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Shares of Close Brothers, a UK-based specialist lender, jumped 17% on Wednesday following the bank's announcement that it can easily absorb the cost of a £320m compensation bill related to the car finance scandal. The Financial Conduct Authority's (FCA) compensation scheme, finalized last week, aims to address the issue of drivers being overcharged for loans due to commission payments between lenders and car dealers.The bank expects to pay out approximately £320m in compensation, which is 'broadly similar' to previous estimates and only £26m more than the £294m already set aside. Close Brothers stated that this additional amount can be 'comfortably absorbed by existing capital resources,' ensuring the group remains well-positioned to continue its strategy.The FCA's compensation scheme estimates that victims will receive an average payout of £830. This development has provided relief to investors, especially after concerns were raised by short seller Viceroy Research, which suggested that Close Brothers might need to significantly increase its provision for car finance losses.In contrast, Close Brothers' rival, FirstRand, announced hours earlier that it would sell its UK operations, citing frustration with the FCA's compensation scheme, which it described as 'deeply flawed.' FirstRand stated it would need to raise an extra £510m to cover compensation costs, taking its total provisions to £750m, and potentially slash its earnings forecast and offload its UK business.

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.

The United States and Iran have agreed to a two-week conditional ceasefire, mediated by Pakistan, which includes the temporary reopening of the Strait of Hormuz. This development comes after a last-minute diplomatic intervention led by Pakistan's Prime Minister, Shehbaz Sharif, and a threatened US military response.US President Donald Trump had issued an ultimatum for Iran to surrender or face widespread destruction, but less than two hours before the self-imposed 8pm Eastern time deadline, he announced the ceasefire agreement. The agreement is conditional on Iran's complete, immediate, and safe opening of the Strait of Hormuz.The ceasefire process was clouded in uncertainty after Iran released two different versions of the 10-point plan intended to be the basis for negotiations. Oil prices dived, stocks surged, and the dollar was knocked back on Wednesday as a two-week Middle East ceasefire sparked a relief rally, fueled by hopes that oil and gas flows through the Strait of Hormuz could resume.Despite the provisional ceasefire, attacks continued across the region in the hours after Trump's announcement. The sudden about-face will allow Trump to step back as the US war in Iran has dragged on for five weeks with little sign that Tehran is ready to surrender or release its hold on the strait, a conduit for a fifth of the global energy supply.The agreement was welcomed by various countries, including Germany, Japan, and South Korea, who expressed hopes for a lasting ceasefire and peaceful resolution. However, some countries, such as Iraq and Australia, called for caution and noted that significant work remains to be done to secure a lasting ceasefire.

Iran has warned that Saudi Arabia and the United Arab Emirates could become new targets if the United States proceeds with attacks on Iranian civilian infrastructure, according to a statement cited by the Tasnim news agency. The warning came late on Tuesday, as U.S. President Donald Trump issued an ultimatum demanding Iran reopen the Strait of Hormuz by 00:00 GMT (3:30 a.m. Tehran time) on Wednesday, threatening to "destroy a whole civilisation" if the demand is not met. Closing the strategic waterway would further destabilise the global oil market, already rattled by the ongoing blockade of Gulf oil exports. In response, Iran’s First Vice President Mohammad Reza Aref affirmed the country’s readiness for any scenario, stating on X that national security and infrastructure sustainability have been meticulously calculated and that “no threat is beyond our preparedness and intelligence.” Meanwhile, U.S. forces intensified strikes on Iranian targets, hitting railway and road bridges, an airport, a petrochemical plant, and the Kharg Island oil export terminal. Gulf states on high alert Regional authorities have taken precautionary measures: Bahrain’s Khalifa Bin Salman Port announced a temporary suspension of operations from early April 8, and the U.S. State Department issued a shelter‑in‑place order for American citizens in Bahrain, alongside travel advisories for the Hajj pilgrimage and for Riyadh. Kuwait’s Ministry of Interior imposed a curfew from 12 a.m. to 6 a.m. (GMT 21:00–03:00) as a precaution, while the King Fahd Causeway linking Saudi Arabia and Bahrain was closed twice on Tuesday due to alerts in Saudi Arabia’s eastern region. Israel warned its citizens of a likely surge in attacks as the deadline approaches, citing the Karish and Tanin offshore gas fields as potential targets. Explosions and rocket fire were reported across the region, including near a U.S. diplomatic facility in Baghdad, in the Iraqi capital, and over Bahrain and the UAE. The UAE’s Ministry of Defence confirmed that its air defences are currently engaging missile and drone attacks from Iran, and Qatar’s Ministry of Defence reported intercepting a missile aimed at its territory. These developments underscore a rapidly escalating security environment in the Middle East, with the potential to impact global energy supplies and international trade.

US President Donald Trump has suspended a planned bombing of Iran for two weeks following mediation by Pakistan. The decision was announced on Tuesday evening, hours before the planned attack.Trump took to his social media platform Truth Social to reveal that, based on conversations with Pakistani Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, he had agreed to hold off the attack on the condition that Iran re-open the Strait of Hormuz.“Based on conversations with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, of Pakistan, and wherein they requested that I hold off the destructive force being sent tonight to Iran, and subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump wrote.The announcement came just under one and a half hours before Trump’s 8pm (00:00 GMT) deadline for the attack. Earlier in the day, Trump had posted a menacing message on social media, stating, “A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will.”Trump claimed victory against Iran, stating that Tehran had delivered a feasible ceasefire proposal. He described it as a “double sided CEASEFIRE” and mentioned that the US had “already met and exceeded all Military objectives.”Despite the temporary halt, it remains unclear to what extent Trump will pursue his military offensive, which had previously included threats to target power plants, bridges, and other civilian infrastructure.

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.

The Sharif University of Technology in Tehran was bombed on Monday, destroying and damaging multiple buildings, including an artificial intelligence centre housing critical databases. The university's website and other online services went dark.University President Masoud Tajrishi stated that the attack was intended to hinder Iran's progress in AI technology, which the university had been working on for two years. He emphasized that the enemy does not want Iran to succeed or develop, but all Iranian universities are now united in response to these attacks.The US and Israel have not provided an official reason for targeting Iran's higher education hubs or cultural heritage sites, which are considered civilian infrastructure. Over 30 universities have been affected by US and Israeli attacks since the start of the war on February 28.The attacks have prompted the Islamic Revolutionary Guard Corps (IRGC) to declare US and Israeli-affiliated universities 'legitimate targets'. In response, university heads have urged the IRGC to refrain from attacking other universities, considering them 'human and global heritage' entities.The increasing systematic targeting of civilian infrastructure has caused deep concerns among many Iranians, especially since the country was already dealing with economic woes and an energy crisis. The attacks have also sparked debate among Iranians, with some supporting US and Israeli actions in the hope of toppling the governing establishment.

The ongoing conflict between the US, Israel, and Iran has led to a significant disruption in global fuel supplies, causing a surge in energy prices. The Strait of Hormuz blockade and air strikes on key energy facilities in the Gulf have resulted in a nearly complete halt to shipping through the strait, which is a critical route for oil and liquefied natural gas (LNG) exports. Egypt's government has announced several measures to mitigate the impact of the crisis on its energy resources. These include reducing fuel allocations for government vehicles by 30 percent, cutting street lighting and advertisement lighting by 50 percent, and implementing 9pm shutdowns for shops, malls, and restaurants from March 28, except on Thursdays and Fridays. Additionally, eligible employees will work remotely on Sundays starting April 1, with some essential services exempted from this policy. The country's energy import bill has increased from $1.2bn in January to $2.5bn in March, putting pressure on Egypt's economy, which is already heavily indebted. The government has also raised fuel prices by 14-30 percent to manage demand and conserve state energy resources. Other countries are also taking steps to conserve energy. Malaysia has ordered civil servants to work from home, while Pakistan has imposed restrictions on market and shopping mall operating hours. Bangladesh has reduced working hours for government and private workers, and Sri Lanka and Slovenia have introduced fuel rationing and purchase limits to manage shortages and soaring costs.

The US-Iran conflict has taken a dire turn as President Donald Trump threatens to destroy Iran's power plants, bridges, and other vital civilian infrastructure if Tehran does not reopen the Strait of Hormuz. Analysts warn that such actions will only prolong and expand the conflict, which has already entered its sixth week.Naveed Shah, political director at Common Defense, an advocacy group led by US military veterans, cautioned that if the regional war is not brought to an end soon, “there’s no end in sight as to how far” it will spread. Shah emphasized that attacking infrastructure will not end the war faster, but rather make it go on much longer.Iran has warned of severe retaliation if its civilian infrastructure is attacked, potentially targeting energy and power facilities across the region, which could further raise oil and gas prices. Several Iranian officials have ruled out reopening the Strait of Hormuz under Trump's threats.Brian Finucane, an analyst at the International Crisis Group and former adviser at the US Department of State, stated that attacks on civilian infrastructure in Iran are unlikely to help Trump achieve his goals, namely reopening Hormuz. “It’s hard to see this lead to some quick US victory,” Finucane said.The supply pressure from closing Hormuz is being felt in the US, where petrol prices have gone up to more than $4.11 per gallon from less than $3 before the war. Finucane noted that escalating attacks against Iran and having Iran escalate attacks against its neighbors is a recipe for “even higher gas prices.”Trump has set a deadline for Iran to reopen Hormuz or face widespread destruction, threatening that the “whole civilisation will die” after the deadline passes. Qatar's Foreign Ministry spokesperson Majed al-Ansari warned that prolonging the war benefits no one and could take the conflict to a point where it cannot be controlled.Negar Mortazavi, a senior fellow at the Center for International Policy, said more threats and attacks by Trump will only lead to more resistance by Iran. “Maximum pressure has not produced surrender from Iran since the first term of President Trump,” Mortazavi told Al Jazeera.