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Oil prices have climbed higher amid fading hopes of deescalation in the Iran war following Tehran’s denial that talks with the United States are under way.Futures for Brent crude, the international benchmark, rose nearly 2 percent on Thursday to top $104 per barrel after Tehran dismissed reports of direct negotiations with US President Donald Trump’s administration.The rise comes after oil prices eased on Wednesday following reports that Trump had shared a 15-point plan for ending the war with Iran.Iranian Foreign Minister Abbas Araghchi said in an interview with state media aired on Wednesday that Tehran was not engaged in direct talks with Washington and has “no intention of negotiating for now”.White House Press Secretary Karoline Leavitt warned on Wednesday that Iran would be “hit harder” than ever before if Tehran did not accept military defeat.Iran’s effective closure of the Strait of Hormuz, a conduit for one-fifth of global oil supplies, and its attacks on energy facilities across the Middle East have prompted a surge in energy prices worldwide.Oil prices are up more than 40 percent compared with before the US and Israel launched strikes on Iran on February 28, prompting numerous countries to implement fuel rationing and other energy conservation measures.Market-watchers say prices are likely to rise further until shipping is free to traverse the strait, despite efforts by countries to bolster supply by tapping emergency stockpiles in coordination with the International Energy Agency.While Tehran has repeatedly claimed that the strait is open to ships that are not aligned with its enemies, daily transits have all but collapsed since the start of the conflict.Four vessels were tracked transiting the waterway via their automatic identification systems on Tuesday, down from an average of 120 daily transits before the conflict, according to maritime intelligence firm Windward.

The recent escalation of conflict in the Middle East has sent shockwaves across South Asia, affecting millions of families who depend on remittances from their loved ones working in the Gulf nations. The war between the US and Israel on Iran has resulted in a significant increase in tensions, with Iranian attacks on Gulf neighbours causing widespread fear and uncertainty.For Jaya Khuntia, a father from India's Odisha state, the conflict has brought unimaginable tragedy. His 25-year-old son, Kuna, a pipe fitter in Qatar's capital Doha, died of a heart attack after hearing the sound of missiles and debris from interceptions falling near their residence. Kuna's death has left the family in debt and despair, with their hopes of paying off a 300,000-rupee ($3200) loan for the marriages of their two daughters shattered.Migrant workers from South Asia, totaling nearly 21 million people in the Gulf nations, are often engaged in blue-collar work, building or supporting the industries and services that drive the Gulf's success and prosperity. However, they are also among the most vulnerable, with many working in areas targeted by Iranian attacks, such as oil refineries, construction areas, airports, and docks.The suspension of work at many of these facilities, coupled with fears of a major economic downturn in the region, has left many workers and their families worried about the future of their jobs. Experts warn that remittances from the Middle East, a crucial economic backbone for South Asian nations, could be significantly affected, especially if Gulf economies contract and layoffs follow.For Hamza, a Pakistani migrant laborer working at an oil storage facility in the UAE, the conflict has brought a sense of fear and uncertainty. He witnessed a drone attack on a storage unit and was shaken by the experience. Despite the dangers, he said leaving is not an option, as his family depends on him.Imran Khan, a faculty member at the New Delhi Institute of Management, said migrant laborers from South Asia are often driven by desperation to take up jobs in the Middle East. He warned that these workers are the worst affected during crises, whether war or natural disasters.As the conflict continues, many South Asian workers are planning to return home. Noor, a migrant worker from Bangladesh employed at an oil facility in Saudi Arabia, said he no longer feels safe and plans to return home once his contract ends. His family, too, is deeply affected, with his children crying every time they call him, scared for his life.

Renowned Formula One journalist Giles Richards was ejected from a Max Verstappen press conference at the Japanese Grand Prix, a rare occurrence in the sport. The incident stemmed from a question Richards asked Verstappen at the end of last season regarding an incident involving Verstappen and George Russell at the Spanish Grand Prix.Verstappen had collided with Russell's car during the Spanish Grand Prix, resulting in a 10-second penalty that dropped him from fifth to 10th place and cost him nine points. When Richards asked Verstappen about the incident during the season finale in Abu Dhabi, Verstappen took umbrage, suggesting Richards was biased and only focused on negative aspects of his performance.Richards recounts that when he encountered Verstappen at the Japanese Grand Prix, the Dutch driver refused to speak until Richards left the press conference. Despite attempts to clarify the situation, Verstappen remained resolute, telling Richards to 'get out'.The incident has sparked a heated debate about driver-journalist interactions in Formula One, with many colleagues expressing shock and concern for Richards' wellbeing. While Richards admits to feeling uncomfortable about being the story, he emphasizes the importance of asking difficult questions in his line of work.Richards has covered Formula One for over a decade and has interviewed Verstappen on multiple occasions, describing their interactions as generally friendly and good-humored. He hopes that he and Verstappen can have a better relationship in the future.

Italy's national football team secured a crucial win over Northern Ireland, 2-0, to advance to the World Cup playoff final. The match, held at the Stadio di Bergamo, saw Sandro Tonali and Moise Kean score the decisive goals.The Italian team, under coach Gennaro Gattuso, dominated possession but struggled to create clear chances in the first half. However, the team's performance improved significantly after halftime, with Tonali's terrific low drive from 18 yards giving them the lead.Northern Ireland's hopes were dashed when Moise Kean scored Italy's second goal, cutting inside Ruairi McConville and shooting into the net via a post. This sealed the win for Italy and sent them through to the playoff final.The victory marked a significant step for Italy, who are seeking to return to the World Cup for the first time since 2014. Coach Gattuso emphasized the importance of the win, stating, 'We have to win, we have no other choice.'Northern Ireland's manager, Michael O'Neill, expressed pride in his young team's performance, noting, 'The average age of that team was 22, which is incredibly positive.' Despite the loss, O'Neill remains optimistic about the team's future, particularly with Euro 2028 in sight.

The Republic of Ireland's hopes of reaching the 2026 World Cup were cruelly extinguished in Prague as they suffered a penalty shootout defeat to the Czech Republic. Despite leading 2-0 and 3-2 in the shootout, Heimir Hallgrímsson's team failed to capitalize on their advantages and ultimately fell to a Ladislav Krejci equalizer in the 86th minute, forcing a shootout.Ireland had started brightly, with Troy Parrott scoring a penalty and an own goal by Czech goalkeeper Matej Kovar doubling their lead. However, a needless penalty conceded by Ryan Manning allowed the Czechs back into the contest. The Czech Republic, led by captain Ladislav Krejci, equalized in the 86th minute, sending the match into extra time and eventually a shootout.In the shootout, Caoimhín Kelleher made a crucial save but Finn Azaz and Alan Browne failed to convert their spot kicks, allowing the Czech Republic to advance. Jan Kliment converted the fifth and final spot-kick to send the Czech Republic into a home final against Denmark on Tuesday.The Republic of Ireland have now lost five of their last six World Cup playoff fixtures, and the pain of this latest defeat will be heightened by the realization that it was largely unnecessary. As Heimir Hallgrímsson said, 'Just pain, we all feel pain. When you go this far it's a flip of a coin. Just pain we feel being that close.'

Wales' dreams of qualifying for the 2026 World Cup were cruelly extinguished in a penalty shootout against Bosnia and Herzegovina, with the visitors prevailing on spot-kicks after a 1-1 draw in an electrifying encounter at the Cardiff City Stadium.The match saw Wales dominate possession and create numerous chances, with Daniel James scoring a stunning goal seven minutes into the second half. However, Edin Dzeko's header in the 65th minute forced the game into extra time, where neither team could find a winner.The game ultimately went to penalties, where Bosnia and Herzegovina goalkeeper Nikola Vasilj made a crucial save from Neco Williams to seal the win. The result marks a devastating blow to Wales' World Cup aspirations and a significant upset given their strong performance throughout the match.Daniel James's goal had given Wales a 1-0 lead, but Dzeko's equalizer ensured Bosnia and Herzegovina stayed in the game. The visitors' resilience and determination ultimately paid off as they secured a spot in the next round of the playoffs.

The UK government has announced a significant intervention in the country's industrial sector, investing £100m to reopen a carbon dioxide plant on Teesside. The Ensus plant, which was mothballed in September, will restart operations for an initial three-month period, with hopes that it could then remain open indefinitely.The decision to reopen the plant comes amid concerns that the war in Iran could trigger shortages of CO2, a gas that has various uses ranging from carbonating drinks and keeping food fresh to medical procedures and the sedating of animals for slaughter. The plant's reopening is expected to bolster production of CO2 and help ensure the resilience of supply chains.The Business Secretary, Peter Kyle, approved the reopening of the plant, stating that the government would 'always do what's needed to ensure resilience and protect British businesses from the worst impacts of global uncertainty.' The move is part of wider government efforts to ensure the UK maintains access to critical industrial resources during global supply shocks.The UK's food and drink industry faced a CO2 crisis in 2021, after the easing of pandemic restrictions sent the price of wholesale gas soaring, pushing up the manufacturing costs of fertiliser production, which also produces the gas as a byproduct. The crisis resulted in the government providing a temporary bailout to the American company CF Fertilisers to help restart CO2 production at its Teesside factory.The Ensus plant has had operations on Teesside since 2010, using distillation and fermentation to convert wheat into bioethanol. CO2 is a byproduct of this process, as well as high-protein animal feed. The company, which is headquartered in Middlesbrough, employs about 100 people.

Mircea Lucescu, Romania's 80-year-old football manager, is defying his physical limitations to pursue his country's World Cup aspirations. Lucescu has been hospitalized three times since December but remains resolute in his mission to lead Romania to their first World Cup in 28 years. Lucescu's determination is rooted in his passion for football and his sense of duty to Romanian football. He believes that his team has a chance to qualify for the World Cup and is focused on preparing them for the playoff semi-final against Turkey. Despite his advanced age and health issues, Lucescu's energy and love for the game have not diminished. He has a long and illustrious career in football, having played for Romania at the 1970 World Cup and later managed the national team to several successful campaigns. Lucescu's approach to coaching emphasizes the importance of mental preparation and motivation. He believes that his players must be strongly motivated and able to control their emotions in order to succeed. The buildup to the Turkey game has not been easy for Lucescu, with injuries to key players Ionut Radu and Marius Marin. However, he remains focused on the task at hand and is determined to lead his team to victory. Lucescu's legacy in football is undeniable, with over 30 trophies won throughout his career. His second stint as Romania manager began shortly after the 2024 European Championship, and he is eager to make a lasting impact on the team. As Lucescu prepares for the playoff semi-final, he is also mindful of the broader context of Ukrainian football, having left a legacy in the country after 12 years at Shakhtar Donetsk and three with Dynamo Kyiv. He keeps in touch with his former players and friends in Ukraine, who are facing a difficult situation due to the ongoing conflict. Lucescu's ultimate goal is to help Romania qualify for the World Cup, not for personal glory but for the benefit of Romanian football. He hopes that his players will treat this game as a moment to mark a before and after, defining a generation and achieving an extraordinary feat for Romania.

Global markets experienced a significant shift as stock markets in Asia and Europe rose following reports that US President Donald Trump had sent a 15-point framework for peace to Iran. This development sparked hopes of a ceasefire in the Middle East, influencing market sentiment. The price of oil, which had fallen by 4% in early trading to below $100 (£75) per barrel of Brent crude, later recovered to approximately $100. This fluctuation was driven by the prospect of an end to the conflict easing the squeeze on oil supply. The straits of Hormuz, a vital shipping lane through which 20% of global oil supplies transit, had been effectively closed by Iran, causing a significant disruption to oil and gas shipments. Iran's announcement that it would permit “non-hostile” ships to pass safely through the strait of Hormuz helped to reopen this crucial waterway. This move, combined with the potential peace plan, contributed to the positive market sentiment. Stock markets in Asia saw notable gains, with Japan’s Nikkei rising by 2.9%, India’s S&P; BSE Sensex almost 2% higher, and Hong Kong’s Hang Seng up by just under 1%. European markets also saw increases, with the FTSE 100 in London up by almost 1%, Germany’s Dax trading 1.6% higher, and France’s Cac 40 climbing by 1.4%. However, Iran’s foreign affairs ministry informed the UN Security Council and the International Maritime Organization that “non-hostile” vessels could pass through the strait, which also poses a risk to global food security due to the disruption of fertiliser supplies. The World Trade Organization warned that this could lead to food price shocks. The conflict's impact on gold prices was also noted, as the metal traditionally seen as a safe haven asset during troubled times experienced a 13% decline to about $4,460 per ounce. Additionally, Larry Fink, CEO of BlackRock, warned that a prolonged conflict could lead to oil prices rising to $150 a barrel, potentially triggering a global recession.