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In a stark address delivered as the cease‑fire in the Iran conflict teetered, IMF Managing Director Kristalina Georgieva warned that the war will leave a permanent scar on the global economy, slowing growth beyond the IMF’s original projections for 2026. Georgieva noted that, had the hostilities not erupted six weeks ago, the Fund would have been poised to raise its 2026 growth outlook. Instead, even the most optimistic scenario now entails a downgrade, and a swift return to pre‑war conditions appears unlikely. The uncertainty surrounding the cease‑fire—exacerbated by divergent positions of Washington and Tehran—has already pushed oil prices higher, reflecting fears of continued disruptions to shipments through the Strait of Hormuz, a vital conduit for world energy supplies. According to the IMF’s upcoming World Economic Outlook, the conflict’s “scarring effects” will translate into lower living standards worldwide. The Fund had previously forecast global growth of 3.1% in 2026, a modest slowdown from 3.2% in 2025, buoyed by a tech‑driven investment surge. Georgieva emphasized that the war arrived when the economy was riding “considerable momentum” from technology investment and supportive financial markets. She outlined the mechanisms of damage: damaged infrastructure, supply‑chain interruptions, eroded confidence, and prolonged uncertainty over oil and gas production in the region. These factors will depress growth regardless of whether a peace agreement is ultimately reached. Georgieva highlighted that the most vulnerable will be net oil‑importing nations, poorer economies and small island states, which stand to feel the brunt of higher energy costs and reduced trade flows. She urged governments to avoid unilateral measures such as export bans or price controls, warning that such actions could "pour gasoline on the fire" and further destabilise markets. With many countries already carrying elevated debt levels and higher borrowing costs, the IMF chief called for targeted, temporary assistance to protect the most at‑risk households. She cautioned against broad tax cuts or blanket energy subsidies, which could stoke inflation and strain fragile public finances. Central banks, she added, should keep policy rates steady while remaining ready to act against inflationary pressures. Bank of England Governor Andrew Bailey, who also chairs the Financial Stability Board, echoed the IMF’s concerns, describing the conflict as a "very big shock" that has heightened market volatility. He stressed that the situation remains fluid and that policymakers must stay vigilant. Overall, the IMF’s message is clear: the Iran war will reshape the global growth trajectory for the foreseeable future, and coordinated, prudent policy responses are essential to mitigate its lasting impact.

The son of a British couple detained in Tehran on espionage charges has called on Keir Starmer to prioritize their case in the “very opportune moment” of a ceasefire in the Iran conflict.Lindsay and Craig Foreman, from East Sussex, were arrested while on a five-day trip across Iran in January last year and have been held in Evin prison for 15 months.As Starmer visits the Gulf to discuss efforts to uphold the ceasefire, the couple’s family have called on the prime minister and the foreign secretary, Yvette Cooper, to raise the case in all diplomatic discussions.Lindsay’s son, Joe Bennett, said: “If peace is genuinely part of the agenda, then that has to include the release of innocent people. I don’t see how it can be peaceful and that’s the case.”The 31-year-old said it was a “very opportune moment” for the prime minister, and the government should “take courage” from the release this week of two French citizens. Cécile Kohler and Jacques Paris had been detained in Iran for almost four years on espionage charges and were also held in Evin prison before they were released but barred from leaving Tehran.“Macron was incredibly vocal, he was championing above all else, and I think that’s where we can take some courage and have a look at how do we apply that kind of pressure in the right way,” said Bennett. “There’s a genuine opportunity for resolution here.”The UK government has faced claims that it is in denial about the extent of hostage-taking by foreign states and has failed to fulfil its promise to appoint a special envoy to combat the issue.Bennett has been campaigning for the couple’s release with significant cross-party parliamentary support. Despite several meetings with the foreign secretary, and a hearing into their case held by the all-party parliamentary group on arbitrary detention and hostage affairs, he said there had been no visible progress in 15 months.On Thursday morning, Bennett spoke with his mother in Evin prison. The past 48 hours had been tumultuous, he said, after a supposed ceasefire was agreed on Tuesday, little more than an hour before a self-imposed deadline by Donald Trump, who had threatened Iran’s “whole civilisation” would die if it did not meet his demands.The comments made Bennett feel “pure fear” until news of the two-week ceasefire was announced. The potential for peace talks had given the couple some hope that “they’ll be fought for” by the UK government, he said.“Yvette Cooper called it unjustifiable and that she would be fighting relentlessly to get them home. I need to see signs of that,” said Bennett.Despite a UN legal submission, significant cross-party parliamentary support, and several meetings with the foreign secretary and a hearing into their case by UK parliamentarians from the APPG on arbitrary detention and hostage affairs, he said there has been no visible progress to date towards securing their release.A Foreign Office spokesperson said: “The UK government continues work to safely return Craig and Lindsay to the UK.”

A 47‑year‑old woman who had endured three life‑threatening autoimmune diseases for more than a decade is now living a near‑normal life after an experimental CAR‑T cell therapy reset her immune system at University Hospital Erlangen in Germany.Before the procedure she had exhausted nine different treatments with no lasting benefit, relying on daily blood transfusions and continuous anticoagulation to manage her illnesses.Within weeks of the infusion, doctors observed rapid improvement in all three conditions—a world‑first outcome. She has remained in treatment‑free remission for 14 months and has largely returned to everyday activities.Prof Fabian Müller, who led the team, called the speed and depth of the response “remarkable” and said the therapy “significantly improved her quality of life.” He emphasized that clinical trials are required to determine how durable the effect is and whether it can help other autoimmune patients.The patient suffered from three distinct disorders: autoimmune haemolytic anaemia (AIHA), where rogue immune cells destroy red blood cells; immune thrombocytopenia (ITP), which depletes platelets and raises bleeding risk; and antiphospholipid syndrome (APS), which promotes dangerous blood clots. All three stem from malfunctioning B‑cells.With no conventional options left, doctors turned to CAR‑T therapy, a technique that has revolutionised treatment for certain cancers. They harvested her white‑blood cells, isolated the T‑cells, engineered them to recognise the CD19 protein on B‑cells, and reinfused the modified cells.The engineered T‑cells swiftly eliminated the pathogenic B‑cells. She received her last blood transfusion a week after treatment and was able to perform routine tasks within two weeks. Follow‑up tests showed a reconstituted, healthy B‑cell population, suggesting an immune reset. The findings were published in the journal Med.She still exhibits a mildly low white‑cell count and slightly elevated liver enzymes, which researchers attribute to the cumulative impact of prior therapies rather than the CAR‑T product.Rheumatology expert Prof Ben Parker of Manchester University NHS Foundation Trust described the case as encouraging, noting that “the prolonged response off normal therapy suggests there has been an immune reset.” However, he warned that case reports alone cannot confirm efficacy and highlighted ongoing trials for lupus, myositis, multiple sclerosis, systemic sclerosis, vasculitis, and other autoimmune conditions.

Oil tanker workers stuck in the Gulf for six weeks are reaching their limit, with mental health concerns escalating due to the prolonged standoff. A crew member, who spoke to the Guardian, revealed that the situation is becoming increasingly unbearable.The worker, one of 20,000 seafarers trapped by Iran's chokehold on the Strait of Hormuz, expressed frustration and despair, stating that any hope of being freed had evaporated. The crew member's tanker is anchored near dozens of loaded tankers, with many feeling unwilling and unable to traverse the strait, even if a ceasefire allowed them to do so.90% of the crew on the tanker want to exercise their right to refuse to sail, citing safety concerns. The situation has taken a toll on the crew's mental health, with one member suffering a 'mental breakdown' and being checked on regularly by colleagues.The International Transport Workers' Federation (ITF) has received about 1,000 inquiries from seafarers on 300 different vessels, with 20% seeking repatriation. The union and other organizations are trying to provide support, but the situation remains dire.The shipping companies are expected to find new crew members willing to work in hazardous areas, offering double pay and promotions. However, the workers stuck on the tankers hope that their vessel will be taken to anchorage to allow new crew to take their places.The situation has reignited calls for shipowners to replace their crews with mariners willing to offer relief, highlighting the human cost of the conflict.

Bayern Munich shattered a quarter‑century‑old barrier at the Santiago Bernabéu, securing a 2‑1 victory over Real Madrid – their first win in Madrid since May 2001. Manager Vincent Kompany praised goalkeeper Manuel Neuer for nine crucial saves, noting that such performances are essential for any trophy chase. Harry Kane’s clinical finish and the dazzling wing play of Luis Díaz and Michael Olise evoked memories of the club’s modern legends, though Kompany admitted the team may regret not extending their lead. In Lisbon, Arsenal delivered a stark contrast to the Madrid showdown, clinching a dramatic injury‑time win through Kai Havertz. The German, once sidelined by injury, once again proved his big‑game temperament – a trait he displayed in Chelsea’s 2021 Champions League final. Arsenal’s renewed confidence was also bolstered by the return of David Raya, whose early save against Sporting’s Maximiliano Araújo underscored his impact, prompting Havertz to hail him as “the best keeper in the world” over the past two seasons. Atlético Madrid ended a 20‑year wait for a victory at Barcelona’s Camp Nou, winning 2‑0 after a red card reduced the hosts to ten men. The dismissal of Pau Cubarsí for a last‑man foul on Giuliano Simeone set the tone, with Julián Alvarez converting the ensuing free‑kick. Alexander Sørloth’s goal – his first in a month – completed the triumph, while veteran Antoine Griezmann reflected on the emotional significance of the win before his impending MLS move. Among individual stand‑outs, Khvicha Kvaratskhelia earned “Player of the Week” honors after his solo strike helped Paris Saint‑Germain defeat Liverpool, reinforcing his role in PSG’s European success since joining in January. Quotes from the night highlighted the human side of the competition: Arsenal defender Riccardo Calafiori spoke of playing through disappointment after Italy’s World Cup miss, while former England captains Stuart Pearce and Steven Gerrard lauded Mohamed Salah for his professionalism despite limited minutes. Looking ahead, Liverpool captain Virgil van Dijk urged supporters to rally after a 16th‑place league defeat, and Bayern’s emerging talent Lennart Karl hinted at future involvement despite missing the Madrid fixture.

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.

NATO Secretary General Mark Rutte revealed that Donald Trump was 'clearly disappointed' that US allies refused to join the war against Iran during a closed-door meeting in Washington. This comes as the alliance faces scrutiny over its response to the conflict.Rutte described the meeting with Trump as 'very frank, very open' between 'two good friends,' but declined to directly address whether Trump raised his threat to withdraw from NATO over the Iran war.The meeting occurred against the backdrop of a fragile two-week ceasefire deal between the US and Iran, which includes reopening the Strait of Hormuz. This agreement was reached after Trump threatened to target Iran's civilian infrastructure if Tehran didn't allow safe passage through the strait.Trump has been critical of NATO, calling it a 'paper tiger' and suggesting the US may consider leaving after NATO member countries ignored his call for military assistance to help reopen the critical waterway. Global oil prices have soared due to the closure of the Strait of Hormuz.In a post on Truth Social, Trump wrote: 'NATO WASN'T THERE WHEN WE NEEDED THEM, AND THEY WON'T BE THERE IF WE NEED THEM AGAIN.' Trump's frustrations with the alliance 'began' with their opposition to his desired takeover of Greenland.Despite these tensions, Republican senator Mitch McConnell issued a statement in support of the alliance, urging Trump to be 'clear and consistent' and emphasizing that it's not in America's interest to 'spend more time nursing grudges with allies who share our interests than deterring adversaries who threaten us.'Congress passed a law in 2023 that prevents any US president from pulling out of NATO without its approval, championed by Trump's current secretary of state, Marco Rubio.

Pakistan's diplomatic efforts culminated in a two-week ceasefire between the US and Iran, agreed upon just hours before US President Donald Trump's deadline to destroy Iran's 'civilisation'. The ceasefire was announced by Trump on his social media platform, Truth Social, and confirmed by Iranian Foreign Minister Abbas Araghchi.The breakthrough was facilitated by Pakistani Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, who engaged in extensive diplomacy with both sides. Sharif publicly announced the ceasefire, inviting both delegations to Islamabad for further negotiations. The talks are expected to begin on Friday, potentially involving a US delegation led by Vice President JD Vance.The conflict, which began on February 28, had killed over 2,000 people in Iran and disrupted roughly a fifth of the world's oil supplies. Pakistan's role as a mediator was seen as a significant diplomatic achievement, with both Washington and Tehran acknowledging its efforts.The ceasefire is not a peace deal, and key differences remain unresolved, including Iran's uranium enrichment and the Strait of Hormuz. However, analysts view Pakistan's role as a major shift in its diplomatic efforts, positioning itself at the centre of a significant diplomatic initiative.

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.