The oil crisis fuelled by Russia’s war is evaporating – and so are the profits

25/01/2025 15:00 The Guardian

Results from Shell and Exxon this week will be weaker – and Trump’s desire to drill may result in oversupplyAlmost three years ago, Russia’s invasion of Ukraine wiped out Europe’s largest source of gas and shocked global energy markets, setting the stage for quarter after quarter of better-than-expected earnings for the fossil fuel producers ready to profit from the volatility. Now those returns are beginning to cool.But as markets have reduced to a simmer, oil executives have warned that profits are also going off the boil. A glut of new oil and gas projects, stoked by a pro-fossil-fuel agenda from the White House, could mean weaker markets in the future too. Continue reading...

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Starmer says ‘every lever’ will be explored to ease rising costs of living from Iran conflict

PM will chair Cobra meeting with key ministers and Bank of England on Monday, as experts warn of economic shockUK politics live – latest updatesMiddle East crisis – live updatesKeir Starmer has promised to look at using “every lever that’s available to the government” to help people cope w...

23/03/2026 14:13 The Guardian

No 10 refuses to comment on Trump posting TV sketch mocking Starmer on social media – UK politics live

Spokesperson said PM is ‘entirely focussed on the job’ when asked about the US president posting a clip from Saturday Night Live UK Matthew Pennycook, the housing minister, was speaking for the government on the morning news programmes earlier. Speaking to LBC, he confirmed that the government w...

23/03/2026 14:12 The Guardian

Orbán orders probe into ‘wiretapping’ of his foreign minister amid claims of Russia links – Europe live

Hungarian PM orders investigation after allegations that his foreign minister was leaking confidential EU talks to RussiaMeanwhile, Hungarian prime minister Viktor Orbán attempted to get on the front foot after allegations that his foreign minister Péter Szijjártó was leaking confidential EU tal...

23/03/2026 14:12 The Guardian

Middle East crisis live: Trump postpones military strikes on Iranian power plants for a five day period

US president says move comes following ‘productive conversations’, but Iran says he is trying to ‘buy time’ Iran vows to destroy Middle East water and energy facilities if US attacks power plantsBritish prime minister Keir Starmer is set to chair an emergency meeting on the economic fallout...

23/03/2026 14:05 The Guardian

UK mortgage interest rates expected to rise despite Trump’s Iran pause

Bank of England likely to make two quarter-point increases amid sustained rise in inflation, investors believeBusiness live – latest updates‘Trumpflation’: how the Iran war’s economic storm could affect BritonsHomeowners’ choice of mortgage deals has shrunk and interest rates on home loans...

23/03/2026 13:48 The Guardian

World’s broadcasters urge EU to tighten rules for big tech in smart TV battle

Google, Amazon, Apple and Samsung control operating systems, allowing them to act as gatekeepers, letter claimsBusiness live – latest updatesThe world’s largest broadcasters have pushed for the EU to enforce its toughest regulations against virtual TVs and smart assistants built by Google, Amazo...

23/03/2026 13:31 The Guardian

Trump extends Iran deadline by five days and claims ‘productive’ talks

President delays threat against energy infrastructure after Iran’s threats of retaliation, while Tehran denies any talksMiddle East crisis – live updatesDonald Trump has extended by five days his deadline to “hit and obliterate” Iran’s power stations and energy infrastructure if Tehran doe...

23/03/2026 13:11 The Guardian

New York’s LaGuardia airport closed after plane collision with fire truck kills two pilots – latest updates

About 40 people taken to hospital after Air Canada Express crash, some with serious injuries Pilot and co-pilot killed after Air Canada jet collision at LaGuardia New YorkSign up for the Breaking News US email Atlanta airport authorities have warned long lines continue on Monday morning as TSA staff...

23/03/2026 12:57 The Guardian

Stock markets swing and oil prices fall after Trump postpones strikes on Iran power plants

European shares start to rise after US president says talks have been ‘very good and productive’Business live – latest updatesMiddle East crisis – live updatesGlobal stock markets swung wildly and oil prices fell on Monday after Donald Trump postponed US attacks on Iranian power plants for f...

23/03/2026 12:22 The Guardian

Air Canada plane collides with ground vehicle at New York’s LaGuardia airport, halting all flights

The regulator has issued a ground stop for all planes and New York’s emergency management authority warned people to expect cancellations and delaysNew York’s LaGuardia airport was closed to flights early on Monday after an Air Canada flight and Port Authority vehicle collided.The New York polic...

23/03/2026 06:53 The Guardian

Monday briefing: What a new Guardian podcast reveals about the US justice system

In today’s newsletter: Off Duty revisits the conviction of Alexander Villa, raising troubling questions about how it was builtGood morning. On the evening of 29 December 2011, Clifton Lewis – an off-duty Chicago police officer working as a security guard at a minimart on the city’s west side ...

23/03/2026 06:50 The Guardian

SA premier warns One Nation poses threat to federal Labor as Marles says party only ‘about stunts and the vibe’

Federal Coalition tells Pauline Hanson’s party to expect more policy scrutiny after historic result in South Australia electionGet our breaking news email, free app or daily news podcastThe Albanese government has sharpened its attacks on One Nation as a party of “stunts and the vibe” after th...

23/03/2026 06:34 The Guardian

Crossbench MPs pressure Labor over gas export tax – as it happened

This blog is now closedHundreds of petrol stations across Australia run out of fuel as Albanese inks supply deal with SingaporeSA premier warns One Nation poses threat to federal Labor as Marles says party only ‘about stunts and the vibe’Get our breaking news email, free app or daily news podcas...

23/03/2026 06:20 The Guardian

Iran war energy crisis equal to 70s twin oil shocks and fallout from Ukraine war, says IEA chief

Fatih Birol says effect on energy markets of Iran bombings and closure of Hormuz strait not initially understood by world leadersMiddle East crisis live – latest updatesThe global energy crisis caused by the war in Iran is equivalent to the combined force of the twin oil shocks of the 1970s and th...

23/03/2026 05:04 The Guardian

HS2 firm says new steel tariffs will ‘exacerbate’ cost pressures for UK construction industry

Doubling tariffs on imported steel will raise cost of the metal when Iran war is already inflating steel and concrete pricesOne of HS2’s biggest contractors has warned the government that raising tariffs on foreign steel imports will “exacerbate” cost pressures for the UK construction industry...

23/03/2026 05:00 The Guardian

US warns Americans worldwide to show ‘increased caution’ – as it happened

This blog is closed. Follow our new liveblog hereIran vows to destroy Middle East water and energy facilities if US attacks power plantsSeveral blasts could be heard from Jerusalem on Sunday, AFP journalists said, after the Israeli military warned of incoming missile fire from Iran towards central I...

23/03/2026 03:11 The Guardian

Starmer adviser urges ministers to look at profits cap for energy and petrol firms

PM’s ‘cost of living champion’ calls for consideration of temporary measure to prevent profiteering from Iran war The government’s top cost of living adviser has called on ministers to explore a temporary cap on the profits of energy and petrol companies to prevent them from cashing in exces...

23/03/2026 00:02 The Guardian

Thousands of care leavers in England ‘locked out’ of work as firms slow to adapt

Survey suggests companies willing to hire care-experienced young people but few have changed recruitment processesThousands of young people leaving care in England are being left “locked out” of work by employers who say they are open to hiring but make few changes to adapt, a charity has warned...

23/03/2026 00:01 The Guardian

Iran vows to destroy Middle East water and energy facilities if US attacks power plants

Tehran’s response to Trump’s threat signals a potentially dangerous escalation as both sides menace sites relied on by millionsMiddle East crisis live – latest updatesTehran has said it will “irreversibly destroy” essential infrastructure across the Middle East, including vital water syste...

22/03/2026 23:35 The Guardian

Slovenia goes to polls in election marked by claims of anti-Romany rhetoric

Centre-left Robert Golob and rightwing populist Janez Janša are frontrunners in contest after polarised campaignCampaigners in Slovenia warned of a surge in anti-Romany rhetoric as the country headed to the polls on Sunday, leaving many bracing for the outcome of a vote that has become, in part, a...

22/03/2026 22:26 The Guardian

Moma brand recalls porridge products over possible mice contamination

Customers told not to eat affected pot and sachet products and to return them to place of purchase for refundSeveral porridge products in the UK have been recalled over a possible mice contamination at their manufacturing site.The British porridge and oat drink brand Moma issued a warning for seven...

22/03/2026 18:53 The Guardian

British-Iranians in UK report safety concerns to authorities amid Iran war

Accusations of intimidation and harassment within UK diaspora including ‘aggressive’ and ‘coercive’ videos onlineIranians living in the UK have expressed safety concerns to authorities amid heightened tensions linked to the conflict with the US and Israel.Online videos of individuals alleged...

22/03/2026 18:00 The Guardian

Firefighting departments close in some US states amid lack of volunteers

About 65% of US firefighters are volunteers, as New York state says number has fallen to lowest level in 40 yearsOfficials have warned of serious consequences after the number of volunteer firefighters, the bedrock of firefighting in the US, plunged, leading to entire departments closing in some sta...

22/03/2026 15:00 The Guardian

‘Nobody else is responsible’: Trump to blame for Iran crisis, ex-CIA chief says

Leon Panetta calls president ‘naive’ over strait of Hormuz closure and says ‘the chickens are coming home to roost’Donald Trump is stuck between “a rock and a hard place” after three weeks of war in Iran and “sending a message of weakness” to the world, Leon Panetta, a former US defe...

22/03/2026 11:00 The Guardian

Iran not believed to have capability or intent to bomb Britain, says UK minister

Steve Reed says ‘UK is not going to be dragged into this war’ after Israeli warnings that Iranian missiles could hit EuropeMiddle East crisis live – latest updatesIran is not believed to have the capability or intent to hit the UK with its missiles, a cabinet minister has said, after Tehran ai...

22/03/2026 10:42 The Guardian

MPs threaten fresh inquiry into carers allowance scandal amid redress delays

Unpaid carers say they remain ‘in limbo’ as DWP continues to pursue discredited repayment billsMPs have threatened to launch a fresh inquiry into the handling of the carers allowance scandal after unpaid carers spoke of being “stuck in limbo” by the government’s response.The warning came a...

22/03/2026 07:00 The Guardian

Iran social media strategy pivots to information war amid US-Israel attack

Cyber experts say influence operations in ‘asymmetric’ campaign to intensify moral pressure on US and IsraelMiddle East crisis live – latest updatesIran has radically overhauled its social media strategy in an all-out information war launched by the country’s Islamic rulers in response to US...

22/03/2026 06:00 The Guardian

‘The stakes are enormous’: how a prolonged Iran war could shock the global economy

Donald Trump’s ‘little excursion’ is likely to have long-term effects, from oil prices to inflation to growth, say expertsIn the days after the US and Israel first bombed Iran, financial markets bet the economic fallout from Donald Trump’s “little excursion” in the Middle East would be s...

22/03/2026 06:00 The Guardian

Projectile strikes vessel off coast of UAE - as it happened

This blog is now closedCircling back now to Diego Garcia, Iran fired two intermediate-range ballistic missiles at the joint US-UK military base in the Indian Ocean – but neither of them hit, according to news reports citing US officials.The Wall Street Journal said one of the missiles failed in fl...

22/03/2026 03:17 The Guardian

Six fuel ships bound for Australia cancelled as Bowen concedes ‘flow of oil to Asian refineries has slowed’

Energy minister says war on Iran creating ‘uncertain environment’ but insists government doing ‘all the preparatory work’Follow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastSix oil ships bound for Australia have been cancelled in r...

22/03/2026 02:22 The Guardian

BREAKING NEWS

23/03 14:19 - Oil falls and shares rebound after Trump says talks have been held to end war 23/03 14:19 - Jewish charity ambulances set ablaze in London in suspected hate crime 23/03 14:13 - Starmer says ‘every lever’ will be explored to ease rising costs of living from Iran conflict 23/03 14:12 - Oil Prices Tumble and Stocks Rise as Trump Backs Off Threats to Iran Infrastructure 23/03 14:12 - No 10 refuses to comment on Trump posting TV sketch mocking Starmer on social media – UK politics live 23/03 14:12 - Orbán orders probe into ‘wiretapping’ of his foreign minister amid claims of Russia links – Europe live 23/03 14:05 - Middle East crisis live: Trump postpones military strikes on Iranian power plants for a five day period 23/03 13:55 - Trump says U.S. is postponing some strikes as it negotiates end to war with Iran 23/03 13:51 - Markets Rally as Trump’s Iran Deadline Is Deferred 23/03 13:48 - UK mortgage interest rates expected to rise despite Trump’s Iran pause 23/03 13:31 - World’s broadcasters urge EU to tighten rules for big tech in smart TV battle 23/03 13:27 - News24 | Switzerland blocks weapons exports to US over Iran war 23/03 13:11 - Trump extends Iran deadline by five days and claims ‘productive’ talks 23/03 13:00 - ‘False flag attack’: Iran denies claims it fired missiles at Diego Garcia 23/03 13:00 - ‘False flag attack’: Iran denies claims it fired missiles at Diego Garcia 23/03 12:57 - New York’s LaGuardia airport closed after plane collision with fire truck kills two pilots – latest updates 23/03 12:50 - US-Israeli war on Iran strains food, water and fuel prices in India 23/03 12:50 - US-Israeli war on Iran strains food, water and fuel prices in India 23/03 12:46 - ‘NATO joining US-Israel’s war on Iran is between slim and none’ 23/03 12:46 - ‘NATO joining US-Israel’s war on Iran is between slim and none’ 23/03 12:22 - Stock markets swing and oil prices fall after Trump postpones strikes on Iran power plants 23/03 12:03 - BBC accused by own staff of ‘misleading’ Gaza coverage 23/03 11:42 - Trump shares SNL skit mocking Starmer as he speaks to UK PM over Iran war 23/03 11:42 - Trump shares SNL skit mocking Starmer as he speaks to UK PM over Iran war 23/03 11:27 - Trump calls off strikes on Iranian energy 23/03 11:17 - 'Every indicator is flashing red,' says UN as it warns of record 'climate imbalance' 23/03 11:10 - Iraq pulled into Iran war as US targets Iran-aligned groups 23/03 11:10 - Iraq pulled into Iran war as US targets Iran-aligned groups 23/03 11:10 - Threats over Iran war bare Trump efforts to transform free speech: Experts 23/03 11:10 - Threats over Iran war bare Trump efforts to transform free speech: Experts 23/03 10:33 - Global economy under 'major' threat as Middle East war carries on 23/03 10:07 - Iranians Fear Trump’s Threat to Strike Power Plants 23/03 10:02 - Israel vows retaliation after most destructive Iranian attack since war started 23/03 09:59 - Sidelined by War With Iran, Gaza Residents Remain in Limbo 23/03 09:34 - A Choice of Deadly Drones Is Only a Few Clicks Away for Ukrainian Troops 23/03 09:21 - Israel’s displacement of civilians in Lebanon is a possible war crime 23/03 09:21 - Israel’s displacement of civilians in Lebanon is a possible war crime 23/03 09:02 - Energy Attacks in War on Iran Could Turn Economic Shock Into Long-Term Damage 23/03 09:00 - At least one winner emerges from Iran war: U.S. natural gas exporters 23/03 08:27 - ‘Pentagon requesting $200bn signals that war will stretch a long time’ 23/03 08:27 - ‘Pentagon requesting $200bn signals that war will stretch a long time’ 23/03 08:09 - China ‘is playing the long game’ in Iran war by staying neutral 23/03 08:09 - China ‘is playing the long game’ in Iran war by staying neutral 23/03 08:07 - Iran war: What’s happening on day 24 of US-Israel attacks? 23/03 08:07 - Iran war: What’s happening on day 24 of US-Israel attacks? 23/03 07:39 - IEA chief warns of ‘very severe’ global energy crisis 23/03 07:39 - IEA chief warns of ‘very severe’ global energy crisis 23/03 07:07 - World in energy crisis worse than 1970s’ oil shocks combined, IEA head says 23/03 07:07 - World in energy crisis worse than 1970s’ oil shocks combined, IEA head says 23/03 06:53 - Air Canada plane collides with ground vehicle at New York’s LaGuardia airport, halting all flights 23/03 06:50 - Monday briefing: What a new Guardian podcast reveals about the US justice system 23/03 06:34 - SA premier warns One Nation poses threat to federal Labor as Marles says party only ‘about stunts and the vibe’ 23/03 06:31 - I Dug Through The History Archives To Help Debunk 13 Historical Myths That Have Been In Circulation For Way Too Long 23/03 06:20 - Crossbench MPs pressure Labor over gas export tax – as it happened 23/03 05:04 - Iran war energy crisis equal to 70s twin oil shocks and fallout from Ukraine war, says IEA chief 23/03 05:00 - HS2 firm says new steel tariffs will ‘exacerbate’ cost pressures for UK construction industry 23/03 05:00 - News24 | Iran rejects Trump deadline on Hormuz, threatens to strike ‘all energy infrastructure’ 23/03 04:14 - Earth hit record heat levels in 2025 as UN says warming will last thousands of years 23/03 04:06 - UN warns Earth's climate being 'pushed beyond its limits' as El Niño looms 23/03 03:13 - News24 | Nigerian president warns of terrorism threat during historic UK state visit 23/03 03:13 - News24 | Iran hits Saudi Arabia, Kuwait, Qatar oil zones as war with Israel and US escalates 23/03 03:11 - US warns Americans worldwide to show ‘increased caution’ – as it happened 23/03 01:52 - Middle East war live: Trump delays strikes on Iranian power plants amid 'productive' talks 23/03 01:48 - Tehran has responded to attacks with speed and strategy - Iranians are bracing for a long war 23/03 01:17 - The Papers: 'Trump raises stakes' and 'Tend it like Beckham' 23/03 00:02 - Starmer adviser urges ministers to look at profits cap for energy and petrol firms 23/03 00:01 - Thousands of care leavers in England ‘locked out’ of work as firms slow to adapt 23/03 00:00 - Iran war live: Trump halts US attacks on Iran’s energy sites for five days 23/03 00:00 - Iran war live: Trump halts US attacks on Iran’s energy sites for five days 22/03 23:35 - Iran vows to destroy Middle East water and energy facilities if US attacks power plants 22/03 23:13 - Israel Thought It Could Spur Rebellion Inside Iran. That Hasn’t Happened. 22/03 22:36 - Gas Prices Have Risen More Than 30% in Some States in Weeks Since Iran War Began 22/03 22:26 - Slovenia goes to polls in election marked by claims of anti-Romany rhetoric 22/03 21:41 - Trump threats, U.S. troop build-up raise specter of battle for Hormuz 22/03 21:15 - Why did US and Israel attack Iran and how long could the war last? 22/03 19:37 - Strait of Hormuz: Trump’s ultimatum to Iran 22/03 19:05 - Kenyans fighting illegally for Russia in Ukraine to be granted amnesty 22/03 18:53 - Moma brand recalls porridge products over possible mice contamination 22/03 18:48 - Lebanon’s Aoun warns Israeli attack on bridge ‘prelude to ground invasion’ 22/03 18:48 - Lebanon’s Aoun warns Israeli attack on bridge ‘prelude to ground invasion’ 22/03 18:05 - In Odesa, Dressing Up Is Living 22/03 18:00 - British-Iranians in UK report safety concerns to authorities amid Iran war 22/03 17:51 - Joe Kent says he wants Trump to hear MAGA opposition to Iran war 22/03 17:42 - Ukraine’s Zelenskyy urges allies to pressure Russia ahead of US talks 22/03 17:42 - Ukraine’s Zelenskyy urges allies to pressure Russia ahead of US talks 22/03 17:31 - Western Europe wrestles with its Daddy issues 22/03 16:50 - Trump threat to hit Iran power plants could violate Geneva Conventions 22/03 16:13 - The Gaza Tribunal: A question of complicity 22/03 16:13 - The Gaza Tribunal: A question of complicity 22/03 15:52 - Fearing Chaos of Climate Change, Some Seek Answers in Virtual Classroom 22/03 15:47 - Attack on a Sudan Hospital Kills Dozens, Head of W.H.O. Says 22/03 15:25 - Iranian authorities taunt US, Israel, EU amid strikes and assassinations 22/03 15:25 - Iranian authorities taunt US, Israel, EU amid strikes and assassinations 22/03 15:14 - Italy holds high-stakes referendum on judiciary reform 22/03 15:00 - Firefighting departments close in some US states amid lack of volunteers 22/03 14:51 - Trump’s changing messages on Iran war: What does it say about US strategy? 22/03 14:51 - Trump’s changing messages on Iran war: What does it say about US strategy? 22/03 14:34 - Kremlin denies it said ‘f**k you’ to France 22/03 14:32 - Nabatieh under fire: Life inside a war zone in southern Lebanon 22/03 14:26 - Trump Is Finally Eyeing an Exit From Iran. But Will He Take It?