Jonas Gahr Store, and Poland's Prime Minister Donald Tusk have all congratulated Magyar and expressed their support for Hungary's commitment to European values.Ukraine's President Volodomyr Zelenskyy also welcomed the outcome, emphasizing the importance of cooperation and stability in Europe. He expressed readiness for meetings and joint work to benefit both nations and promote peace and security in Europe.

Reports of sexual assault allegations against U.S. Representative Eric Swalwell have sent shockwaves through the California gubernatorial race, where recent polls showed him leading a crowded Democratic field seeking to succeed Governor Gavin Newsom.During televised interviews on Sunday, several high‑profile Democratic lawmakers urged Swalwell to drop out of the race and resign from Congress after CNN and the San Francisco Chronicle published accounts from a former staffer and other women alleging misconduct.“What he did is sick and disgusting,” Congressman Ro Khanna told Fox News Sunday, calling for investigations by law‑enforcement and the U.S. House of Representatives.Swalwell has categorically denied the claims as “absolutely false” and indicated no intention to leave the gubernatorial contest. A March poll conducted by Emerson College had him ahead of both Democratic and Republican challengers by several points, underscoring the political stakes.In the wake of the allegations, powerful figures and organizations have begun revoking endorsements, and the Manhattan District Attorney’s office confirmed an active investigation on Saturday.Republican Representative Anna Paulina Luna announced she will file a motion to initiate expulsion proceedings against Swalwell, a step some Democrats say they could support.“This is not a partisan issue,” Representative Pramila Jayapal remarked, emphasizing that the matter “cuts across party lines” and reflects broader concerns about the treatment of women.Democrats have also called for the expulsion of Republican Representative Tony Gonzales of Texas, who faces separate sexual‑misconduct allegations. Both Ro Khanna and Republican Representative Byron Donalds indicated they could back a bid to eject Gonzales and Swalwell from Congress, with Donalds stating, “As far as I’m concerned, both gentlemen need to go home.”California gubernatorial candidate, US Representative Eric Swalwell, appears at a town hall meeting in Sacramento, California, on Tuesday, April 7, 2026 (Rich Pedroncelli/AP Photo)

The United States is set to implement a blockade on ships traversing the Strait of Hormuz, a vital passage for global oil exports. This move was announced by former US President Donald Trump. The Strait of Hormuz is a critical waterway, with a significant portion of the world's oil supply passing through it.The blockade could have substantial implications for global oil markets and international trade, potentially leading to increased tensions in the region. The Strait of Hormuz is a key route for oil shipments from the Middle East to the rest of the world.

FIFA has officially declined the Iranian Football Federation’s (FFIRI) appeal to relocate its 2026 World Cup games from the United States to Mexico, stating that the logistical complexities of moving the matches are prohibitive, Mexican President Claudia Sheinbaum confirmed. The request, lodged last month, was met with a firm response from the sport’s governing body: all scheduled fixtures will proceed in the United States as originally drawn, eliminating any prospect of Mexican venues hosting Iran’s team. Sheinbaum reiterated the stance at a press conference in Mexico City, emphasizing that “FIFA ultimately decided that the matches cannot be moved from their original venues,” and that attempting relocation would create untenable logistical hurdles. FIFA declined to comment to Al Jazeera regarding the confirmation of Iran’s host venues. The backdrop to this dispute is the ongoing US‑Israel war against Iran, which erupted on 28 February, killing Supreme Leader Ali Khamenei and 168 people in a girls’ school on the first day of hostilities. Tehran retaliated with missile and drone strikes on Israeli and U.S. military installations across the Middle East. A Pakistan‑mediated ceasefire halted the exchanges on Wednesday, though Israel continues operations in parts of Lebanon. Iran was among the earliest qualifiers from the Asian confederation and is placed in Group G alongside Belgium, Egypt and New Zealand. The team’s three group matches are slated for the U.S. West Coast: Los Angeles on 15 June and 21 June, and Seattle on 26 June. While Mexico, a co‑host of the tournament with the United States and Canada, initially expressed willingness to accommodate Iran’s fixtures, President Sheinbaum’s recent remarks align with FIFA President Gianni Infantino’s position. Infantino, who met Iranian players, coaches and officials in Turkey on 31 March, affirmed that “the matches will be played where they are supposed to be, according to the draw.” Infantino also dismissed speculation that Iran might boycott the tournament altogether after FFIRI President Mehdi Taj warned of a potential boycott if security could not be guaranteed in the United States. Earlier, former U.S. President Donald Trump posted on social media that Iran’s participation would be unsafe, prompting Taj to state that Iran would refuse to travel to America under those conditions. Iranian Sports Minister Ahmad Donyamali later warned that Iran’s World Cup involvement remains uncertain unless FIFA relocates the games, underscoring the political sensitivity surrounding the event. In summary, despite regional conflict, diplomatic tensions, and security concerns voiced by Iranian officials, FIFA’s decision ensures that Iran will compete in the United States as originally scheduled, preserving the tournament’s logistical integrity.