Search

Wall Street seems to have decided the recession risk is over. Can the Australian market do the same?

Hormuz is reopened.” Which means despite the IMF’s grim warnings, investors have “already decided that the risk of recession is receding”. [Sign up for the Breaking News Australia email](https://www.theguardian.com/email-newsletters?CMP=copyembed&CMP=emailbutton) Oliver

Jim Chalmers is putting a positive spin on the economy, but is the outlook for Australia grim?

Iran in late February. That recent strength accentuates the slowdown in the latest figures. After expanding by 0.9% in the December quarter, real GDP growth faltered to just 0.3% in the three months to March

EU faces ‘China shock’ as EV imports drive Beijing’s record surplus with bloc

Iran war with the “largest quarterly growth figures … since 2022”. Soapbox figures released last week showed that exports from the EU to China fell 16.2% in February, with pork shipments notably in decline. Although China

Katya Adler: Europe's Nato allies push back at reported US threat to Spain

impact, reared its Medusa-like head. Again. "No worries," Spain's determined-to-appear calm prime minister, Pedro Sanchez, said to waiting journalists as he arrived at the leaders' summit. "We are fulfilling our obligations

Iran hails ‘progress’ as first day of talks with US conclude after shaky start

Hormuz in protest at the [continued Israeli strikes on Lebanon](https://www.theguardian.com/world/2026/jun/20/israeli-strikes-southern-lebanon-reports-renewed-ceasefire) and that Trump was allowing Israel to breach the memorandum of understanding (MOU). The memorandum calls for a ceasefire on all fronts

Why the Iran war did not go according to US plans

closing the strait, but Trump rejected the general’s assessment and assumed Iran would surrender before reaching that point. On the ground, however, the Strait of Hormuz became a decisive factor in disrupting both economic

Trump declares US-Iran peace deal ‘all signed’ as G7 leaders battle to tie up loose ends

close links to Iran, fired missiles at northern Israeli towns during the first week of the war, suffering new casualties against an enemy that had been previously dismissed by officials as no longer posing

Hormuz effect? How US, China are ramping up tensions over the Panama Canal

close to the Gulf, claiming it was attempting to cross the Arabian Sea through the Strait of Hormuz and was heading towards the Iranian port of Bandar Abbas. ## Is all this the ‘new normal

Two weeks that pushed Trump to the edge. Is his presidency unravelling?

close to meeting the “actual malice” standard that public figures must clear in defamation. Trump has said he will refile the lawsuit. Meanwhile Trump suffered a setback on the global stage with the election result

Is Iran’s oil storage nearly full – and will it have to cut production?

Strait of Hormuz to other shipping. This is the primary motive behind Washington’s naval blockade of Iranian ports. Iran exported 1.84 million barrels per day (bpd) of crude oil in March and shipped

The UAE’s OPEC exit is not about oil; it is the end of Gulf solidarity

Strait of Hormuz partially closed, would limit the immediate price impact. Analysts pointed to the longstanding tension with the quotas imposed on Abu Dhabi National Oil Company’s (ADNOC) ambition to reach five million barrels

Jet fuel shortage: Why Iran war could ground flights in Europe

Iran. The strait is a vital water passageway through which one-fifth of the world’s oil and liquefied natural gas (LNG) supplies are shipped during peacetime. The collapse in supplies has driven a sharp

Oil prices tumble amid hopes strait of Hormuz will soon reopen

Hormuz could reopen shortly and bring a return of Gulf oil exports to the market. Trump said on Sunday that a deal was “now complete”, despite recent Israeli airstrikes on Beirut that had threatened

UK could face gaps on supermarket shelves by summer if Iran war continues

Hormuz](https://www.theguardian.com/world/strait-of-hormuz) does not reopen, disrupting supplies of the CO2 required by the food industry. Officials from government departments including No 10, the Treasury and the Ministry of Defence have run a planning

Neither US nor Iran can sustain strait of Hormuz standoff indefinitely

Hormuz and effectively halt all other shipping. More than 1,550 vessels remain trapped in the Gulf, while on Wednesday and Thursday no merchant ships transited the strait, according to S&P Global Market Intelligence

Republicans say they will defer to Trump on Iran war despite arrival of deadline

impact on gas prices. Still, most GOP lawmakers say they are supportive of Trump's wartime leadership, or are at least willing to give him more time amid the fragile ceasefire. Republican Sen. Kevin Cramer

Aviation industry looks skywards as leaders fly in for Rio summit

strait of Hormuz as the conflict between the US, Israel and Iran flickers on, but for now, airlines continue to defy dire warnings of impending shortages which had stoked fears of a [summer of chaos

Africa sees winners and losers as Iran war pushes up oil prices

Strait of Hormuz, along with attacks on regional energy infrastructure, has [reduced](/news/2026/4/28/oil-prices-rise-despite-irans-proposal-to-reopen-strait-of-hormuz) global oil production by 14.5 million barrels per day – equivalent to a 57 percent decline. ## Africa’s import dependence Despite being

Hegseth faces questions about Iran in first congressional appearance since war began

closing of the Strait of Hormuz, a vital shipping corridor for the world's oil, has sent fuel prices skyrocketing and posed problems for Republicans ahead of the midterm elections. The U.S. has imposed

'I don't want the children to see how worried we are': UK family finances hit by Iran war

closed to most traffic. - [Why the Strait of Hormuz matters so much in the Iran war](https://www.bbc.co.uk/news/articles/c78n6p09pzno) Although the UK gets very little of its gas from the region, the squeeze on supply