United States gas prices may not fall below US$3 per gallon again until 2027, Energy Secretary Chris Wright said, as the Iran war continues to disrupt oil shipping. The national average gas price is $4.048 per gallon today, per AAA, up from $2.90 at the beginning of February. The Strait of Hormuz, where about one-fifth of global oil shipments would usually transit, remains closed amid both Iran
United States President Donald Trump said the fall in the “special relationship” between the U.S. and the United Kingdom is “sad” ahead of the King’s visit to Washington. Last year, Britain was the first country to sign a trade pact deal with the U.S. in May, leading to a strong relationship between the White House and the UK, despite leaders being on different sides of the political spectrum.
Iran has rejected plans for a renewed round of peace talks with the United States, according to state media, casting doubt over diplomatic efforts to resolve escalating tensions in the Middle East. The development came hours after United States President Donald Trump said American negotiators would travel to Pakistan to resume discussions with Iranian counterparts following an inconclusive firs
Australia and Japan have signed contracts to deliver the first three of a new slate of Australian warships, part of a multibillion-dollar defence deal. Mitsubishi Heavy Industries will provide three Mogami class frigates to Australia from 2029, the countries agreed on Saturday. “Today we are announcing that contracts have now been signed for the provision of the upgraded Mogami class frigate
National Australia Bank has projected A$706 million in credit impairment charges for the first half of fiscal 2026 as the Iran war pressures financial markets, with shares falling by 3.5%. This is a $300 million increase from the bank's prior forecast. Its impairment charge in the previous half year was $485 million. “In light of the volatility in markets following the conflict in the Middle
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Sales of fully electric cars in key European markets surged in the first quarter of 2026, as drivers scramble for alternatives amid rising petrol prices caused by the war in Iran. New battery-electric vehicle (BEV) registrations, a proxy for sales, increased 29.4% year-over-year to nearly 560,000 in the quarter and rose 51.3% to over 240,000 in March across 15 European markets, according to dat
Global leaders impacted by the war in the Middle East discovered they had little power to mitigate the economic damages of the war and instead will have to count on the United States leadership to resolve the crisis. During the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, participants swung from pessimism over the current economic outlook due to rising energy
Canadian Prime Minister Mark Carney said the country's ties to the United States have become a “weakness” that must be corrected. This comes as Canada’s auto, steel and lumber industries remain under threat due to U.S. President Donald Trump’s tariffs. "The U.S. has fundamentally changed its approach to trade, raising its tariffs to levels last seen during the Great Depression," Carney said
Precious metals are turning defensive as the greenback flexes its hawkish muscles, while base metals are grappling with a margin squeeze driven by a record-setting sulphur rally.GoldThe yellow metal is navigating a structural recalibration as investors debate whether gold ETF outflows are misleading the broader market narrative. Macro strategists argue that the next parabolic surge for bullion
Iran has said it has closed the Strait of Hormuz again in response to the United States’ blockade of its ports, shortly after saying it had reopened the waterway. The strait will be closed unless the U.S. permits full freedom of navigation for ships going to and from Iran, Iran said. The U.S. blockade began last week after peace negotiations collapsed, though the countries’ two-week ceasefire o
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