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The temporary cease‑fire in the US‑Israel‑Iran war has given Iran and China a strategic opening to challenge the US dollar’s supremacy in global finance. Both nations share a common objective: to reduce reliance on the greenback, especially in the oil sector where, according to a 2023 JP Morgan estimate, roughly 80% of transactions are settled in dollars. In a practical step toward this goal, Iran’s de‑facto toll‑booth system in the Strait of Hormuz—a chokepoint that handles about one‑fifth of the world’s oil and LNG shipments—has started accepting transit fees in Chinese yuan. Lloyd’s List reported that at least two vessels had already paid in yuan by March 25, and China’s Ministry of Commerce later acknowledged the reports on social media. Iran’s embassy in Zimbabwe even called for the introduction of a “petroyuan” to the global oil market, underscoring the political symbolism of the move. While Tehran pledged to guarantee safe passage for two weeks under a US‑brokered cease‑fire, Beijing declined to comment. Harvard economist Kenneth Rogoff told Al Jazeera that Iran’s actions serve a dual purpose: they “poke a thumb in the United States’s eye” and provide a practical alternative to dollar‑based sanctions. Rogoff added that Iran’s shift to yuan aligns with China’s broader effort to redenominate trade among BRICS nations. For both countries, the yuan offers a way to sidestep US sanctions and lower transaction costs. Their trade relationship, cemented by a 25‑year strategic partnership signed in 2021, sees China buying over 80% of Iran’s oil—often at discounted rates—while Iran imports Chinese machinery, electronics, chemicals, and industrial components. Data from Kpler and TankerTrackers indicate that, despite the conflict, Iran’s oil exports to China have remained near pre‑war levels, ranging between 12 million and 13.7 million barrels in the first two weeks of hostilities. China’s ambition to elevate the yuan is long‑standing. President Xi Jinping, in a 2024 address, expressed hope that the yuan would become a global reserve currency. Yet significant hurdles remain: the yuan is not freely convertible due to strict capital controls, and the Chinese financial system is perceived as opaque, limiting broader adoption. According to the IMF, the dollar still dominated global foreign‑exchange reserves at 57% last year, far ahead of the euro’s 20% and the yuan’s modest 2%. Cross‑border trade settled in yuan rose to 3.7% in 2024, up from under 1% in 2012, per S&P; Global—an encouraging but limited shift. Natixis chief economist Alicia Garcia‑Herrero cautioned that the Strait of Hormuz experiment adds only “incremental pressure” and that a true “de‑dollarisation” would require Gulf states, which have priced oil in dollars since the 1970s in exchange for US security guarantees. European analyst Hosuk Lee‑Makiyama highlighted that China’s ability to supply Iran with essential goods makes the yuan a viable alternative, a dynamic not possible for Europe or Japan. He described China as the closest the world has seen to a “manufacturing one‑stop shop.” Consultancy founder Dan Steinbock echoed that while the dollar’s supremacy is unlikely to crumble overnight, the gradual increase in yuan usage could “chip away” at US dominance in specific sectors over time. Rogoff concluded that the long‑term impact hinges on the war’s outcome. If Iran and China emerge stronger, many countries may diversify away from the dollar to avoid US‑imposed financial constraints. Conversely, a decisive US victory could reinforce dollar hegemony for the foreseeable future.

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.

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.

Turkey has emerged as the world’s most aggressive adopter of grid‑scale battery storage, with more than 33 GW approved since 2022, according to a new Ember analysis. That figure dwarfs the total planned and operational capacity of leading EU nations such as Germany and Italy, which together sit at roughly 12‑13 GW.The surge reflects a 2022 mandate that grants preferential grid access to renewable projects that pair generation with an equal amount of storage. Of the 221 GW of battery projects submitted, Turkey has green‑lit 33 GW—equivalent to about 83% of its current wind and solar capacity. Only Romania in the EU shows a higher storage‑to‑renewable ratio.Policy analyst Ufuk Alparslan of Ember described the move as a “massive investment signal” that could make Turkey the backbone of a new, clean regional energy hub, especially ahead of the Cop31 climate summit in Antalya this November.Cost declines have been a key catalyst: the price of solar panels and battery packs has fallen by nearly 90% over the past decade, unlocking affordable, reliable power for countries in the global south. University of Wisconsin‑Madison researcher Greg Nemet noted that this price plunge creates “a tremendous opportunity for a cheap, clean and reliable energy system.”Despite the battery boom, Turkey’s energy mix remains heavily coal‑dependent, with coal accounting for 34% of electricity generation last year. The nation generates roughly one‑fifth of its power from wind and solar—higher than any Middle Eastern or Central Asian country but still below the European average.Turkey aims to boost installed wind and solar capacity to 120 GW by 2035, up from the current 40 GW. However, the 6.5 GW added in the most recent year fell short of the 8 GW needed to stay on track, highlighting implementation challenges.Alparslan cautioned that the ambitious battery pipeline faces hurdles, including permit bottlenecks and reliance on volatile spot‑market electricity prices. Moreover, Turkey’s extensive hydropower resources lessen the immediate need for large‑scale batteries compared with many European states.Nevertheless, the country’s decisive policy stance sends a clear message: even as the global fossil‑fuel crisis intensifies—exacerbated by geopolitical tensions such as the Iran‑Hormuz conflict—Turkey is positioning itself at the forefront of the clean‑energy transition.

Who: FC Barcelona vs. Atletico MadridWhat: UEFA Champions League quarter‑final, first legWhere: Camp Nou, Barcelona, SpainWhen: Wednesday, 21:00 CET (19:00 GMT)How to follow: Live text commentary starts at 16:00 GMT on Al Jazeera Sport. The Spanish giants are set to clash again after a grueling schedule that has seen them meet five times in just two months, including three matches within a ten‑day span. Barcelona entered the encounter fresh from a dramatic 2‑1 victory over Atletico in La Liga on Saturday, a win that pushed them seven points clear at the top of the table. Robert Lewandowski netted a late winner after Marcus Rashford had equalised, while Atletico midfielder Nico González received a second yellow card just before halftime, leaving the visitors with ten men. With the league title largely secured, Diego Simeone opted to rotate his squad for Wednesday’s match, focusing his energy on the European tie. Barcelona coach Hansi Flick echoed the sentiment, noting that players typically give “5‑10 % more” in Champions League fixtures. Both managers highlighted the importance of the upcoming game. Flick described the fixture as “very difficult” and urged his side to take it “step by step, match by match.” Midfielder Dani Olmo called the tie “all or nothing,” stressing the need to avoid a repeat of their recent Copa del Rey disappointment. Simeone praised Barcelona as “the best attacking team in Europe,” while Atletico forward Ademola Lookman warned that the clash would be “special” and demanded thorough preparation. How the clubs reached the quarter‑finals Barcelona earned their spot with a commanding 7‑2 aggregate win over Newcastle United, highlighted by a fourth‑minute strike from Raphinha and a second‑half surge that saw Lewandowski score a brace. Atletico advanced after a 7‑5 aggregate triumph over Tottenham Hotspur, despite a 3‑2 loss in the second leg. Their early dominance in the first leg, a 5‑2 home win, set the foundation for progression. Head‑to‑head snapshot Across 250 meetings, Barcelona have claimed 115 victories, Atletico 78, with 57 draws. The most recent ten encounters feature a mix of league and cup results, the latest being Barcelona’s 2‑1 La Liga win on Saturday. Team news and predicted line‑ups Barcelona injuries: Raphinha, Marc Bernal, Frenkie de Jong and Andreas Christensen are sidelined. Ronald Araujo is expected to start after missing the weekend match. Predicted XI: Joan Garcia; Koundé, Cubarsi, Martín, Cancelo; Eric Garcia, Pedri; Yamal, Fermin, Rashford; Lewandowski. Atletico injuries: Pablo Barrios out with a thigh problem; José Giménez and Johnny Cardoso are doubtful. Jan Oblak, Marc Pubil and Rodrigo Mendoza have returned to training and could feature. Predicted XI: Jan Oblak; Llorente, Le Normand, Hancko, Ruggeri; Koke, Baena; Simeone, Griezmann, Lookman; Álvarez. The stage is set for a high‑stakes European duel, with both sides eager to translate domestic form into continental success.

The UK Home Office has refused rapper Kanye West’s request to travel to Britain, stating that his presence would not be "conducive to the public good" after a wave of criticism over his anti‑Semitic comments and open admiration for Adolf Hitler.West, now performing under the name Ye, submitted a visa application on Monday for a headline slot at London’s Wireless Festival in July. The Home Office issued a denial on Tuesday, effectively barring him from entry.In response, the festival’s organisers announced the cancellation of the entire event and pledged to refund all ticket holders, underscoring the pressure from sponsors and politicians to distance the show from the controversial artist.Amid the controversy, West publicly offered to meet members of the British Jewish community, saying he wanted to demonstrate “unity, peace and love through music” and that “words aren’t enough – I’ll have to show change through my actions.”The backlash intensified after West released a track titled “Heil Hitler” and marketed a swastika‑bearing T‑shirt on his website, actions that have drawn widespread condemnation for glorifying Nazism.West has performed in the United States and Mexico City this year, but was barred from Australia in July 2023 for similar reasons. He later placed a full‑page apology in the Wall Street Journal, attributing his behavior to an untreated bipolar disorder.British government minister Wes Streeting dismissed the bipolar‑disorder explanation as “appalling,” while Prime Minister Keir Starmer called the decision to book West “deeply concerning” given his prior anti‑Semitic remarks and celebration of Nazism.The Campaign Against Antisemitism welcomed the Home Office’s move, stating that it “backed up its words with action” and affirmed that antisemitism has no place in the UK.West’s European tour continues to face resistance; the mayor of Marseille, France, publicly declared the rapper “not welcome” for a scheduled June concert.

Bayern Munich took a slender lead into the second leg of their Champions League quarterfinal against Real Madrid after a thrilling 2-1 win at the Bernabeu. Harry Kane and Luis Diaz scored the goals for the German champions, while Kylian Mbappe netted a late consolation for Real Madrid.The match lived up to its billing as a European classic, with both teams creating numerous chances. Bayern dominated the first half, with Konrad Laimer's rasping effort narrowly missing the target. The German champions should have taken the lead through Dayot Upamecano, but he fluffed his lines from point-blank range.Bayern's opening goal came through slick combination play, with Gnabry exchanging a one-two with Kane and pushing the ball in behind for Diaz to stroke home past Andriy Lunin in the 41st minute. Kane doubled Bayern's lead less than a minute into the second half, fizzing a curling effort into the bottom corner.Mbappe kept Real Madrid in the tie with a 74th-minute goal, smashing home off the crossbar after a low cross from Trent Alexander-Arnold. Despite the late goal, Bayern take a narrow lead into the second leg.Harry Kane told TNT Sports that he was delighted with the victory, saying: 'We played some really good stuff today, for sure. Some areas we could have done better as well, maybe the final ball and the final finish, we had some good chances there.'Real Madrid defender Antonio Rudiger lamented his side's defensive errors, saying: 'We came out after half-time and screwed up again; both goals we conceded were gifts.'

U.S. Vice President JD Vance touched down in Budapest on Tuesday for a two‑day series of bilateral meetings, a move the White House billed as a show of support for Prime Minister Viktor Orban ahead of Hungary’s April 12 parliamentary election. Orban’s Fidesz Party faces its toughest test in more than a decade, with recent polls indicating the opposition enjoys an 8‑12 percentage‑point advantage, and some surveys showing a lead as high as 20 points. Princeton sociologist Kim Lane Scheppele warned that Vance’s visit, while symbolically important, is unlikely to significantly alter the electoral math. “One visit by a relatively low‑profile American vice president is not going to change that,” she said. Nevertheless, the trip underscores the close ties between the Trump administration and Orban. Former President Donald Trump endorsed Orban in February, and Secretary of State Marco Rubio visited Hungary that same month, signaling U.S. backing for the right‑wing leader. Orban’s 16‑year rule has been marked by the erosion of judicial independence and media freedom, reforms that critics argue tilt the electoral system in Fidesz’s favour. Yet the opposition, led by 45‑year‑old former Fidesz insider Peter Magyar of the Tisza Party, is rallying around anti‑corruption and economic grievances. Magyar’s campaign promises a more constructive relationship with the European Union, hoping to restore billions of euros in funding suspended in 2022 over democratic backsliding. He positions himself as centre‑right, sharing many of Orban’s policy stances but rejecting the incumbent’s alleged corruption. “Magyar is centre‑right; he’s basically a believer in much of what Orban has done, minus the corruption,” Scheppele noted, adding that his eurosceptic leanings could still facilitate the return of EU money. The Hungarian‑U.S. connection extends beyond politics to financial incentives. Scheppele highlighted that Trump has hinted—though not formally promised—a fiscal safety net for Orban if he wins, reminiscent of U.S. aid pledges made to right‑wing allies in Argentina’s 2025 elections. “If Vance makes that kind of announcement, it could be a real game‑changer,” she warned, suggesting that a concrete U.S. financial commitment could bolster Orban’s standing in the final days of the campaign. Orban’s appeal to the U.S. far right has been evident since Hungary hosted the Conservative Political Action Conference (CPAC) in 2024, where Trump lauded him as a defender of “Western civilisation.” The personal rapport between Orban’s political director and Vance—evident in a 2024 photo captioned ‘A Trump‑Vance administration sounds just right’—further cements this transatlantic alliance. As the election approaches, the key question remains whether symbolic diplomatic support or a tangible financial pledge will prove decisive in a race where domestic issues—corruption, social services, and economic stagnation— dominate voter concerns.

Donald Trump's open threats to commit war crimes in Iran have raised concerns about his impunity. The US Supreme Court's recent ruling in Trump v United States has given him reason to believe he can act with impunity within the US. However, there are international options for prosecution that lie beyond the court's lawless license.Trump's plan to bomb Iran and destroy civilian infrastructure, such as desalination plants, electrical-generating facilities, and bridges, would violate international humanitarian law's rule of proportionality. The destruction of civilian infrastructure would have a disproportionate impact on civilians, and therefore, it is not justified.The International Criminal Court (ICC) has charged Russian military commanders with war crimes for attacking electrical infrastructure in Ukraine. Similarly, Trump's actions could be prosecuted as war crimes. However, the ICC has no jurisdiction over crimes committed on Iranian territory since Iran is not a member of the ICC.There are alternative routes for prosecution. The Iranian government could join the ICC and grant it retroactive jurisdiction, similar to what Ukraine did to allow prosecution of Russian war crimes. Additionally, under the concept of universal jurisdiction, governments can use their national courts to prosecute certain crimes even if committed by non-nationals abroad.A group of countries, such as the European Union, NATO, or the G7, could establish an international tribunal to address crimes committed in Iran, including war crimes and aggression. This would allow Trump to be prosecuted as soon as the tribunal is established, without waiting for him to leave office.