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Energy prices in the United States have continued to surge, even after President Donald Trump's administration issued a 60-day waiver of the Jones Act, a maritime law that restricts foreign-flagged vessels from transporting goods between US ports.The waiver, which came into effect on March 18, was intended to alleviate pressure on energy supplies by allowing more foreign vessels to transport goods domestically. However, experts say the impact on oil prices has been negligible, with oil prices rising 4 percent on the day amid a US blockade of Iranian ports.“It is estimated that it’s going to be about 3 cents on the East Coast and it might go up on the Gulf Coast, but these changes are so small that they’re overshadowed by the spikes in oil prices, and the oil prices keep going up,” said Usha Haley, a professor of management at Wichita State University.The Containerized Freight Index, a benchmark for shipping container costs, has jumped more than 10 percent over the last month and is up more than 35 percent from this time last year. The average price of gas in the US has also increased to $4.125 per gallon, up from $3.63 at this time last month.Despite the waiver, shippers have adapted their routes, with more than 34,000 ships diverting from the Strait of Hormuz over the past month. Major vessel insurers have also cancelled war risk coverage for ships travelling through the waterway, dissuading ship owners from going through the Gulf.Experts predict that fuel prices will only normalise once traffic through the strait returns to pre-war levels. The ongoing conflict and disruptions to transit through the Strait of Hormuz have contributed to the sustained high energy prices.

The White House Council of Economic Advisers released an analysis estimating that the United States faces a shortage of roughly 10 million homes. The report argues that easing regulatory burdens could unlock a construction surge, stabilise home prices, expand home‑ownership and accelerate overall economic growth. President Donald Trump signed two executive orders in March directing federal agencies to reduce housing‑regulation costs and to facilitate mortgage lending by smaller banks. Yet, critics note that the administration has been slow to prioritize high housing costs amid falling approval ratings tied to tariffs, the US‑Israel conflict with Iran, and unmet inflation‑reduction promises. Mortgage rates have risen from just under 6 % to 6.37 % for a 30‑year loan, further inflating the cost of home purchase. Trump has publicly defended higher home prices to protect existing owners, stating, “I don’t want to drive housing prices down… I want to drive housing prices up for people that own their homes.” The housing chapter of the annual Economic Report of the President, obtained by the Associated Press, outlines a blueprint showing how increased homebuilding could benefit the middle class and the broader economy, providing a potential political narrative for the president. According to the report, if homebuilding had continued at its pre‑2008 pace, the nation would have **10 million more houses** today. The 2008 crisis, driven by risky lending and a housing bubble, still casts a long shadow. Home prices have surged **82 % since 2000**, while median incomes have risen only **12 %**, a disparity previously softened by historically low mortgage rates. The post‑COVID inflation spike and higher rates have made affordability a top concern for voters under 40. Regulatory costs—dubbed the “bureaucrat tax”—are estimated to add **over $100,000 per new home** through updated building codes, compliance fees and zoning approvals. The report projects that trimming these costs could enable the construction of **up to 13.2 million homes**, potentially delivering an **average 1.3 percentage‑point boost to annual GDP** over the next decade and supporting **two million manufacturing and construction jobs**. One administration official, speaking on condition of anonymity, suggested that federal funding to states could be tied to regulatory reductions, creating a financial incentive for local governments. The analysis also criticises the green‑energy housing standards introduced under former President Joe Biden, which mandate more efficient HVAC systems and water‑heater requirements. Citing a 2021 National Association of Home Builders study, the report claims these standards could add **up to $31,000** to a new home’s price, with a **payback period of up to 90 years** for homeowners via lower utility bills. While rolling back such standards might lower upfront costs, the report acknowledges potential long‑term utility‑bill increases for owners. Legal challenges further complicate the picture: a Texas federal judge recently sided with 15 Republican‑led states, deeming the Biden‑era standards for federally backed housing **unlawful**. Overall, the White House’s proposal positions regulatory reform as a lever to address the housing deficit, stimulate economic growth, and generate jobs, while navigating the political and environmental trade‑offs inherent in the debate.

The United States, led by President Donald Trump, has announced its intention to blockade the Strait of Hormuz, a vital chokepoint for global energy supplies, in a significant escalation of tensions with Iran. This move comes after talks between Washington and Tehran in Islamabad failed to yield an agreement.In a social media post, Trump stated that the US Navy would begin the process of blockading any and all ships attempting to enter or leave the Strait of Hormuz. The blockade, which commenced at 10am Washington, DC, time (14:00 GMT) on Monday, has sparked concerns about the status of the two-week ceasefire between the US and Iran announced last week.Analysts view Trump’s threat as a substantial escalation in the war on Iran. Chris Featherstone, a political scientist at the University of York, noted that Trump is using the blockade as a tool in negotiations with Iran, aiming to pressure the country to comply with US goals.The blockade could have far-reaching implications for global energy markets, as the Strait of Hormuz is a critical passage for 20 percent of the world’s oil and liquefied natural gas (LNG) supplies. Iran has allowed ships from certain countries to pass through the strait during the conflict, but a blockade could disrupt these supplies.Jason Chuah, professor of maritime law at City St George’s, University of London, described the US actions as “sanctions with warships doing the bidding of President Trump,” rather than a classic blockade. He raised concerns about the legality of such actions under international maritime law, noting that the US is not a party to the United Nations Convention on the Law of the Sea.The international community remains divided on the issue, with the United Kingdom stating it will not support the blockade and China urging calm. The blockade’s impact on Iranian mines in the strait and shipping operations remains uncertain, with potential consequences for global energy security and the economy.

The humanitarian situation in Sudan has reached a critical point, with millions of people struggling to access adequate food. A report by a group of nongovernmental organisations (NGOs), including Action Against Hunger, CARE International, and the Norwegian Refugee Council, highlights the dire situation.The conflict, which began in April 2023, has caused widespread hunger and displaced millions of people, creating one of the world's largest humanitarian crises. The report notes that nearly three years of conflict have systematically eroded Sudan's food system, leading to mass hunger.In the two states worst hit by the conflict – North Darfur and South Kordofan – millions of families can only access one meal a day. Often, they miss meals for entire days, and many have resorted to eating leaves and animal feed to survive.The NGOs also report that communal kitchens set up to collectively prepare and share meals are struggling to stretch the scarce food available as resources dwindle. The crisis is being compounded by a worsening economic crisis and climate change.The Sudanese government has denied the existence of famine, while the Rapid Support Forces (RSF) denies responsibility for such conditions in areas under its control. However, the UN has reported widespread atrocities and waves of ethnically charged violence.According to the 2026 Humanitarian Needs and Response Plan, 61.7 percent of Sudan's population – 28.9 million people – is facing acute food shortages. The UN-backed Integrated Food Security Phase Classification has confirmed famine conditions in several areas, including el-Fasher and Kadugli.

The Iranian military has strongly condemned the US plan to blockade its ports, calling it an act of piracy. The blockade, set to begin on Monday at 14:00 GMT, would restrict all vessels entering or departing Iranian ports. The Iranian army has warned that if its ports are threatened, no port in the Persian Gulf and Arabian Sea would be safe.The US Central Command has stated that the blockade would be enforced impartially against vessels of all nations entering or departing Iranian ports. However, the military would not impede vessels transiting the Strait of Hormuz to and from non-Iranian ports. The Strait of Hormuz is a critical route for global oil and gas shipments.Oil prices surged almost 8 percent on Monday, with both key WTI and Brent contracts topping $100 a barrel. The increase comes amid concerns over the potential impact of the blockade on global energy supplies.The move has been criticized by China, which urged Iran and the US not to reignite the war. Spain's Defence Minister Margarita Robles said the planned naval blockade 'makes no sense', while UK Prime Minister Keir Starmer stated that Britain would not join the US blockade.

In a dramatic escalation, police in Noida, a suburb of the Indian capital, deployed tear gas to quell a four-day-old protest by factory workers on Monday. The demonstration had turned violent, with protesters torching vehicles and peltng stones in parts of the satellite city.The police stated that they used "minimum force" to maintain law and order. Narendra Kashyap, a lawmaker from the northern state of Uttar Pradesh, where Noida is located, urged protesters to engage in discussions with the government regarding their demands.Senior police and administrative officials are making persistent efforts to counsel the workers and encourage them to maintain peace and restraint, according to a statement by the Gautam Budh Nagar police.The protest visuals showed dozens of protesters marching on the street, chanting slogans, while security personnel in anti-riot gear looked on. Other images depicted an overturned vehicle with flames and protesters attempting to break through barricades.Noida, one of Asia's largest planned industrial townships, houses thousands of industrial units. The rising living costs globally, exacerbated by the US-Israel conflict with Iran which has impacted fuel supplies, have added to the workers' grievances.In a similar protest in the neighboring state of Haryana last week, the government ordered a 35 percent increase in minimum wages following demonstrations near production units of several car manufacturers.Vinay Mahoti, a 30-year-old worker from Bihar employed at a hosiery company in Noida, highlighted the workers' demands, including fixed duty hours, overtime pay, and adherence to federal government guidelines by companies.

The ongoing conflict between the US and Iran has led to a sharp increase in crude prices, driving up fuel costs and placing strain on households worldwide. In the six weeks since the US and Israel launched strikes on Iran, oil prices have risen sharply, with the main international benchmark surging more than 8 percent to top $103 a barrel.However, the price of oil is more complicated than any one figure and depends on where you look. The oil trade can be broadly divided into two distinct markets: physical sales and contracts for future oil deliveries, known as futures.Since the start of the war and Iran's effective blockade of the Strait of Hormuz, prices in these markets have diverged substantially – reflecting what analysts say is a growing mismatch between perceptions of supply and the reality on the ground. Dated Brent hit an all-time high of more than $144 a barrel – about $35 above the price of Brent futures.The principal benchmark for spot prices is Dated Brent, a basket of four grades of oil produced in the North Sea and one produced in the US. It reflects the per-barrel price of oil scheduled for shipment in the next 10 to 30 days. On the other hand, Brent futures are financial derivatives that reflect the price of oil due to be loaded months or even years from now.The futures price is the price most commonly found in news reports and search engine results. However, the gap between spot and futures prices has widened well beyond what is typical since the conflict began, indicating that oil supplies are becoming increasingly scarce on the ground.Analysts say traders have been betting on a resolution to the crisis down the track, with the return of price stability depending on Iran easing its control over the strait and shipping companies gaining confidence that it is safe to transit. The global economy is still facing a daily shortfall of about 8 million barrels of oil, according to a recent estimate by market intelligence provider Kpler.

Oil prices experienced a significant surge following US President Donald Trump's announcement of a naval blockade on Iran. Brent crude, the international benchmark, rose more than 8 percent to top $103 a barrel on Sunday.The blockade, which was later clarified by US Central Command to only affect vessels traveling to and from Iran, is set to take effect on Monday at 10am Eastern Time (14:00 GMT). This move has heightened uncertainty in global financial markets, with major stock markets in Asia opening lower on Monday.The Strait of Hormuz, a critical conduit for about one-fifth of global oil and natural gas supplies, has been a focal point of tensions between the US and Iran. Despite a fragile truce between the two nations, only 17 vessels crossed the strait on Saturday, down from roughly 130 daily transits before the conflict.The blockade threat has stoked fears of supply disruptions, contributing to the rise in oil prices. This development comes after oil prices had fluctuated significantly in recent weeks, topping $119 last month before falling below $92 a barrel last week.Global markets are closely watching the situation, with US stock futures and Asian markets experiencing declines. Japan's benchmark Nikkei 225 fell 0.9 percent, while South Korea's KOSPI dropped more than 1 percent.

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.