Breaking AI & Tech News Analyzed

At a Pentagon briefing, Defense Secretary Pete Hegseth asserted that Iran’s request for a temporary cease‑fire was a direct result of the United States’ intensive air campaign, which he described as having reduced Iran’s weapons factories to rubble and rendered its military ineffective for years to come. Hegseth, standing beside Joint Chiefs Chairman Dan Caine, said the final wave of strikes before President Donald Trump announced a two‑week pause had completely destroyed Iran’s defense industrial base. While Iran can still fire from existing stockpiles, it can no longer replace lost munitions, according to the secretary. President Trump posted on Truth Social that he had agreed to suspend hostilities less than two hours before his self‑imposed deadline to “decimate the entirety of Iranian civilization.” The decision followed a last‑minute diplomatic push by Pakistan’s Prime Minister Shehbaz Sharif and army chief Gen Asim Munir. Iran’s foreign minister Abbas Araghchi confirmed Tehran’s acceptance of the pause, and the country’s supreme national security council announced it would send a delegation to Islamabad for formal talks starting Friday. Both sides claimed victory: Iran’s security council said it had achieved “nearly all the objectives of the war,” while the United States highlighted the crippling of Iran’s military capabilities. The cease‑fire ends a conflict that began on 28 February, when the U.S. and Israel launched nearly 900 strikes in a 12‑hour window against Iranian military infrastructure, missile sites, and leadership. The opening day saw the death of Supreme Leader Ali Khamenei, with his son Mojtaba Khamenei named successor on 8 March. Hegseth warned that the United States had prepared additional strikes on Iran’s power plants, bridges and energy infrastructure—targets he said Iran could not defend or rebuild for decades—if Tehran had refused the pause. According to Joint Chiefs Chairman Caine, 13 U.S. service members were killed during the fighting. Total casualties across the region exceed 5,000, including over 1,600 Iranian civilians and at least 1,497 deaths in Lebanon. By the sixth day of the war, U.S. military spending had reached roughly $12.7 billion, with a pending supplemental request of $200 billion before Congress. The future of a lasting settlement remains uncertain. Trump later announced that Iran would hand over its enriched uranium and cease all enrichment activities, while Iran’s supreme national security council released a 10‑point counter‑proposal that explicitly demands the right to continue enrichment. Disagreements also persist over the cease‑fire’s scope. Israel maintains that the pause does not apply to Lebanon, where ground and air campaigns are at their most intense since Israel’s northern invasion. Both Pakistan and Iran, however, have stated that Lebanon is included in the cease‑fire. Subsequent reports indicated Iranian missile and drone attacks on Kuwait and the United Arab Emirates, as well as strikes on Iran’s oil infrastructure on Lavan Island. Iran’s supreme national security council warned that its forces remain on high alert, stating, “our hands are on the trigger, and any mistake by the enemy will be met with full force.” When asked about the long‑term U.S. presence in the region, Hegseth replied unequivocally: “We’re not going anywhere.”

British Prime Minister Keir Starmer told reporters that the United Kingdom has a "job" to assist in reopening the Strait of Hormuz after reports that the vital oil corridor was blocked again just hours after a tentative cease‑fire was announced. The leader arrived at the King Fahd airbase in Taif, Saudi Arabia, where he met with British and local staff before embarking on a broader diplomatic tour of Gulf allies. The visit mirrors his recent push to shape a cease‑fire framework for Ukraine. While officials describe the trip as complementary to the Pakistan‑mediated talks between Washington and Tehran, many Gulf observers see Starmer as a more predictable partner than a United‑States administration that has been criticised for its unpredictable stance. The cease‑fire, brokered barely an hour before a deadline set by the U.S. president, included a clause to reopen Hormuz. Starmer’s itinerary follows a UK‑led gathering of military planners that explored practical steps for achieving that goal. Iran’s state news agency, Fars, claimed that Israeli actions in Lebanon breached the cease‑fire, prompting a fresh blockage of oil tankers in the strait. Later on Wednesday, Starmer is scheduled to meet Crown Prince Mohammed bin Salman. Their agenda is expected to cover the removal of Iranian mines and the insurance of tankers that rely on the Hormuz route for global oil shipments. "There are many practicalities and moving parts involved; this cannot be switched on instantly," a UK official explained, underscoring the complexity of the task. Addressing the media at the airbase, Starmer acknowledged the temporary relief provided by the cease‑fire but warned that the situation remains in its early stages. He emphasized that the UK’s priority is a permanent solution that restores full maritime traffic. "The impact on our energy prices is evident – we have seen daily fluctuations over the past 39 days. It is our responsibility to ensure the strait remains open so that the world’s energy needs are met and UK fuel prices stabilise," he said. Starmer has previously drawn criticism from former President Donald Trump for refusing to back the initial U.S.–Israeli strike on Iran and for limiting U.S. use of British bases to defensive missions, such as targeting Iranian missile sites. When asked about the risk of the UK becoming entangled in the conflict, Starmer reiterated that Britain acts only in collective self‑defence and that his mandate is to protect British lives and national interests, which includes keeping Hormuz open. The remainder of his Gulf itinerary has not been disclosed, and it remains unclear which other regional capitals he will visit after Saudi Arabia. One government source summed up the mission: "The cease‑fire is welcome, but the decisive factor for the British public will be a fully operational Hormuz Strait, which will have the greatest impact on domestic energy costs." The source likened Starmer’s role to his earlier effort in assembling the "coalition of the willing" that pledged to back any peace settlement in Ukraine, noting that this is his first opportunity to demonstrate solidarity with Middle‑East allies.

Delta Air Lines chief executive Ed Bastian told investors that customers should expect higher airfares as oil prices climb in response to the ongoing US‑Israel conflict with Iran. The carrier has already absorbed an additional $330 million in fuel costs and anticipates a further $2 billion increase in fuel expenses for the current quarter. Despite the cost pressure, Delta forecasts a 10% rise in revenue, citing robust passenger demand that it describes as a "healthy" travel environment. Bastian noted that the surge in demand is especially strong among affluent travelers who continue to purchase premium‑class seats. Other U.S. airlines have begun raising baggage fees, attributing the move to volatile fuel markets. Bastian suggested that such fee hikes could become a permanent feature of airline pricing, adding that "at this level of fuel pricing, it’s hard to call anything temporary." Oil markets showed a brief reprieve after Iran announced the reopening of the Strait of Hormuz under a two‑week cease‑fire agreement with the United States. Brent crude fell from roughly $110 per barrel to just under $95 per barrel, yet prices remain about $20 per barrel above pre‑conflict levels. U.S. carriers have felt the ripple effects of the conflict. Since the start of the year, American Airlines shares have slipped about 25% and United Airlines about 13%. United’s CEO, Scott Kirby, warned that fares could climb as much as 20% if fuel costs stay elevated, even as airlines strive to keep demand strong. Delta’s stock, which surged 17% last year, has been flat so far in 2026, reflecting both consumer resilience and the headwinds from the conflict. The shares did gain 6% in early trading on Wednesday. To mitigate fuel consumption, Delta plans to trim capacity on lower‑load midweek and overnight routes, mirroring a similar capacity‑reduction announcement from United earlier in the month. Bastian also highlighted that Delta has benefited from a "K‑shaped" economic recovery, where wealthier consumers continue to spend on travel while lower‑income households curb discretionary spending. "Our customers at the top of the K are still investing in travel," he told CNBC, emphasizing that premium travel remains a priority for this segment.

The recent US-Iran ceasefire agreement has not led to a significant change in the situation for ships trying to pass through the Strait of Hormuz. According to shipping analysts, there will be no 'mass exodus' of ships through the strait, despite provisions for a temporary reopening of the crucial maritime channel.The ceasefire agreement 'doesn't change the situation in the sense that Iran is still in control,' said Richard Meade, the editor-in-chief at maritime data provider Lloyd's List Intelligence. 'It still requires ships to essentially seek permission, and that's the key. That means that nothing has changed – no permission, no transit.'An estimated 2,000 ships and 20,000 seafarers have been trapped in the Persian Gulf since the outbreak of war at the end of February, according to the UN, unable to pass through the strait to continue their journeys. The trapped vessels include oil and gas tankers, bulk carriers, and cargo ships as well as six tourist cruise liners.Under Iran's 10-point ceasefire plan, the country's foreign minister said safe passage through the strait would be allowed under Iranian military management. However, analysts believe that Iran will continue to control the flow of traffic, and few expect traffic to return to normal daily averages during the two-week ceasefire.The head of the UN shipping agency, the International Maritime Organization (IMO), welcomed the ceasefire and called for a safe evacuation of seafarers from the Gulf. Arsenio Dominguez, the secretary-general of the IMO, said: 'I am already working with the relevant parties to implement an appropriate mechanism to ensure the safe transit of ships through the strait of Hormuz. The priority now is to ensure an evacuation that guarantees the safety of navigation.'

The US and Iran have agreed to a two-week ceasefire, leading to a decrease in UK interest rate hike expectations. City traders now predict only one rate rise by December, taking the Bank of England's base rate back to 4%. Previously, markets had priced in two rate hikes as tensions escalated, with Donald Trump warning of severe consequences if Iran did not comply with his demands. However, with the ceasefire in place, rate expectations have fallen, and only 32 basis points of hikes are now expected for the year, down from 62 basis points the previous day. The decline in rate expectations is linked to the significant drop in oil prices, with Brent crude down 13.3% to $94.71 a barrel. This decrease in oil prices could bring relief to UK consumers, potentially leading to lower petrol prices and easing inflationary pressures. Despite the current relief, experts caution that mortgage rates may not fall quickly. The average two-year fixed-rate mortgage has risen to 5.90%, the highest since July 2024. Analysts suggest that while the ceasefire may slow or pause mortgage rate increases, it is unlikely to trigger sharp falls. Chris Beauchamp, chief market analyst at IG, notes that the ceasefire brings relief for UK consumers but emphasizes that the chances of a rate hike by the Bank of England have been reduced. He adds that the 'heady days' of sustained rate cuts are unlikely to return in the short term. Adam French, head of consumer finance at Moneyfacts, advises that while easing tensions have pushed down expectations for future interest rate rises, mortgage rates are likely to remain higher for some time yet, with lenders cautious about making sudden moves due to market volatility.

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.

Daniil Medvedev's Monte Carlo Masters campaign ended in disaster as he suffered a 6-0, 6-0 loss to Italian wildcard Matteo Berrettini. The world No 10's frustration boiled over as he smashed his racket multiple times and discarded it in a courtside dustbin.The match was over in just 49 minutes, with Medvedev failing to win a single game and committing 27 unforced errors. Berrettini's dominant performance marked his first tour-level win of 6-0, 6-0 and his first victory over a top-10 opponent since last season's Monte Carlo Masters.Berrettini praised his gameplan, saying "it was one of the best performances of my life". He added that he "missed three shots in the entire match" and credited his effective strategy and potent weapons for the win.Medvedev's outburst comes amid renewed discussion on player frustration during matches. The incident follows Coco Gauff's racket-smashing at the Australian Open, which sparked debate on player conduct and potential solutions like "rage rooms" for venting frustrations.

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.

British Prime Minister Keir Starmer embarked on a visit to the Gulf on Wednesday, following a two-week ceasefire agreement between the US and Iran. This development brings a moment of relief to the region and the world, as stated by Starmer.The ceasefire, agreed on Tuesday evening, effectively cancels a self-imposed deadline by US President Donald Trump for Iran to surrender or face widespread destruction. Starmer emphasized the need for the international community to support and sustain this ceasefire, with the goal of turning it into a lasting agreement.During his visit, Starmer will discuss diplomatic efforts to uphold the ceasefire and protect the UK and global economy, which has been impacted by the conflict. The British government aims to reopen the Strait of Hormuz, a crucial oil and gas shipping route that has been closed since US-Israel attacks began.The visit comes amid mounting pressure on Starmer to limit US access to British airbases, following Trump's warning that a 'whole civilization will die' if Tehran did not comply with his demands. Trump's comments were criticized by military observers and retired officers as 'likely war crimes'.British Foreign Secretary Yvette Cooper has been in talks with US Secretary of State Marco Rubio, urging a swift end to the conflict and giving the UK's backing to negotiations. Cooper and Rubio also discussed international efforts to open the Strait of Hormuz, including a UK-led meeting that brought together over 40 countries to pursue reopening.