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Kimi Antonelli, driving for Mercedes, secured a historic victory at the Japanese Grand Prix, becoming the youngest driver in Formula One history to lead the world championship standings at just 19 years old.Antonelli's win was marked by a remarkable recovery from a poor start, where he initially dropped to sixth place. However, a mid-race safety car, triggered by a crash involving Haas driver Ollie Bearman, allowed Antonelli to gain a crucial advantage. He capitalized on the opportunity by pitting immediately after the safety car deployment, emerging at the head of the pack.As the race concluded, Antonelli expressed his delight, telling his team, "The pace was unbelievable today." He crossed the finish line ahead of McLaren's Oscar Piastri and Ferrari's Charles Leclerc, with his teammate George Russell finishing fourth.This victory marks Antonelli's second consecutive win, following his first Grand Prix victory two weeks prior in China. The 19-year-old Italian's championship lead after just three races underscores his impressive performance in the early stages of the season.Other notable performances included Lando Norris of McLaren in fifth place, and Max Verstappen, who finished eighth after starting from 11th on the grid. The Formula One season will now take an extended break until the Miami Grand Prix on May 3, with the Bahrain and Saudi Arabia races canceled due to the ongoing conflict in the Middle East.

Iran has agreed to permit 20 Pakistani-flagged vessels to transit the Strait of Hormuz, a crucial waterway for global oil supplies. This development is seen as a significant step towards alleviating the severe energy crisis affecting the region.Pakistan's Foreign Minister, Ishaq Dar, announced the agreement, stating that two ships will cross daily under the arrangement. He described Iran's decision as 'a harbinger of peace' and a 'welcome and constructive gesture'.The Strait of Hormuz has been effectively shut since the United States and Israel launched coordinated strikes on Iran on February 28, triggering a war that has resulted in significant loss of life and disruptions to global markets. The conflict has killed about 2,000 Iranians and over 1,100 people in Lebanon.The strait is a critical passage for oil supplies, with an estimated 2,000 vessels stranded on either side. This blockade has caused oil prices to surge past $100 a barrel, up by roughly 40 percent. The Islamic Revolutionary Guard Corps (IRGC) has turned the strait into a checkpoint, requiring ships to submit cargo details and receive clearance codes.At least two vessels have reportedly paid $2 million per crossing, settled in Chinese yuan, to secure passage. Iran's parliament is now moving to legalize this arrangement as a potential source of revenue.This agreement is the result of intense Pakistani diplomacy, with Army Chief Field Marshal Asim Munir speaking to US President Donald Trump and Foreign Minister Dar holding calls with his Iranian and Turkish counterparts.

The war in Iran has sent shockwaves through the UK economy, causing gilt yields to surge to their highest levels since the 2008 global financial crisis. This increase in borrowing costs has significant implications for Chancellor Rachel Reeves' fiscal policy, potentially eroding the £23bn in 'headroom' she had built up against her fiscal rules.Reeves had hoped that this cushion would allow her to focus on tackling inflation and stimulating growth, but with oil prices up 50% since the onset of the war, investors are now expecting higher inflation and interest rates. As a result, the government's cost of borrowing is set to rise, impacting its ability to fund public spending.The yield on 10-year gilts has jumped to nearly 5%, pushing up the cost of borrowing and forcing Reeves to reconsider her spending plans. This development has also raised concerns about the UK's economic fragility and the potential for a Labour leadership contest to be triggered after the May local elections.Economists warn that the chancellor has probably already lost a third to half of her headroom due to the combination of higher inflation, weaker employment, and surging gilt yields. The situation is further complicated by the UK's high debt levels and reliance on global markets, leaving little room for maneuver for any future government.The implications of this crisis extend beyond Reeves, raising questions about the economic pitch of any potential steward of the economy, whether from Labour or other parties. As Angela Rayner considers John Healey as a potential chancellor, the need for a carefully plotted economic policy that balances growth and fiscal responsibility has become increasingly urgent.

The Houthis, allied with Iran, have stated they are prepared to intervene militarily if new alliances join the US and Israel against Iran or if the Red Sea is used for hostile operations. The group's military spokesperson, Yahya Saree, made the announcement in a televised speech on Friday.Saree emphasized that their 'fingers are on the trigger for direct military intervention' under these conditions. The warning heightens the risk of a broader regional conflict, especially considering the Houthis' capability to strike targets far beyond Yemen and disrupt shipping lanes in the Arabian Peninsula.The Houthis have controlled Yemen's capital, Sanaa, and much of the northwest since 2014. Following Israel's actions in Gaza, the Houthis have targeted vessels in the Red Sea and carried out drone and missile attacks on Israel, citing solidarity with Palestinians.In response to escalating tensions, Saree also called for an immediate halt to US and Israeli attacks on Iran, Palestine, Lebanon, and Iraq. The Houthis have previously agreed to a truce with the US, which included a commitment to cease attacks on US shipping in the Red Sea.

In a devastating incident, three journalists were killed in southern Lebanon on Saturday, prompting outrage and condemnation from the Lebanese government and the international community. The victims, identified as Ali Shoeib from Hezbollah-owned al-Manar television station, and Fatima Ftouni and her brother Mohammed Ftouni from pro-Hezbollah outlet al-Mayadeen, were struck by an Israeli missile while driving in Jezzine, a district in south Lebanon far from the frontlines.The Israeli military claimed that the target was Shoeib, whom it accused of being a Hezbollah 'terrorist' in an intelligence unit who had reported on the locations of Israeli soldiers in southern Lebanon. However, international law clearly states that journalists are considered civilians and targeting them is a war crime, regardless of their political affiliation.The Lebanese government has strongly condemned the killings, with Lebanon's president, Joseph Aoun, describing the journalists as 'civilians doing their professional duty'. The minister of information, Paul Morcos, stated that the killing of the three journalists 'constitutes a deliberate and blatant war crime against the media and the mission of journalism'. The Lebanese government has compiled a list of Israeli attacks against healthcare workers and media personnel, which it will submit to the UN and the EU.This incident is part of a larger pattern of violence against journalists in the region. Israel has killed more than 220 journalists since 2023, according to Reporters Without Borders. The fighting in Lebanon started when Hezbollah launched missiles at Israel on 2 March, triggering an Israeli aerial campaign and invasion. The conflict has resulted in 1,189 deaths and 3,427 injuries in Lebanon, including 48 healthcare workers, according to the Lebanese ministry of health.

India has taken a significant step to shield its consumers from the impact of rising global energy prices, slashing fuel taxes in the face of increasing tensions between the United States, Israel, and Iran. The move aims to prevent a sharp increase in fuel prices that could have been triggered by the crisis.Petroleum Minister Hardeep Singh Puri announced on Friday that the government had decided to reduce petrol duties from 13 rupees ($0.14) per litre to 3 rupees ($0.032) per litre. Additionally, the 10-rupee (0.11) per litre duty on diesel has been completely removed, effective immediately.The decision comes as oil prices have surged past $100 per barrel following Iran's near-closure of the Strait of Hormuz after Israel and the US launched attacks on February 28. India, being the world's third-largest crude importer, relies heavily on this passageway for its crude oil supply, with about 40 percent of its crude coming through the Strait of Hormuz.Despite concerns about potential shortages, authorities have assured that there is no shortage of crude and that current reserves will cover 74 days. The government also moved to quash rumours of an impending lockdown, with Minister Puri stating that such claims are 'completely false' and that India is 'resilient.'The impact of the tax cuts on pump prices for ordinary consumers remains uncertain. Analysts suggest that oil companies previously selling at a loss are likely to benefit from the tax reductions. According to economist Madhavi Arora from Emkay Global, the annualised fiscal hit from these cuts is estimated at nearly 1.55 trillion rupees ($16.3bn).In a related move, finance authorities have reimposed export taxes on diesel and aviation fuel, raising them to 21.5 rupees ($0.23) and 29.5 ($0.31) rupees per litre respectively. This comes after the taxes were previously scrapped in 2024.

The ongoing United States-Israeli conflict with Iran has triggered severe disruptions to global LNG supplies in the Gulf, creating the most significant energy market disruptions in recent years. The critical Strait of Hormuz, through which 27 percent of the world's maritime oil trade and 20 percent of LNG shipments pass, has been brought to a near standstill.In response to the conflict, oil-producing nations such as Saudi Arabia have rerouted oil through alternative pipelines, while Qatar has completely halted LNG production at its Ras Laffan and Mesaieed facilities following attacks on its energy infrastructure. This disruption comes as natural gas makes up about a quarter of global energy consumption, raising widespread concerns about the impact on nations heavily reliant on gas imports.Natural gas is formed over millions of years from decomposed organic matter subjected to intense heat and pressure beneath the Earth's surface. LNG represents natural gas that has been cooled to -162 degrees Celsius through cryogenic processing, shrinking it to a 600th of its gaseous volume. In its liquid state, LNG is colorless, odorless, and non-flammable, making it safe and efficient to transport across vast distances.Before liquefaction, the gas undergoes purification through water-based solvents and molecular sieve beds to remove impurities including carbon dioxide, hydrogen sulfide, water, and mercury. Heavier hydrocarbons are then separated from methane and ethane through fractionation. The resulting fuel is typically composed of 85 to 95 percent methane, with small amounts of ethane, propane, butane, and nitrogen.LNG is stored in large insulated tanks without requiring high-pressure infrastructure, then pumped onto double-hulled carriers for shipment to terminals worldwide. At destination facilities, LNG is heated using seawater or warm water baths until it vaporizes—a process known as regasification—before being distributed through pipelines for consumption.Once returned to a gaseous state, LNG serves multiple purposes globally. Residential applications include cooking, heating, and electricity generation, while supporting hot water systems in homes and heating for commercial buildings. In power generation, LNG offers a comparatively low-carbon alternative to coal and oil. Industrial applications span fertilizers, plastics, paints, and medicines, with LNG also used to fuel heavy-duty vehicles and ships.The disruption has particularly affected agricultural production, as Gulf nations export close to half the world's traded urea—a key fertilizer component. Natural gas serves as both the primary feedstock and fuel for fertilizer manufacturing, with the halt in production forcing producers across the region to suspend or reduce operations.While primarily valued as an energy source, LNG processing yields significant by-products with industrial and medical applications. The most notable is helium, extracted during cryogenic processing. With global helium production estimated at 180 million cubic meters annually, the disruption to Qatar's LNG facilities has removed approximately 5.2 million cubic meters from the market each month—accounting for about a third of global monthly production.Helium is critical for cooling superconducting magnets in MRI and CT scanners, with the average MRI machine requiring about 1,700 liters of liquid helium. The element is also vital to the data center industry, where it conducts heat away from silicon components, preventing damage to semiconductors. Additionally, the natural gas value chain generates petrochemical derivatives that serve as feedstock for manufactured goods, including medical-grade plastics.According to the International Gas Union's 2025 World LNG Report, 411.24 million tonnes of LNG were traded in 2024. The United States emerged as the largest exporter with 88.4 million tonnes, followed by Australia (81 million tonnes), Qatar (77.2 million tonnes), Russia (33.5 million tonnes), and Malaysia (27.7 million tonnes). Together, these top five suppliers account for more than three-quarters of global LNG supply.China was the largest importer with 78.6 million tonnes in 2024, followed by Japan (67.7 million tonnes), South Korea (47.1 million tonnes), India (26.1 million tonnes), and Taiwan (21.8 million tonnes). These top five importers constituted nearly 59 percent of all global LNG imports that year.South Asian nations face particularly severe risks from the current conflict. Pakistan, where natural gas accounts for 28 percent of electricity generation for its 250 million people, and Bangladesh, where gas supplies half of all electricity for its 176 million population, are heavily dependent on Gulf imports. Qatar and the United Arab Emirates supply approximately 99 percent of Pakistan's LNG imports and 72 percent of Bangladesh's.In response to the energy crisis, Pakistan has implemented emergency measures including a four-day workweek for government employees and extended school holidays. Bangladesh has reduced gas supplies and is seeking nearly $2 billion in international loans to fund energy inputs and maintain price stability. India, which relies on Gulf nations for about half of its LNG and generates 5 percent of its electricity from gas, has shifted toward coal usage as LNG disruptions continue.

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.

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.