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Oil prices are continuing to rise as markets see no end in sight to the effective closure of the Strait of Hormuz. The critical waterway, which usually transports about one-fifth of the global oil supply, has been brought to a standstill by Iran in retaliation for US and Israeli strikes on the country.Brent crude, the most important benchmark for global prices, rose as much as 3 percent on Sunday to top $106 a barrel, before easing slightly early on Monday to $104.63 a barrel, up nearly 1.5 percent. This represents a more than 40 percent increase in global oil prices since the start of the war.US President Donald Trump has called on other countries to help Washington reopen the Strait, but his proposal has received a muted response. None of the countries he appealed to by name – including China, Japan, France, and the UK – have publicly committed to deploying their navies to secure the strait. Japan and Australia have both stated they have no plans to send ships to the critical waterway.The closure of the strait has resulted in what the International Energy Agency has called the largest disruption to global energy supplies in history. According to the United Kingdom Maritime Trade Operations (UKMTO) centre, no more than five ships have passed through the strait each day since the start of the war, compared with a historical average of 138 daily transits. At least 16 commercial vessels have been attacked in the region since the war began on February 28.Trump has repeatedly stated he is willing to deploy the US Navy to escort commercial shipping through the strait if necessary. However, Trump administration officials have said that warships will not be deployed to the waterway until Tehran's military capacity has been further degraded.

Asian stock markets experienced a significant downturn on Monday, with South Korea's KOSPI index plummeting 6.5% and Japan's Nikkei 225 falling 3.5%. The Hang Seng Index in Hong Kong tumbled more than 4%, while Australia's ASX 200 closed 0.75% lower and New Zealand's NZX 50 was down 0.7%.The turmoil was triggered by US President Donald Trump's ultimatum to Iran, warning the country to reopen the Strait of Hormuz or face the destruction of its energy infrastructure within 48 hours. The strait is a critical waterway through which about one-fifth of global oil and natural gas exports usually transit.Trump's threat has added to fears of a cascading global energy crisis as the US and Israel's war on Iran approaches its one-month mark with no clear end in sight. Oil prices have surged more than 50% since the start of the war, which began on February 28. Analysts warn that energy prices are likely to rise significantly further if the strait remains effectively closed, with some predicting oil to hit $150 or even $200 a barrel.In response to Trump's ultimatum, Tehran has warned it will completely close the waterway and launch retaliatory attacks on energy and water infrastructure across the region if Trump follows through on his threat. The deadline for Trump's ultimatum is set to expire at 23:44 GMT on Monday.European markets also saw significant losses, with London's FTSE 100 down 1.4% and the DAX 40 in Frankfurt falling about 2% in morning trading. On Wall Street, US stocks saw significant losses ahead of Monday's opening, with futures tied to the S&P; 500 down about 0.8% as of 07:00 GMT.

The world is currently experiencing a severe energy crisis, surpassing the combined impact of the 1970s oil shocks and the Ukraine war, according to Fatih Birol, Executive Director of the International Energy Agency (IEA). Speaking at a media event in Australia, Birol warned that the energy crunch prompted by the US-Israel war on Iran has exceeded the 1973 and 1979 oil shocks and gas shortages stemming from Russia's 2022 invasion of Ukraine.Birol stated that the crisis is equivalent to two oil crises and one gas crash combined. He noted that the effective closure of the Strait of Hormuz and attacks on energy facilities have reduced global oil supplies by about 11 million barrels per day (bpd), more than double the combined shortfalls of the 1970s crises. Additionally, liquefied natural gas (LNG) supplies have been reduced by about 140 billion cubic meters, compared to a shortfall of 75bcm in the aftermath of Ukraine's invasion by Russia.At least 40 energy facilities across nine countries have been severely damaged in the conflict, according to the IEA chief. Birol emphasized that the global economy is facing a major threat and expressed hope that the issue will be resolved soon.Birol also expressed concern that the scale of the crisis had not been fully understood, which prompted him to speak publicly about the situation. The IEA has proposed measures to reduce energy consumption, including facilitating remote working and carpooling, and lowering speed limits on motorways.The IEA chief is in consultation with different countries about releasing more strategic oil reserves if needed. However, he emphasized that the single most important solution to the crisis is to unblock the Strait of Hormuz, which usually carries about one-fifth of global oil and LNG supplies.

The Albanese government is likely to introduce an extra levy on gas producers' high profits in response to the Iran crisis driving up energy costs for Australians. The prime minister's department has requested Treasury modelling of additional levies on gas companies, stating that energy producers 'should not benefit from high international prices at the expense of domestic customers'.Australia's gas industry is reaping extraordinary profits while households and businesses struggle with high fuel prices. This has sparked calls for a fair share levy to ensure gas companies pay their fair share of tax. The levy, based on Norway's taxation model, would see Australia share around 50% of profits, much more in line with world standards.Currently, Australia shares only 27% of fossil fuel profits, with some estimates as low as 18% when profit is defined in cashflow terms. In contrast, other major fossil fuel exporting countries typically share between 75% and 90% of profits.The fair share levy would provide significant and immediate cost-of-living relief if some of the revenue raised was returned to households. Research shows 87% of voters support a fair share levy, with only 3% disagreeing.Despite potential outrage from the gas industry, the levy is designed to not increase gas prices or deter investment, as seen in Norway's successful implementation. A stable, long-term commitment to the fair share levy would provide investment certainty.

The England and Wales Cricket Board (ECB) has taken a significant risk by retaining Brendon McCullum as men's head coach and Rob Key as team director following a dismal Ashes series. The pair's contracts and the board's decision have sparked widespread criticism.McCullum's contract runs until the end of 2027, and terminating it would come at a substantial cost. The ECB appears to have opted for continuity, despite England's 4-1 defeat in Australia, which exposed several issues with the team's approach and strategy.The Test team holds a special place in the hearts of English cricket fans, and the recent performance has left many feeling frustrated. The ECB's decision to stick with McCullum and Key is seen as a bold move, but it also means that the duo must now work to regain the trust and support of the public.Richard Gould, the ECB chief executive, and Richard Thompson, the ECB chair, have acknowledged that the decision will not be popular. However, they seem committed to their strategy, citing a 25% increase in Test viewership over the past four years.The ECB's plans to revamp the team include introducing a bowling guru and a new selector. However, some critics argue that these changes do not go far enough to address the team's shortcomings. Rob Key emphasized the need for greater accountability for poor performance, but the specifics of how this will be implemented remain unclear.The team's performance under McCullum and Key has been inconsistent. While there have been some notable victories, the team has struggled in major Test series against Australia and India. The Ashes campaigns, in particular, have been approached with a casual attitude, with England only becoming more determined after falling behind 2-0 in 2023.To regain the public's trust, England must demonstrate improvement in several areas, including better engagement with the domestic game, more merit-based selection, and a clearer understanding between Ben Stokes and McCullum. The team's ability to adapt and evolve will be crucial in the coming months.

The England and Wales Cricket Board (ECB) has reaffirmed its support for head coach Brendon McCullum and managing director of cricket Rob Key, despite the team's dismal 4-1 Ashes defeat in Australia. This decision, while potentially unpopular among fans, is seen as the right course of action by the ECB.According to Richard Gould, the ECB's chief executive, the board's choice to stick with McCullum and Key is guided by 'good judgment and objective views,' rather than public sentiment. Gould emphasized that the leadership duo has shown a willingness to 'adapt' and 'evolve' their approach in the wake of the Ashes debacle.The ECB's internal review of the Ashes series highlighted several key areas for improvement, including better use of the performance system, enhanced long-term planning, and a more professional culture within the senior men's setup. These findings were presented to the media in the form of two slides with bullet points.One of the major talking points from the review was the team's culture and environment, which came under scrutiny following a mid-Ashes break in Noosa that generated headlines about player behavior. The situation escalated when Harry Brook was disciplined for a drunken altercation with a nightclub bouncer in New Zealand.Gould described the incident as 'significantly unprofessional,' while Key noted that Brook was given a second chance due to his previous clean record and the decision to prioritize England commitments over the Indian Premier League.In response to these challenges, the team has introduced a midnight curfew to formalize McCullum's stance on the importance of rest and discipline. Key also highlighted the recent appointment of Troy Cooley to oversee fast-bowling development as a positive step forward.Looking ahead, Key emphasized that the team will not undergo a major philosophical shift under McCullum and captain Ben Stokes, who have different but complementary outlooks. The focus will be on refining their existing approach rather than implementing drastic changes.

The Last Blossom, directed by Baku Kinoshita and written by Kazuya Konomoto, is a quiet, contemplative anime feature that rarely gets a theatrical release. The film opens in a lonely prison cell, where the elderly former yakuza Akutsu finds an unexpected confidant in a talking balsam flower.Over the course of one sleepless night, Akutsu's life story unfolds in bursts. Thirty years prior, another balsam flower grows in the back yard of Akutsu's humble house, which he shares with Nana and her baby son, Kensuke. The relationship between the taciturn man and the bubbly young woman is seemingly platonic; Kensuke is not his son. Yet there are hints of romantic attraction; they share bowls of piping hot ramen noodles, play endless rounds of Reversi, and join in harmonising the Ben E King classic Stand By Me.In contrast to this alternative nuclear family, the yakuza world is still strictly traditional, revolving around machismo and codes of brotherhood. When Kensuke is diagnosed with a heart condition, Akutsu is lured into a criminal plot, which leads to his incarceration. Though encompassing much bloodshed and even a hidden treasure subplot, The Last Blossom is most moving as an exploration of human conscience, where a capacity for violence and kindness coexist.The paradox is reminiscent of Shōhei Imamura’s Palme d’Or winner The Eel, starring Koji Yakusho as a wife-murderer who shelters a pregnant woman after his prison release. With his unassuming buzzcut, in stark contrast to his flamboyant yakuza peers, Akutsu bears a striking resemblance to Yakusho’s protagonist. Though a minor work compared to Imamura’s, The Last Blossom similarly questions conventional notions of justice, and the impossibility of weighing one’s good and bad deeds.The Last Blossom is in UK and Irish cinemas from 27 March, and in Australian cinemas from 23 April.