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How frustration at Cop stalemates inspires first global talks on phasing out fossil fuels

impact of the oil crisis? War in Iran and the closure of the strait of Hormuz

Rachel Reeves considering rent freeze to limit Iran war fallout

impact of much higher inflation triggered by the Iran war and the closure of the strait of Hormuz

Oil prices soar on fears of long supply disruption, US siege of Iran ports

impact on the market because the UAE’s exports, like those of all its neighbouring countries, are currently constrained by Iran’s control of the Strait of Hormuz. Although the UAE’s exit from OPEC

Oil prices rise again with little sign of war on Iran ending

Hormuz as a result of its “treacherous aggression” against its neighbours. ## ‘Vital artery’ One-fifth of the world’s supplies of oil and liquefied natural gas (LNG) are shipped through the strait, which connects Gulf

Australia news live: Albanese and Sultan of Brunei pledge energy cooperation; antisemitism royal commission to hold first public hearings in May

impact of this global action. But we’re not immune from it. **Penny Wong: ‘Global supply pressures will continue for some time’** The foreign minister, **Penny Wong**, also briefed reporters on her first visit

Bank of England leaves interest rates on hold at 3.75%

impact of the Iran war. The Bank’s rate-setting monetary policy committee (MPC) voted to leave borrowing costs on hold at noon on Thursday, after its latest rate-setting meeting. The vote

Feeling gloomy about the economy? The ‘vibecession’ has arrived in Australia – but experts are less worried

impact is more evident in regional areas than in the cities. Allen says the chance of a recession, at least for now, is “negligible”. “In the aggregate sense, the economy as a whole is holding

Push to bring US and Iran together for peace talks as ceasefire deadline looms

Hormuz, the key waterway which was closed to shipping by Iran in the early days of the conflict, cutting the supply of around a fifth of the world’s oil and gas. The standoff

UK steps up plans for potential shortages caused by Iran war

closure of the Strait of Hormuz, a key shipping channel through which 20% of the world's oil and liquid natural gas usually passes, has sent oil prices soaring since the conflict began. Earlier this

Why and how is US blockading Iranian ports in Strait of Hormuz?

closure of the Strait of Hormuz, through which a fifth of the world's energy shipments pass, has sent oil prices surging. But Iran has continued exporting its own oil - and in doing so, cashing

One year after Spain’s blackout, its shift to renewables and grid evolution power on

closure of the strait of Hormuz has sent gas prices steeply [upwards](https://www.theguardian.com/business/2026/apr/28/bp-profits-oil-gas-prices-iran-war-first-quarter). But Spain has been relatively protected compared with other countries because of its existing investment in renewable energy. Jan Rosenow

Ukraine begins to flex muscle as an emerging air power, angering Russia

closure of the Strait of Hormuz. Zelenskyy said Russian internal documents seen by his foreign intelligence service admitted that Ukraine had deprived oil offloading ports of much of their capacity. ![A resident walks

UK faces higher prices for eight months after war in Iran ends, says minister

closure of the strait of Hormuz, a key shipping lane that carried a fifth of global oil and gas, has sent oil prices soaring since the US and Israeli attacks on Iran began in February

Iran war forces job losses, reverse migration in India’s ceramic hub

Strait of Hormuz, a lifeline for India’s gas imports, continues. Meanwhile, the war continues, with the US on Sunday capturing an Iranian cargo vessel, even as Washington says it is willing to hold another

Airlines in Europe slash thousands of flights as Iran war cuts jet fuel supplies

impact of the war in Iran ripples across the aviation industry. [![A worker fuels a Delta Airlines plane at Salt Lake City International Airport on April 09, 2026. As fuel prices continue to rise amid

UK firms in ‘critical financial stress’ jump by a third as costs rise, report finds

impact of the Middle East conflict. Hospitality and leisure firms have been faring particularly badly because of shaky consumer confidence, and rising taxes and staff costs, according to research by the restructuring company Begbies Traynor

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

Hormuz.” Kraska said strong international opposition to the unilateral closure of major sea lanes will be a key factor driving a resolution, “regardless of the tension or conflict between the United States and Iran”. This

Iranian FM Araghchi to visit Pakistan as talks with US set to resume

Strait of Hormuz are key sticking points that in recent days have threatened to rupture Pakistan’s mediation efforts. For the residents of Pakistan’s capital, the equation is simpler – if frustrating: They want

Quarter of a million people could lose job by middle of 2027 as UK ‘flirts with recession’, analysis says

closure of the strait of Hormuz trade route and its strikes on its regional neighbours, which have sent oil and gas prices soaring, will cause the biggest economic hit since the Covid pandemic, according

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