How high could oil prices go – and what might the global economic fallout be?

09/03/2026 18:35 The Guardian

Crude prices could surpass their 2008 record, with potentially dire effects for consumers and businessesFears over the global economy have been stoked by the oil price soaring past $100 a barrel as a result of the US-Israel war with Iran.Economists say the increasing likelihood of a prolonged conflict in the vital energy exporting region could have serious consequences for living standards around the world amid the threat of a renewed inflation shock. Continue reading...

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Middle East crisis live: Iranian missiles intercepted over Turkey and Qatar as Israel resumes strikes across Tehran and Beirut

Iran’s foreign minister says ‘Iran does not want to harm ordinary Americans’; Trump criticizes choice of Mojtaba Khamenei as next supreme leaderTell us: how have you been affected by the latest events in the Middle East?Donald Trump has said a decision on when to end the war with Iran will be...

09/03/2026 20:53 The Guardian

So Badenoch, Farage and Blair think the Iran war is a great idea? Hmm … | John Crace

Kemi may be all in favour, but at least economic realpolitik is forcing her to take a slightly different tackThere have been any number of opportunities for people to decide they wanted no part of America’s war with Iran. The first was after the US had launched its first wave of strikes. To be fai...

09/03/2026 20:02 The Guardian

Trump ally Lindsey Graham issues threat to Saudi Arabia over Iran war

Republican senator warns of ‘consequences’ if kingdom does not join US strikes against IraniansSign up for the Breaking News US email to get newsletter alerts in your inboxSenator Lindsey Graham on Monday questioned whether the United States should honor a long-sought defense agreement with Saud...

09/03/2026 20:01 The Guardian

HMS Dragon will head to Cyprus in next couple of days, says defence secretary

John Healey tells Commons crews working hard to prepare warship after criticism over slow response to drone attacksHMS Dragon will set sail in “the next couple of days”, the defence secretary has said, meaning the British destroyer may not arrive in the eastern Mediterranean until after the week...

09/03/2026 19:58 The Guardian

Ministers must act more quickly on deepfakes to protect women and girls, Kendall says

Exclusive: Technology secretary urges tech companies to do more to tackle online misogynyMinisters need to act more quickly to combat fast-changing threats from technology such as deepfakes, the technology secretary has said, as she warned about the risks women and girls face online.Liz Kendall said...

09/03/2026 19:56 The Guardian

Politics live: Tony Burke to give statement about Iranian footballers; EU to sign defence partnership with Australia

Home affairs minister in Queensland after dramatic night in which five female players were granted asylum. Follow updates liveGet our breaking news email, free app or daily news podcastSurging oil prices have raised the risk of the Reserve Bank hiking interest rates in a week’s time, economists ha...

09/03/2026 19:40 The Guardian

UK inflation likely to rise because of Middle East war, says Rachel Reeves

Chancellor says she is ready to help households with rising costs but stops short of setting out specific stepsMiddle East crisis – live updatesBritain is likely to be hit by rising inflation because of the US war with Iran, the chancellor has said, as she suggested a “rapid de-escalation” wou...

09/03/2026 19:31 The Guardian

Golf club firm owned by Trump’s sons merges with drone manufacturer

Merger to take drone firm public is latest business move by Eric Trump and Donald Trump Jr as father is in White HouseSign up for the Breaking News US email to get newsletter alerts in your inboxA golf club company backed by the sons of Donald Trump is merging with drone manufacturer Powerus in a de...

09/03/2026 18:42 The Guardian

Emmanuel Macron vows Europe will stand by Cyprus after Iran drone strike

French president says attack on island is ‘an attack on Europe’ as EU states send military supportMiddle East crisis – live updatesEmmanuel Macron has vowed that Europe will do whatever it takes to stand by Cyprus, the continent’s first state to be directly affected by the Iran war, after co...

09/03/2026 18:35 The Guardian

X suspends 800m accounts in one year amid ‘massive’ scale of manipulation attempts

Social media company tells MPs of continual fight against state-backed efforts, with Russia being most prolificElon Musk’s X said it had suspended 800m accounts over a 12-month period as it fights the “massive” scale of attempts to manipulate the platform.The social media company told MPs it w...

09/03/2026 18:34 The Guardian

US and Israel launch strikes across Iran as crowds celebrate new supreme leader

Mojtaba Khamenei’s supporters take to streets of Tehran on the same day Iran attacks targets in Israel and Gulf statesMiddle East crisis – live updatesUS and Israeli warplanes launched new waves of strikes on targets across Iran on Monday, as large crowds took to the streets in Tehran in a defia...

09/03/2026 18:25 The Guardian

California gas prices rise above $5 a gallon amid US war with Iran

West coast state’s average cost per gallon has climbed $0.55 since the conflict in Middle East began over a week agoMiddle East crisis – live updatesSign up for the Breaking News US newsletter emailThe war in Iran has caused a spike in gas prices that is hitting California consumers especially h...

09/03/2026 18:04 The Guardian

Seventh US service member killed in war with Iran identified

Benjamin N Pennington, 26, died from injuries sustained during an Iranian strike on an airbase in Saudi Arabia Sign up for the Breaking News US email to get newsletter alerts in your inboxThe Pentagon has identified the seventh US service member killed in the war with Iran as 26-year-old army Sgt Be...

09/03/2026 18:01 The Guardian

Ukraine sent drone experts to protect US bases in Jordan, says Zelenskyy

Interceptor drones and operators deployed to Middle East after ‘requests for help from 11 countries neighbouring Iran’Middle East crisis – live updatesUkraine’s president has said he dispatched interceptor drones and operators to protect US bases in Jordan last week, one of 11 countries that...

09/03/2026 17:14 The Guardian

G7 ready to take ‘necessary measures’ over economic impact of Iran war

Finance ministers monitoring situation but stop short of agreeing to release emergency oil reservesHow high could oil prices go – and what might the global economic fallout be?Iran war drives oil prices above $100 a barrelThe G7 said it was ready to take “necessary measures” to address the eco...

09/03/2026 16:48 The Guardian

Starmer warns of bigger impact on economy the longer Iran war continues - as it happened

The prime minister is facing pressure from unions and some backbenchers to prepare a support package as oil and gas prices threaten to push up inflationAs we mentioned in the opening post, the chancellor, Rachel Reeves, has a call with fellow G7 finance ministers this afternoon to discuss surging oi...

09/03/2026 15:53 The Guardian

Roman Abramovich ready to fight UK government over proceeds from £2.5bn Chelsea sale

Russian oligarch says money is his to allocate despite international sanctions imposed on his assetsThe Russian oligarch Roman Abramovich has stepped up his row with the British government over the £2.5bn proceeds of his sale of Chelsea FC, insisting that the money is his to allocate despite the in...

09/03/2026 15:23 The Guardian

Trump vows not to sign any new legislation until SAVE America act is passed – US politics live

President threatens that lawmakers must pass act ‘immediately’ as it ‘supersedes everything else’ in social media postSign up for the Breaking News US email to get newsletter alerts in your inboxMarco Rubio, the US secretary of state, honored the seven “incredibly brave Americans” who ha...

09/03/2026 15:00 The Guardian

Iran war drives oil prices above $100 a barrel for first time since 2022

Trump says rise in energy prices is ‘very small price to pay’ as conflict sparks fresh stock market sell-offBusiness live – latest updatesOil prices surged past $100 a barrel for the first time since 2022 as fallout from the US-Israel war with Iran continued to rattle global markets and leadin...

09/03/2026 14:18 The Guardian

Pete Hegseth says ‘there will be more casualties’ in US war with Iran

Comments from defense secretary come as number of US service members killed in conflict has climbed to sevenSign up for the Breaking News US email to get newsletter alerts in your inboxPete Hegseth, the US defense secretary, has said “there will be more casualties” in the US military from the Tr...

09/03/2026 13:33 The Guardian

‘A stage for whitewashing war crimes’: Venice Biennale urged to exclude Russia

Ukraine criticises organisers’ decision to allow Russia to take part in prestigious art exhibition as ‘incomprehensible’ Ukraine has urged organisers of the Venice Biennale to reconsider Russia’s participation in the prestigious art exhibition, arguing that it must not become “a stage for...

09/03/2026 13:31 The Guardian

Lengthy US-Iran war would affect ‘lives and households of everybody’, says Starmer

Ministers understood to be considering ways to mitigate rising energy bills as oil prices surpass $100 a barrelMiddle East crisis – live updatesUK politics live – latest updatesKeir Starmer has said that a long-term US-Iran war would affect the “lives and households of everybody”, as the hea...

09/03/2026 13:00 The Guardian

Ali Khamenei’s son Mojtaba chosen as Iran’s new supreme leader | First Thing

Move could lead to escalation of war as Donald Trump has already called Mojtaba Khamenei an ‘unacceptable’ choice. Plus, stormy space weather may be garbling messages from aliensDon’t already get First Thing in your inbox? Sign up hereGood morning.Mojtaba Khamenei, the second son of the late I...

09/03/2026 12:39 The Guardian

Small business owners doubt they’ll see refunds after supreme court invalidates Trump’s tariffs

Ruling could free $175bn, but legal hurdles and higher costs have left businesses questioning if claims are even worth itThe US supreme court recently struck down Donald Trump’s tariffs, opening the door to up to $175bn in refunds for businesses that paid the import taxes. However, the process for...

09/03/2026 12:00 The Guardian

UK interest rate cuts unlikely this year amid Iran war – and a rise could be ahead

Markets predict Bank of England will hold rates in 2026 as bond yields soar on forecasts of prolonged conflictIran war drives oil prices above $100 a barrelBusiness live – latest updatesUK interest rates are not expected to be cut this year and could even rise next summer, according to financial m...

09/03/2026 11:20 The Guardian

Countries can rewild borders to deter invasions, says EU environment chief

Jessika Roswall cites Poland and Finland, which have made border areas near Russia or its allies ‘more hostile’ to crossCountries should look to rewild their land borders as a deterrence to invasion and build up other geographical defences to attack, Europe’s environment chief has said.Jessika...

09/03/2026 11:17 The Guardian

How AI firm Anthropic wound up in the Pentagon’s crosshairs

Standoff with DoD over Claude chatbot reignites debate over how AI will be used in war – and who will be held accountableUntil recently, Anthropic was one of the quieter names in the artificial intelligence boom. Despite being valued at about $350bn, it rarely generated the flashy headlines or pub...

09/03/2026 11:00 The Guardian

Top US banks weigh suing federal regulator over crypto banking rules

Exclusive: Bank Policy Institute, representing lenders such as JP Morgan and Goldman Sachs, argues that new licenses could harm US consumers and financial systemSome of the largest US banks are considering suing their financial regulator, arguing that a new raft of licenses for crypto, payment and f...

09/03/2026 11:00 The Guardian

Ali Khamenei’s son Mojtaba chosen as Iran’s new supreme leader

Move could lead to escalation of war as Donald Trump has already called Mojtaba Khamenei an ‘unacceptable’ choiceMiddle East crisis - live updatesMojtaba Khamenei, the second son of the late Iranian supreme leader Ayatollah Ali Khamenei, has been chosen as his successor, as the war enters its 10...

09/03/2026 09:07 The Guardian

Australia would be signed up to Iran war ‘by deception and stealth’ if military support sent, Shoebridge says

Greens senator sounds warning as Labor expected to announce possible defence measures to protect Gulf countries within daysGet our breaking news email, free app or daily news podcastThe Greens say sending military support to Gulf countries would only serve Donald Trump’s interests in the growing I...

09/03/2026 08:06 The Guardian

BREAKING NEWS

09/03 21:02 - France Is Sending a Large Naval Force to the Middle East 09/03 20:58 - Dubai influencers gush city is 'safe' in near-identical videos 09/03 20:53 - Middle East crisis live: Iranian missiles intercepted over Turkey and Qatar as Israel resumes strikes across Tehran and Beirut 09/03 20:31 - Going for broke? Iran war spirals further after naming of Khamenei's son 09/03 20:23 - "There never was a plan" behind war in Iran, analyst says 09/03 20:21 - Stocks Rebound After Trump Says Iran War Is ‘Very Complete’ 09/03 20:09 - Putin says Russia can supply oil, gas to Europe as energy prices soar 09/03 20:09 - Putin says Russia can supply oil, gas to Europe as energy prices soar 09/03 20:06 - As Oil Prices Rise, Trump’s War With Iran Becomes a Worldwide Economic Hazard 09/03 20:05 - Why Israel’s war on Hezbollah keeps returning 09/03 20:05 - Why Israel’s war on Hezbollah keeps returning 09/03 20:02 - So Badenoch, Farage and Blair think the Iran war is a great idea? Hmm … | John Crace 09/03 20:01 - Trump ally Lindsey Graham issues threat to Saudi Arabia over Iran war 09/03 19:58 - HMS Dragon will head to Cyprus in next couple of days, says defence secretary 09/03 19:56 - Ministers must act more quickly on deepfakes to protect women and girls, Kendall says 09/03 19:50 - Erdogan warns Iran against 'provocative steps' after second missile intercepted 09/03 19:40 - Politics live: Tony Burke to give statement about Iranian footballers; EU to sign defence partnership with Australia 09/03 19:35 - Putin and Trump hold phone call – Kremlin aide 09/03 19:32 - Bahrain says Iranian drone attack damages water desalination plant 09/03 19:31 - UK inflation likely to rise because of Middle East war, says Rachel Reeves 09/03 19:24 - Explosions heard across Doha, sirens sound in Bahrain as Iran strikes Gulf neighbours 09/03 19:23 - EU reveals total spent on Ukraine 09/03 19:18 - What is Trump’s endgame in Iran as the US-Israel war escalates? 09/03 19:18 - What is Trump’s endgame in Iran as the US-Israel war escalates? 09/03 19:16 - ‘The Old Game Is Back’: Oil Is a Potent Geopolitical Tool Again 09/03 19:08 - Macron says France, allies preparing 'defensive' mission to reopen Strait of Hormuz 09/03 18:49 - RAF jets have taken out two more drones, says Healey 09/03 18:42 - Golf club firm owned by Trump’s sons merges with drone manufacturer 09/03 18:35 - How high could oil prices go – and what might the global economic fallout be? 09/03 18:35 - Emmanuel Macron vows Europe will stand by Cyprus after Iran drone strike 09/03 18:34 - X suspends 800m accounts in one year amid ‘massive’ scale of manipulation attempts 09/03 18:25 - US and Israel launch strikes across Iran as crowds celebrate new supreme leader 09/03 18:04 - California gas prices rise above $5 a gallon amid US war with Iran 09/03 18:01 - Seventh US service member killed in war with Iran identified 09/03 17:58 - How the Iran war is affecting Africa 09/03 17:58 - How the Iran war is affecting Africa 09/03 17:54 - News24 | Iran war sends oil price soaring as Khamenei son takes charge 09/03 17:26 - More Strong Storms Expected After Deadly Midwest Tornadoes 09/03 17:14 - Ukraine sent drone experts to protect US bases in Jordan, says Zelenskyy 09/03 17:04 - Hip-Hop Icons Tell Justices That Texas Turned Rap Lyrics Into a Death Warrant 09/03 17:00 - 'We will have to go back to a negotiating table': IAEA chief Grossi on Iran's nuclear capabilities 09/03 16:50 - Europe showing it is 'prepared but does not want to be dragged into a war it wasn't consulted on' 09/03 16:48 - G7 ready to take ‘necessary measures’ over economic impact of Iran war 09/03 16:45 - France preparing to escort ships in Strait of Hormuz when war calms: Macron 09/03 16:45 - France preparing to escort ships in Strait of Hormuz when war calms: Macron 09/03 16:43 - "A Real Piece Of Sh*t": The Entire Internet — Including Gavin Newsom — Is LIVID With Trump After He Was Spotted Golfing Amid The Iran War 09/03 16:29 - Ukraine Helps U.S. Bases in the Mideast With Stopping Drones 09/03 16:12 - Macron announces ‘purely defensive’ mission to reopen Strait of Hormuz 09/03 16:09 - In maps: Ten days of strikes across the Middle East 09/03 15:57 - The Iran war has triggered a puzzling market trend 09/03 15:53 - Starmer warns of bigger impact on economy the longer Iran war continues - as it happened 09/03 15:32 - EU chief avoids condemning US-Israeli war on Iran 09/03 15:28 - What defence support could Ukraine offer Middle East states amid Iran war? 09/03 15:28 - What defence support could Ukraine offer Middle East states amid Iran war? 09/03 15:27 - PM warns of impact of Iran conflict on UK economy 09/03 15:23 - Oil prices surge amid Middle East conflict for first time since 2022 09/03 15:23 - Roman Abramovich ready to fight UK government over proceeds from £2.5bn Chelsea sale 09/03 15:18 - Iran’s authorities showcase continuity as they back new leader during war 09/03 15:18 - Iran’s authorities showcase continuity as they back new leader during war 09/03 15:06 - Amid the Iran War, the U.S. Must Cut Its Exposure to Oil Price Spikes 09/03 15:00 - Trump vows not to sign any new legislation until SAVE America act is passed – US politics live 09/03 14:49 - Khamenei replaces Khamenei: Iran defies Trump, signals continuity 09/03 14:48 - Iran rallies around new leader after 10 days of war as oil prices spike 09/03 14:47 - US and Gulf states turn to Ukraine to counter Iranian drone attacks 09/03 14:45 - Children in Lebanon 'paying the highest price' amid conflict in Middle East: UNICEF 09/03 14:21 - How the Iran war may affect your bills and finances 09/03 14:18 - Iran war drives oil prices above $100 a barrel for first time since 2022 09/03 13:56 - News24 | ‘A warning has been issued’: Iran threatens property confiscation for US, Israel support 09/03 13:54 - G7 leaders to discuss release of strategic oil reserves as crisis looms 09/03 13:36 - Gaza food crisis worsens due to Iran war and border closures 09/03 13:36 - Gaza food crisis worsens due to Iran war and border closures 09/03 13:36 - How US-Israel war on Iran deepens Gaza crisis 09/03 13:36 - How US-Israel war on Iran deepens Gaza crisis 09/03 13:35 - Call off King's US visit over Iran, urge Lib Dems 09/03 13:33 - Pete Hegseth says ‘there will be more casualties’ in US war with Iran 09/03 13:31 - ‘A stage for whitewashing war crimes’: Venice Biennale urged to exclude Russia 09/03 13:15 - Oil Prices Spike Over $110 a Barrel, Highest Since Pandemic 09/03 13:04 - The War’s Effect on the Supermarket 09/03 13:03 - Is the Iran war really costing the US $2bn per day? 09/03 13:03 - Is the Iran war really costing the US $2bn per day? 09/03 13:00 - Lengthy US-Iran war would affect ‘lives and households of everybody’, says Starmer 09/03 12:55 - Bangladesh closes universities due to Iran war energy crisis 09/03 12:55 - Bangladesh closes universities due to Iran war energy crisis 09/03 12:53 - Six ways the Iran war could affect you - in charts 09/03 12:39 - Ali Khamenei’s son Mojtaba chosen as Iran’s new supreme leader | First Thing 09/03 12:31 - Europe rallies around Cyprus after Iranian strikes 09/03 12:30 - Watch: Why the Iran war is pushing up oil prices 09/03 12:27 - Macron announces future ‘defensive’ mission to reopen the Strait of Hormuz 09/03 12:20 - Iran names Khamenei's son as new supreme leader 09/03 12:00 - Small business owners doubt they’ll see refunds after supreme court invalidates Trump’s tariffs 09/03 11:58 - US-Israel war on Iran: A brief history of mission creep and false promises 09/03 11:58 - US-Israel war on Iran: A brief history of mission creep and false promises 09/03 11:49 - Europe becoming arms powerhouse despite increased imports, says SIPRI 09/03 11:49 - Europe becoming arms powerhouse despite increased imports, says SIPRI 09/03 11:20 - UK interest rate cuts unlikely this year amid Iran war – and a rise could be ahead 09/03 11:17 - Countries can rewild borders to deter invasions, says EU environment chief 09/03 11:00 - How AI firm Anthropic wound up in the Pentagon’s crosshairs 09/03 11:00 - Top US banks weigh suing federal regulator over crypto banking rules 09/03 10:23 - Khamenei son nomination met with mixed reactions 09/03 10:19 - The 'shadow prince': Mojtaba Khamenei succeeds father as Iran's new Supreme Leader