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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.

The U.S. military announced that, starting at 14:00 GMT on Monday, it will enforce a blockade of every Iranian port, a step taken after President Donald Trump ordered a naval closure of the Strait of Hormuz—the waterway through which roughly one‑fifth of global crude oil normally flows. The blockade comes on the heels of stalled peace negotiations in Islamabad, where talks between Washington and Tehran collapsed without an agreement despite a prior cease‑fire pledge. Trump’s escalation has already driven crude prices above $100 per barrel and unsettled Asian equity markets, with the Nikkei 225 down 0.84%, the Topix slipping 0.42% and South Korea’s Kospi falling 1.83%. Iran’s response is equally forceful. The Islamic Revolutionary Guard Corps warned that any vessel entering the strait would be deemed a breach of the cease‑fire and dealt with “harshly and decisively,” insisting it has “full control” and threatening a “deadly vortex” for any misstep. Navy chief Shahram Irani dismissed Trump’s threat as “ridiculous and funny,” while state television said Iranian forces are closely monitoring U.S. movements. Foreign Minister Abbas Araghchi lamented “maximalism, shifting goalposts, and blockade” that undermined a near‑final Islamabad memorandum, quoting, “Good will begets good will. Enmity begets enmity.” Parliament speaker Mohammad Bagher Ghalibaf pledged resistance and mocked U.S. gasoline prices, posting a map of Washington‑area pump prices and predicting nostalgia for $4‑$5 gas. U.S. Central Command clarified that the blockade will stop all vessels bound for or from Iran, while traffic to non‑Iranian ports will continue unhindered. Trump also warned that any ship that has paid an “illegal toll” to Iran will be intercepted on the high seas, and he publicly criticized Pope Leo XIV for urging an end to the conflict. In Lebanon, Israeli airstrikes have killed at least five people, bringing the country’s overall death toll to 2,055. Hezbollah retaliated with a rocket barrage aimed at northern Israeli towns, citing violations of a cease‑fire. The United Nations Interim Force in Lebanon (UNIFIL) reported that an Israeli tank rammed peace‑keeping vehicles twice in the south. Israel’s Prime Minister Benjamin Netanyahu visited troops on the Lebanese border, claiming that Hezbollah’s invasion threat has been neutralized, though he acknowledged that hostilities continue within the security zone. On the energy front, shipping through the Hormuz corridor has “immediately halted,” according to Lloyd’s List, with several vessels turning back after the blockade announcement, further tightening global oil supplies.

A 27-year-old woman, Sana, living in western Tehran with her roommate, Fatemeh, has survived two wars in the past year. The latest conflict began on February 28, when missiles hit Tehran at 9:40 am. Sana had already experienced the 12-day war in June 2025 and was determined not to leave the city again.As the war intensified, Sana and Fatemeh learned to anticipate strikes during certain windows: early morning, afternoon, and after 11 pm. They relied on supermarket deliveries and made frantic dashes to shops when necessary. The internet was often down, and they used virtual private networks (VPNs) to stay connected.On March 16, Sana experienced one of the worst nights of her life when a massive explosion occurred near Mehrabad airport. She and Fatemeh sprinted down the fire escape to the parking garage, fearing for their lives. The war had turned her daily life into a grim routine.Despite the challenges, Sana tried to maintain a sense of normalcy. She kept her job while many others were laid off, and she booked an appointment for a haircut and nails after the ceasefire was announced. These small acts helped her feel human again in the midst of chaos.

The ongoing US-Israel war on Iran has taken a critical turn with Donald Trump's announcement that the US Navy would start blockading the Strait of Hormuz. This strategic waterway is crucial for global oil shipments, and any disruption could have significant economic impacts. In response, Iran's Revolutionary Guard warned that approaching military vessels to the strait would be considered a violation of the ceasefire. This development has led to a surge in oil prices, with US crude oil rising 8% to $104.24 a barrel and Brent crude oil increasing 7% to $102.29. The blockade, set to begin on Monday morning, will be implemented by US Central Command (Centcom) and will affect all maritime traffic entering and exiting Iranian ports. This move is part of a broader strategy that may include resuming limited military strikes in Iran, according to reports. The situation has drawn international attention, with Australian Prime Minister Anthony Albanese stating that his government has not been asked to participate in the blockade and is keen on continuing negotiations between the US and Iran. Meanwhile, Iranian parliamentary speaker Mohammad Bagher Ghalibaf dismissed Trump's threats, asserting that they would have no effect on the Iranian nation.

Senator Bernie Sanders used a Manhattan rally on Sunday to issue a stark warning: “the worst is yet to come” for the U.S. economy unless workers confront a ruling class of billionaires. Sharing the stage with New York City mayor Zohran Mamdani, the two leaders announced the launch of Union Now, a nationwide drive to boost union density and provide resources for organizing and strikes. Sanders singled out high‑profile billionaires – Elon Musk (Tesla, SpaceX), Jeff Bezos (Amazon), and President Donald Trump – as the architects of a looming crisis. He warned that Musk’s push for robotics and AI, coupled with Bezos’s recent pledge to raise $100 billion for buying and automating manufacturing firms, threatens to replace human labor on a massive scale. “Unless we fundamentally transform our economic and political systems, the worst is yet to come,” Sanders declared, emphasizing that increasing union membership is the most effective tool to tackle income inequality. Mamdani echoed the sentiment, noting that artificial intelligence is “coming for human jobs” and that worker protections are eroding. He pledged his administration’s support for Union Now, describing the effort as essential for safeguarding workers’ rights. Data presented at the rally underscored the scale of wealth concentration: in 2025, 938 U.S. billionaires saw their net worth rise by $1.5 trillion, while Musk alone possesses more wealth than the bottom 53 % of Americans. Sanders painted the billionaire class as “extremely greedy” and likened their self‑perception to 19th‑century monarchs who believe they have a divine right to rule. He warned that their unchecked influence could leave future generations without a safety net. Highlighting a recent political victory, Sanders cited Mamdani’s mayoral win as proof that ordinary people can defeat billionaire‑backed opposition. He warned that if the current trajectory continues, “fewer people will have more wealth and power, democracy will be undermined, and workers will be left with no recourse.” Closing his speech, Sanders urged unity: “If we stand together and fight for a government that works for all of us, there is nothing we cannot accomplish.”

The US has announced plans to blockade the Strait of Hormuz, a vital waterway through which about 20% of global oil passes. This move comes after ceasefire talks with Iran ended without an agreement over the weekend. The blockade, threatened by President Donald Trump, aims to pressure Iran into reopening the strait, which has been effectively closed since February 28. Trump's announcement on social media stated that the US Navy will begin the process of blockading any and all ships trying to enter or leave the Strait of Hormuz. He accused Iran of 'WORLD EXTORTION' and threatened that any person who attacked US vessels would be 'BLOWN TO HELL!' However, the blockade's scope appears to have been scaled down, with US Central Command (Centcom) stating it would be confined to vessels transiting through Iranian ports, permitting passage of ships headed to ports belonging to America's Gulf allies. The blockade is set to come into effect at 10am ET (2pm GMT). The UK will not be involved in any blockade of the strait, and Australian Prime Minister Anthony Albanese has stated that his country was not asked to participate. Oil prices have surged following Trump's announcement, with US crude increasing 8% to $104.24 a barrel and Brent crude oil rising 7% to $102.29. Experts warn that the blockade could lead to higher oil prices, but much depends on its 'scope and implementation.' The managing director of research at ClearView Energy Partners, Kevin Book, noted that leaner volumes generally mean tighter markets and higher prices. Iranian and/or Houthi reprisals against Gulf producers' alternative routes could drive prices still higher. The blockade could cut off one of the Iranian regime's major sources of funding but might also have a short-term negative effect on global prices. About 100 tankers have transited the strait since the US and Israel started bombing Iran, most carrying Iranian oil products bound for China and India. Iran's Revolutionary Guards have stated that any warships approaching the strait to enforce a blockade would be considered in breach of the current ceasefire and would be dealt with strongly. Trump floated the possibility of a resumption of US strikes inside Iran, citing missile factories as one possible target.

Rescuers are frantically digging through the rubble in south Lebanon after a series of deadly Israeli strikes hit the region. The attacks have left a trail of destruction, with many lives lost and communities affected.The situation on the ground remains dire as emergency responders work tirelessly to search for survivors and recover the bodies of those killed. The impact of these strikes has been severe, exacerbating tensions in an already volatile region.International concern is growing over the escalation of violence, with calls for restraint and a return to diplomatic efforts to resolve the conflict. The incidents have sparked widespread condemnation and highlighted the urgent need for a peaceful resolution.

FIFA has officially declined the Iranian Football Federation’s (FFIRI) appeal to relocate its 2026 World Cup games from the United States to Mexico, stating that the logistical complexities of moving the matches are prohibitive, Mexican President Claudia Sheinbaum confirmed. The request, lodged last month, was met with a firm response from the sport’s governing body: all scheduled fixtures will proceed in the United States as originally drawn, eliminating any prospect of Mexican venues hosting Iran’s team. Sheinbaum reiterated the stance at a press conference in Mexico City, emphasizing that “FIFA ultimately decided that the matches cannot be moved from their original venues,” and that attempting relocation would create untenable logistical hurdles. FIFA declined to comment to Al Jazeera regarding the confirmation of Iran’s host venues. The backdrop to this dispute is the ongoing US‑Israel war against Iran, which erupted on 28 February, killing Supreme Leader Ali Khamenei and 168 people in a girls’ school on the first day of hostilities. Tehran retaliated with missile and drone strikes on Israeli and U.S. military installations across the Middle East. A Pakistan‑mediated ceasefire halted the exchanges on Wednesday, though Israel continues operations in parts of Lebanon. Iran was among the earliest qualifiers from the Asian confederation and is placed in Group G alongside Belgium, Egypt and New Zealand. The team’s three group matches are slated for the U.S. West Coast: Los Angeles on 15 June and 21 June, and Seattle on 26 June. While Mexico, a co‑host of the tournament with the United States and Canada, initially expressed willingness to accommodate Iran’s fixtures, President Sheinbaum’s recent remarks align with FIFA President Gianni Infantino’s position. Infantino, who met Iranian players, coaches and officials in Turkey on 31 March, affirmed that “the matches will be played where they are supposed to be, according to the draw.” Infantino also dismissed speculation that Iran might boycott the tournament altogether after FFIRI President Mehdi Taj warned of a potential boycott if security could not be guaranteed in the United States. Earlier, former U.S. President Donald Trump posted on social media that Iran’s participation would be unsafe, prompting Taj to state that Iran would refuse to travel to America under those conditions. Iranian Sports Minister Ahmad Donyamali later warned that Iran’s World Cup involvement remains uncertain unless FIFA relocates the games, underscoring the political sensitivity surrounding the event. In summary, despite regional conflict, diplomatic tensions, and security concerns voiced by Iranian officials, FIFA’s decision ensures that Iran will compete in the United States as originally scheduled, preserving the tournament’s logistical integrity.

Ukraine and Russia have exchanged accusations of violating the Orthodox Easter ceasefire, as the conflict between the two nations continues to escalate. The truce, which was agreed upon for 32 hours, was intended to provide a temporary reprieve from hostilities during the religious holiday.According to the Ukrainian military's general staff, 2,299 ceasefire violations were recorded, including 28 enemy assault actions, 479 enemy shellings, and 747 strikes by attack drones. In response, Russia's Ministry of Defence accused Kyiv of nearly 2,000 breaches, including 258 artillery or tank attacks and 1,329 FPV drone strikes.The ceasefire violations have raised concerns about the prospects of a lasting peace agreement. The Kremlin has stated that it will not extend the truce unless Kyiv accepts its terms, which include control of 17-18 percent of Ukraine's disputed Donetsk region. Ukraine has proposed freezing the conflict along the current front lines, but Russia has rejected this, seeking control of the entire Donetsk region.Despite the challenges, the truce did bring some relative calm to the region, with the Ukrainian army reporting no long-range Shahed drone attacks, guided aerial bombings, or missile strikes during the ceasefire period. However, the conflict has continued to take a toll on civilians, with Governor Alexander Khinshtein of Russia's Kursk region accusing Kyiv of breaking the ceasefire by attacking a petrol station, injuring three people, including a baby.