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HSBC’s chief executive, Georges Elhedery, told Bloomberg Television at a conference in Hong Kong that the ongoing Iran war is undermining global economic confidence. He warned that the conflict’s duration could amplify price pressures on commodities such as oil, refined products, fertilisers and metals, extending the impact far beyond the Middle East. Brent crude, which had briefly risen above $100 per barrel, slipped 0.9% to $98.5 per barrel after a U.S. blockade of Iranian ports took effect. Negotiations between the United States and Iran are set to resume in Islamabad, but no agreement was reached in the previous talks. In London, the FTSE 100 edged up 22 points (0.21%) to 10,605, even as Imperial Brands led the losers, citing a “more uncertain geopolitical and macro environment.” The UK recruitment firm PageGroup warned that the Middle East conflict is creating an “increasingly uncertain outlook” for the rest of the year, with salaries lagging behind 2022‑2023 levels across the UK, Europe, the Middle East and Asia. HSBC holds a 31% stake in Saudi Awwal Bank, making it one of the European banks most exposed to the region, which contributes roughly 4% of its pre‑tax profit according to JP Morgan analysts. Nevertheless, Elhedery noted that capital outflows from the Middle East have been “very benign” so far. Since the U.S. and Israel began striking Iran on 28 February, some affluent Middle‑Eastern investors have started exploring relocation to financial hubs such as Singapore and Hong Kong. HSBC chair Brendan Nelson stressed that a peace settlement is essential to restore global energy flows, warning that prolonged disruption would lift inflation and suppress growth. “The longer the disruption continues, the more the indirect effects from higher energy costs will lift inflation and depress growth,” he said at the HSBC Global Investment Summit. Manufacturers reliant on petroleum‑derived synthetic fabrics, such as sportswear maker Castore, reported cost increases of 10‑15% and warned that continued conflict could push those costs onto consumers. Co‑founder Tom Beahon described price volatility as “very difficult to plan,” with daily swings of up to 40%. Logistics are also strained: airlines have reduced flights and vessels remain stranded in the Strait of Hormuz, complicating product shipments. Castore hopes that a resolution in the coming weeks will limit the impact on customers. Virgin Atlantic chief executive Corneel Koster told the Financial Times that jet‑fuel prices have more than doubled since the war began, adding that “some of this disruption to global energy prices will be here to stay.” UK Chancellor Rachel Reeves, speaking at the IMF and World Bank spring meetings, called for coordinated economic action, stating that the Iran conflict must become “a line in the sand” for how the world handles crises and instability.

England Test captain Ben Stokes has moved to play down suggestions of a disagreement between himself and Brendon McCullum, the England head coach, despite the challenging Ashes series that raised questions about their tactical alignment.In a recent video released by the England and Wales Cricket Board, Stokes stressed that he and McCullum share the same overall vision for the team, but acknowledged that their approach might look 'different' this summer. He emphasized that agreeing on every single thing would be 'unhealthy' and that their discussions are crucial to achieving their goals.Stokes highlighted that he and McCullum are 'similar' but also 'dissimilar' in certain areas, which leads to constructive discussions about their strategy. He confirmed that they agree 95% of the time, and the remaining 5% is addressed through open dialogue.The England captain was keen to retain McCullum as head coach after the 4-1 Ashes defeat and has publicly expressed confidence in their ability to work together effectively. Despite reports suggesting they criticized each other during the ECB's internal review, Stokes and McCullum have maintained a united front.Looking ahead, the team's approach to cricket will be closely watched during the upcoming visits by New Zealand and Pakistan this summer, followed by tours to South Africa and Bangladesh next winter, and the home Ashes in 2027.Stokes concluded that he and McCullum are committed to making the team as good as possible and that their alignment towards winning is unwavering, even if their methods might evolve over time.

The Philippines has made a grave accusation against China, claiming that Chinese boats were found with cyanide near the disputed Second Thomas Shoal in the South China Sea. Laboratory tests confirmed the presence of the toxic substance in bottles seized by the Philippine navy last year. Security officials warned that the cyanide could have severe consequences for marine life and potentially weaken the reef that supports a warship Manila grounded on the atoll to reinforce its maritime claim. The use of cyanide is seen as a form of sabotage aimed at killing local fish populations and depriving navy personnel of a vital food source. Cornelio Valencia, spokesperson for the National Security Council, emphasized that the cyanide could damage the reef and compromise the stability of the warship. In response, China's Foreign Ministry dismissed the Philippines' assertions as a 'stunt,' accusing Manila of illegally harassing Chinese fishing boats and staging the incident. The incident is part of a broader maritime dispute between China and the Philippines, with China claiming nearly all of the South China Sea, including areas claimed by other nations. The dispute has led to several confrontations, including a violent incident on June 17, 2024, where a Filipino sailor lost a finger. The Philippines also accused Chinese coastguard ships of firing water cannons at Filipino fishermen in December 2025, injuring three people and damaging two fishing vessels. Despite these tensions, China and the Philippines held high-level talks last month to explore preliminary steps towards oil and gas cooperation and confidence-building measures at sea. However, the Philippine Foreign Ministry noted that the scope of coastguard cooperation would be limited and did not include joint patrols. The South China Sea is a critical waterway, with over $3 trillion in annual ship-borne commerce traveling through it. A 2016 ruling by an international arbitral tribunal found China's sweeping claims had no basis under international law, a decision China rejects.

Peter Magyar, once a staunch supporter of Prime Minister Viktor Orban, has shattered the latter’s 16‑year grip on power after his Tisza Party won a landslide victory in Sunday’s parliamentary election. With 97.35% of precincts counted, the centre‑right Tisza Party secured 138 of the 199 parliamentary seats and 53.6% of the popular vote. By contrast, Orban’s Christian‑nationalist Fidesz obtained 55 seats with 37.8% of the vote, according to official tallies. Addressing a crowd of tens of thousands along the Danube in Budapest, the 45‑year‑old victor declared, “Tonight, truth prevailed over lies,” adding that Hungarians had chosen to ask what they could do for their homeland rather than the reverse. Who is Peter Magyar? Born in Budapest in March 1981 to a family of lawyers, he is the great‑nephew of former President Ferenc Madl (2000‑2005). After earning a law degree from Pázmány Péter Catholic University in 2004, Magyar began a career in corporate law and joined Orban’s Fidesz while the party was still in opposition. He later served as a legal aide to Fidesz during the 2006 anti‑government protests, married future justice minister Judit Varga (they have three children), and held several senior posts after Fidesz returned to power in 2010, including a stint at Hungary’s Permanent Representation to the EU in Brussels and a board seat at state‑owned road operator Magyar Közút ZRT. Why did he break with Orban? A 2024 scandal involving a presidential pardon for a man linked to a children’s‑home abuse cover‑up implicated Varga, then justice minister, prompting public outrage and Novak’s resignation. Magyar seized the moment, publishing a Facebook post accusing the government of corruption and releasing a recording of a conversation with his ex‑wife that suggested interference in a corruption case. Policy analyst Gábor Győri of Policy Solutions described Magyar’s departure as a “gradual estrangement” that accelerated after Varga’s fall from power. The exposure boosted Magyar’s domestic popularity, positioning him as a fresh opposition figure amid widespread voter fatigue with Fidesz. In April 2024, Magyar joined the centre‑right Tisza Party, won a seat in the European Parliament, and now stands poised to become Hungary’s next prime minister. Political analyst Zsuzsanna Vegh (German Marshall Fund) noted that Magyar’s win “dispels the myth that Orban cannot be defeated,” emphasizing his ability to unite a diverse electorate through a moderate, policy‑focused campaign rather than a radical right‑wing challenge. Scandals surrounding Magyar have also surfaced. His former wife Varga accused him of domestic violence and of using a secret recording for political gain. Earlier in 2026, Magyar faced allegations of a sex‑related scandal and drug use after compromising photos emerged; he denied drug use, describing the episode as a “honey‑trap” orchestrated by a “classic Russia‑style compromising situation.” He further claimed that Fidesz targeted him personally to undermine his campaign. On policy, Magyar pledges to revive Hungary’s stagnant economy, reduce dependence on Russian energy by 2035, and restore pragmatic relations with both the EU and Moscow. He aims to unlock EU funds frozen over alleged rule‑of‑law breaches and has previously expressed caution about accelerating Ukraine’s EU accession. Observers caution that while Magyar’s election fuels hope among young Hungarians, the real test will be translating opposition momentum into effective governance. As Izabella Nagy, a Budapest professional, observes, “Rebuilding a democracy is far more gruelling than dismantling one,” underscoring the challenges ahead for the new administration.

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.

Jannik Sinner overcame Carlos Alcaraz in straight sets (7‑6(5), 6‑3) to capture the Monte Carlo Masters, marking his first clay‑court Masters title and restoring his position as the ATP world number one.The win represents Sinner’s fourth consecutive Masters 1000 triumph—following victories in Paris, Indian Wells and Miami—and his eighth Masters crown overall. By doing so, he joins Novak Djokovic as the only player to combine the “Sunshine Double” (Indian Wells and Miami) with a Monte Carlo title in the same season, a feat first achieved in 2015.Speaking after the match, Sinner praised the high level of play from both competitors and noted the challenging, windy conditions that persisted throughout the tournament. “Winning this trophy on clay means a lot, but the ranking is secondary,” he said, emphasizing his focus on performance over points.Alcaraz, the defending champion, acknowledged Sinner’s composure in crucial moments, admitting he missed several key opportunities. “It’s impressive what you are achieving right now… only one man in the Open Era has done the Sunshine Double and then Monte Carlo, and you are the second,” Alcaraz remarked, highlighting the rarity of Sinner’s accomplishment.The final was a showcase of the burgeoning “Sincaraz” rivalry, with both players trading early breaks before Sinner rallied from a 5‑6 deficit in the first set tiebreak. After securing the opening set, he dominated the second, serving flawlessly to close out the match.Beyond the personal milestone, Sinner’s victory reshapes the ATP hierarchy, ending Alcaraz’s reign at the top and reinforcing the Italian’s status as a dominant force on multiple surfaces. Analysts predict his momentum will influence the upcoming Grand Slam calendar, especially the French Open, where his clay‑court confidence will be a decisive factor.

President Donald Trump has signaled that the U.S. Navy will enforce a blockade of the Strait of Hormuz, targeting any vessel that has paid a toll to Iran. The announcement sent oil futures soaring past $100 per barrel on Monday, reviving fears of a deeper global energy crisis. U.S. Central Command later clarified that the operation would focus on ships entering or leaving Iranian ports, a narrower scope than the initial threat to shut the entire strait. Nonetheless, experts say the move would still choke a critical chokepoint in world oil supply. "Anything that removes oil from the market pushes prices higher, which in turn lifts gasoline costs," explained Trita Parsi, co‑founder of the Quincy Institute. He warned that if Iran’s allies, notably the Houthis in Yemen, retaliate by closing the Bab al‑Mandeb strait, oil could surge above $150 a barrel. Bab al‑Mandeb serves as an alternative route for Gulf oil to reach the Red Sea and Indian Ocean. Its closure would compound the disruption already caused by the Hormuz threat. Since the start of the U.S.–Israeli conflict on February 28, Iran has limited traffic through Hormuz, allowing only a handful of vetted ships. Windward estimates that about 3,200 vessels were stranded west of the strait as of Saturday. Former chief economist Anas Alhajji of NGP Energy Capital Management expects non‑Iranian carriers to avoid the strait regardless of U.S. assurances, citing rising insurance premiums and the risk of Iranian retaliation. "The Trump blockade of Iranian ports is effectively a blockade of the Hormuz Strait," he told Al Jazeera. The ripple effects extend beyond fuel. Higher oil and gas prices will lift the cost of chemicals, fertilizers and plastics feedstocks, analysts say. Cameron Johnson, senior partner at Tidalwave Solutions, predicts a rapid increase in raw‑material prices if the blockade persists into late April or early May. "The wild card is the timeframe," Johnson noted. "If it’s a short‑term negotiating tactic, the market may absorb it, but a prolonged blockade will spike global commodity prices." Supply‑chain experts warn of broader repercussions. Deborah Elms of the Hinrich Foundation highlighted that rising fabric costs and packaging shortages could strain food production and consumer goods later in the year. Industry observer Chad Norville of Rigzone said the mere threat erodes confidence in the strait’s stability, likely driving up insurance costs and reducing daily trade volumes. In sum, a U.S. blockade of Iranian ports would mark a stark reversal of recent policy, which had briefly eased sanctions to alleviate the energy crunch. The potential escalation underscores how geopolitical moves can quickly translate into higher energy bills and broader economic strain worldwide.

Liverpool FC is gearing up for a crucial Champions League showdown against Paris Saint-Germain, with manager Arne Slot expressing confidence in his team's ability to turn the tide in their favor. The Reds are facing a daunting task, having lost 2-0 in the first leg at Parc des Princes.Slot emphasized that his team must deliver a great performance to overcome the European champions, stating that while the task is complicated, it is not impossible. He drew on his team's past successes, highlighting that in 36 of their 50 home games under his management, Liverpool has scored two or more goals.The Liverpool head coach is instilling belief in his players, citing examples of their ability to perform at a high level, even against strong opponents. He noted that his team has shown resilience in the face of adversity, such as coming back from 4-0 down against Manchester City in the FA Cup.Dominik Szoboszlai, Liverpool's midfielder, echoed Slot's sentiments, urging his teammates to go 'all in' from the first minute to the final whistle to knock out PSG. Szoboszlai expressed his desire to secure a win, stating that anything can happen at Anfield in a one-off game.Meanwhile, PSG's manager, Luis Enrique, warned his players not to underestimate Liverpool, cautioning that there could be pitfalls and that the game can change quickly. He emphasized the importance of taking care of details and not allowing Liverpool to benefit from their home crowd and noise.

West Bromwich Albion has denied any wrongdoing regarding the EFL's financial rules, despite growing fears of a points deduction that could significantly impact their relegation battle in the Championship. The Daily Telegraph reported that the EFL's Club Financial Reporting Unit (CFRU) had filed a compliance report against West Brom, alleging a breach of the loss limits for the 2024-25 season under the profitability and sustainability rules (PSR). If a points penalty were imposed, it would affect West Brom in the current campaign, with the club currently sitting 20th in the Championship, just two points above the relegation zone. West Brom responded by stating, “The club considers that it has fully complied with the rules.” They emphasized their commitment to cooperating with the EFL and resolving the matter, while also thanking fans for their support. Under PSR rules, Championship clubs are required to keep losses under £39m over a three-year assessment period. Certain expenditures, such as investments in infrastructure, youth, and women’s football, are ‘added back’ in the PSR calculation. West Brom, having competed in the Championship last season, was required to submit their annual accounts for 2024-25 by December 31. The EFL has declined to comment on the matter, and decisions on sanctions by the Club Financial Reporting Panel (CFRP) are typically published after discussions between the club and the EFL remain confidential.