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BP has announced that it expects to post 'exceptional' earnings from its oil trading desk, capitalizing on the turbulent energy markets caused by the ongoing conflict between the US and Israel against Iran. The company's refining margins have strengthened, contributing to the optimistic forecast.The surge in oil prices is primarily attributed to the effective closure of the strategic Strait of Hormuz shipping route by Iran, a critical passage for global oil supplies. This development has led to Brent crude prices rising sharply from about $61 a barrel in January to a peak of $119.50 several weeks ago. As of Tuesday, Brent crude was trading at $98.28 a barrel, still significantly higher than its January levels.The conflict has not only impacted oil prices but also affected global oil demand forecasts. The International Energy Agency (IEA) has revised its forecast, now predicting a decline in oil demand by 80,000 barrels a day this year, a stark contrast to its previous forecast of a 640,000 barrel increase. This would mark the first annual decline in oil demand since the 2020 Covid pandemic.In terms of production, BP expects its overall oil and gas production to remain broadly flat in the first quarter. However, the company has seen an improvement in refining margins, which rose to $16.9 a barrel in the first quarter from $15.2 a barrel in the previous quarter. This increase is expected to boost earnings from refined products by $100m to $200m.BP's update comes as its UK rival Shell also reported significantly higher oil trading profits for the quarter. Analysts have been revising their profit forecasts upward, with Citi raising its estimate for BP's adjusted net income to $2.6bn for the January to March quarter.New BP CEO Meg O'Neill, who took over this month, faces shareholders at the annual meeting on 23 April, where she is expected to discuss the company's strategy under her leadership, particularly its focus on oil and gas projects to enhance profitability.

The latest film from director David Lowery, 'Mother Mary', is a visually stunning yet narratively flawed exploration of the pop star world. Anne Hathaway stars as Mother Mary, a former music A-lister attempting a comeback after a mysterious event has left her haunted and struggling to find her fashion sense.Mother Mary seeks out the help of fashion designer Sam Anselm, played by Michaela Coel, who is both distantly glacial and imperious in her interactions with the pop star. Despite their complicated past, Sam agrees to create a new stage costume for Mother Mary, leading to a series of surreal and stylish moments.The film features stunning visual moments that blend Dalí-esque surrealism with the high-tech gloss of the modern pop stage. However, the narrative often feels incomprehensible, with overly earnest performances from the lead actresses. The script's lack of self-awareness and coyness about its central queer relationship also detract from the overall experience.Despite these flaws, 'Mother Mary' is worth watching for its strong performances and visual spectacle. The film's $100m budget is evident in its arena spectacles, which are some of the best in recent cinema. With a bit more self-awareness and depth, 'Mother Mary' could have been a cult classic.

Kevin Warsh, the former Federal Reserve governor chosen by Donald Trump to lead the central bank, has submitted financial disclosures indicating he holds assets worth well over $100m. This disclosure is a required step for his nomination to advance through the Senate.The document, filed with the US Office of Government Ethics, reveals that Warsh has significant investments, including two worth more than $50m each in the Juggernaut Fund LP and $10.2m in consulting fees from Stanley Druckenmiller's investment office. He has also pledged to divest certain assets if confirmed.Warsh's holdings include around two dozen investments in THSDFS LLC, some valued as high as $5m, as well as assets in artificial intelligence and crypto sectors. His spouse, Jane Lauder, whose family has interests in the Estée Lauder cosmetics company, also had holdings disclosed.The filing is a key step in Warsh's expected confirmation to succeed Jerome Powell as Fed chair, though the timing remains uncertain. A Senate banking committee hearing has yet to be scheduled, and Republican lawmakers have vowed to block his confirmation until a Department of Justice investigation into Powell is concluded.

Gout Gout, the 18-year-old sprint phenomenon, has made history by smashing his own national 200m record with a remarkable time of 19.67sec at the Australian Athletics Championships in Sydney. This achievement marks him as the first Australian to break the 20-second barrier in legal conditions.Previously, Gout held the national record with a time of 20.02sec and had run a wind-assisted 19.84sec (+2.2m/s) at the same championships last year. However, his recent performance has eclipsed both previous records, showcasing his exceptional speed and endurance.Gout's victory was closely contested, with Aidan Murphy pushing him deeply into the straight, finishing with a commendable 19.88sec and a tailwind of +1.7m/s. This performance by Murphy is notable as it ranks as the second-best 200m time by an Australian.The event saw a significant moment as Lachlan Kennedy, the 100m champion, withdrew from the 200m event on Sunday morning. Kennedy's absence meant that fans missed a highly anticipated rematch between him and Gout Gout, which was expected to be a highlight of the championships.Gout's achievement is all the more impressive considering he finished school at the end of last year to focus full-time on training. His dedication appears to be paying off, as he mentioned, “I definitely think the training’s been working, and the training’s been proving to me that I can run fast.”This record-breaking performance has catapulted Gout into the top 20 fastest 200m runners of all time, demonstrating his potential for future international competitions.

Lachlan Kennedy has become the Australian 100m champion, winning the men's 100m final with a time of 9.96sec at the Sydney National Championships. This achievement marks his first national title, a significant milestone for the 22-year-old athlete from Queensland.Kennedy's performance was impressive, finishing 0.2sec ahead of Josh Azzopardi in second place. His winning time replicated his personal best from Friday's heat, dispelling concerns about slow conditions that followed his 10.05sec semi-final run."I needed the win, I needed to be national champ. I needed to say I had it," Kennedy said, expressing his relief and satisfaction at achieving his goal. He also mentioned his aspiration to run under 9.9sec this year and potentially break the Australian record of 9.93sec.In other events, Georgia Harris won the women's 100m with a surprise victory, overcoming recent injury struggles. Reece Holder secured his first national title in the men's 400m, while Ellie Beer won her fourth national title in the women's 400m.The women's 1500m final saw Claudia Hollingsworth awarded the title after an appeal against her disqualification was allowed. Hollingsworth, who will turn 21 on Sunday, intends to compete in the 800m final.

Lachlan Kennedy made history at the Sydney Olympic Park national championships by becoming the first Australian 100m sprinter to break the 10-second barrier on home soil, clocking a time of 9.96sec with a modest tailwind of +0.2.The 22-year-old Queenslander stormed out of the blocks and surged through the finish line, lowering his personal best by two hundredths of a second. This achievement is significant as it's the first time a local has run under 10 seconds for 100 metres in an event in Australia.Kennedy expressed his excitement, stating, 'Honestly, I didn’t really even expect it. I was just super relaxed, super – not cruisey, I was definitely pushing it – but it just felt easy.' He believes he has potential to go under 9.9sec as soon as this year.In other events, Cam Myers came close to a new national record in the 1500m, running 3:29.85, less than half a second off the 2023 mark set by Olli Hoare.The women’s 1500m final was marred by drama when Jess Hull tumbled over on the final straight after being clipped by rival Claudia Hollingsworth. The incident sparked two protests and an appeal to be heard on Saturday.Hull, visibly deflated, finished at the back of the pack. Her father and coach, Simon, voiced his displeasure, claiming his daughter was 'robbed.' The result remains in limbo pending the appeal.

Ben Delo, a British billionaire convicted in the US for failing to implement adequate anti-money-laundering controls in his cryptocurrency business, has donated £4m to Reform UK, the party founded by Nigel Farage. Delo, who is now based in Hong Kong, made the donation since the start of the year, before the government's cap on donations to political parties by British citizens living abroad.Delo, 42, who was pardoned by Donald Trump last year, is moving back to the UK and therefore will not in future be subject to the new rules for donors. He explained his motivations for turning to Reform UK, saying England was his home and that “the biggest obstacle to national recovery is the entrenched self-deception of our elites”.In his article for the Telegraph, Delo wrote that he had donated £4m to help Nigel Farage build Reform UK into a “genuine alternative party of government”. He cited his dissatisfaction with the current political culture, stating that “the official culture of government now forces everyone to be chronically dishonest”, citing expression of views on transgender people.Delo was convicted in the US in 2022 after pleading guilty to violating the Bank Secrecy Act by failing to implement adequate anti-money-laundering controls at BitMEX, the trillion-dollar cryptocurrency exchange he co-founded. He has poured more than £100m into philanthropy and supports more than 50 organisations ranging across the political spectrum and public life.Nigel Farage welcomed Delo's support, saying it would help Reform attract more of the skills and talents needed to get ready for government. “Ben’s support will help Reform attract more of the skills and talents we need to get ready for government,” Farage told the Telegraph.

Anthropic, a San Francisco-based AI startup, has announced that its latest AI model, Claude Mythos, has proven highly effective in exposing software weaknesses. The model has identified thousands of vulnerabilities in commonly used applications, many of which have no patch or fix available.According to Mike Krieger of Anthropic Labs, the company has decided not to release Mythos to the public due to concerns about its potential misuse by hackers. Instead, Anthropic is collaborating with cybersecurity specialists and engineers in the open-source community to utilize the model as a defensive tool.The oldest vulnerability uncovered by Mythos dates back 27 years, and none were previously noticed by their creators. Anthropic has shared a version of Mythos with cybersecurity companies CrowdStrike and Palo Alto Networks, as well as with Amazon, Apple, and Microsoft, in a project dubbed “Glasswing”.“AI models have reached a level of coding capability where they can surpass all but the most skilled humans at finding and exploiting software vulnerabilities,” Anthropic said in a blog post. “The fallout – for economies, public safety, and national security – could be severe.”The project aims to protect critical infrastructure from cyber threats, with approximately 40 organizations involved in the design, maintenance, or operation of computer systems. Anthropic is providing about $100m worth of computing resources for the mission.

Shell is poised to report a substantial increase in profits from its commodity trading activities in the first quarter, driven by recent market volatility sparked by the Iran crisis. The energy giant's chemicals and products unit, which encompasses its primary oil trading desk, is expected to see a significant boost in trading results.The company's trading windfall is particularly notable in its renewable energy division, with predicted earnings ranging from $200m to $700m in the first quarter, up from approximately $100m in the previous quarter. This surge is attributed to the historic price rises in oil and gas markets following Iran's retaliation to US-Israeli aggression, which included throttling energy trade through the Strait of Hormuz and launching strikes against key energy infrastructure in the Gulf region.However, Shell's gas production is expected to decline by about 5% to between 880,000 and 920,000 barrels of oil equivalent per day, compared to 948,000 in the fourth quarter, due to the impact of the Middle East conflict on its assets in Qatar. A strike damaged Shell's assets at the Ras Laffan liquified natural gas (LNG) complex in Qatar, contributing to the expected decline.Despite these challenges, Shell's boss, Wael Sawan, has warned that Europe could face an energy and fuel shortage in April without a reopening of the Strait of Hormuz. The company is working with governments to address the oil and gas supply crisis, which has already led to energy rationing in some Asian countries.