Iran is making efforts to disrupt supplies in the Middle East.
Oil prices rose above $100 on Thursday and stocks sank as Iran’s efforts to disrupt supplies in the Middle East and bring down the global economy prompted a record release of strategic crude stockpiles by the International Energy Agency.
Stock markets in Asia closed lower on Thursday and European markets opened lower as investors saw few signs that the US-Israel war with Iran would soon end, despite repeated assurances from President Trump.
US Energy Secretary Christopher Wright announced on Wednesday the US would release 172 million barrels of oil from its Strategic Petroleum Reserve, while the International Energy Agency – which has 32 member states, including the US – announced it will release 400 million barrels from its reserves.
U.S. benchmark Brent crude, the international standard, was trading 5.3% higher at around $97 a barrel on Thursday after hitting $100.50 on Wednesday.
In stocks, futures for the S&P 500 fell 0.4%, while the Dow Jones Industrial Average was down 0.5%. Germany’s DAX fell 0.4% to 23,533.60 on Thursday, while the CAC 40 in Paris fell 0.7% to 7,982.64. Britain’s FTSE 100 fell 0.7% to 10,285.91.
In Asia, Tokyo’s Nikkei 225 fell 1% to 54,452.96, South Korea’s Kospi fell 0.5% to 5,583.25, and Hong Kong’s Hang Seng fell 0.7% to 25,716.76. The Shanghai Composite Index fell 0.1% to 4,129.10, while the S&P/ASX 200 in Australia fell 1.3% to 8,629.00.
John Lewis Partnership (JLP) has announced its first annual bonus since 2022 following further progress in its post-pandemic transformation.
The employee-owned retailer, which includes not only the department store chain but also Waitrose supermarkets, revealed that its staff, known as partners, will receive an award of 2% of pay for their last financial year until the end of January.
This was driven by a 6% increase in trading profits to £134 million and a 5% increase in partnership sales to £13.4 billion.
Iran latest: Oil prices rise again as tankers burn
The amount reflects an extraordinary charge of £120 million, mostly related to non-cash write-downs in the value of legacy technology, JLP said.
The company has closed underperforming department stores and cut thousands of jobs recently as part of efforts to restore profitability.
It decided not to reward partners for 2024/25 despite a strong increase in earnings, saving cash to invest in its client offering as the economic backdrop remains “challenging”.
Like other major employers, it has had to grapple with the impact of higher government-imposed costs, including rises in employer national insurance contributions.
Jason Terry, Chairman of JLP, said: “Our multi-year plan to invest in customers and our brands for the long term is working; we have grown customer numbers and achieved record satisfaction.
“Despite the slow market, challenging headwinds in a significant peak period and increased taxes, we decided to continue investing in the business and have delivered cash and profit growth.
“There is still a lot to do, but our growing cash generation and strong balance sheet enable us to invest more in our brands and our partners to improve our customer experience.
“I am really grateful for the commitment and passion of our partners and with our continued investment in partner pay, we are delighted to be in a position to offer a 2% partnership bonus. We are on track to make further progress this year.”
The Met Office has issued a yellow warning for wind.
A yellow warning for wind for northern Wales, northern England, and southern and eastern areas of Scotland came into force at 05:00 GMT on Thursday and will remain valid until 20:00. The warning issued for Northern Ireland is valid from 06:00 to 12:00 GMT.
The strongest winds will be in Scotland and Northern Ireland in the morning. Winds will reach gusts of 50-60mph and there may be some gusty winds in the Hebrides for short periods. Some delays or cancellations appear to be possible on Scottish ferries, with passengers advised to check journey updates before embarking on their journey.
In northern England, the northern Midlands and northern Wales, winds will be strong in the morning but will not peak until the afternoon. Winds will widely reach 50-60 mph, with some gusts possibly exceeding 70 mph for brief periods.
The strongest winds will not be confined to the coasts and hilltops, extending as far east as the Pennines and Cheviot Hills.
Some transport disruption is possible. Woodhead Pass over the Pennines is currently closed to high-direction vehicles due to wind. The northern stretches of the M6, A68 and A1 can have some of the most challenging driving conditions, particularly during adverse weather events such as high winds or heavy rain, which can lead to reduced visibility and increased risk of accidents.
For the past 12 days, Israel has closed the Al-Aqsa Mosque and restricted movement in Jerusalem’s Old City.
Qatar, Jordan, Indonesia, Turkey, Pakistan, Saudi Arabia, Egypt and the United Arab Emirates have condemned Israel’s closure of the Al-Aqsa Mosque for the 12th consecutive day during the Muslim holy month of Ramadan.
In a statement published on Wednesday, the foreign ministers of eight Arab and Islamic countries said Israeli restrictions on Palestinian access to the Old City of Jerusalem and its places of worship are “a gross violation of international law, including international humanitarian law, the historical and legal status quo, and the principle of unrestricted access to places of worship”.
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“The ministers reaffirmed their full rejection and condemnation of this illegal and unjustified measure, as well as Israel’s continued provocative actions against Al-Aqsa Mosque/Al-Haram Al-Sharif and worshippers. They stressed that Israel has no sovereignty over occupied Jerusalem or its Islamic and Christian holy sites,” the statement said.
The statement said the entire area of the Al-Aqsa Mosque was “exclusively” for Muslims and that the Jerusalem Endowment and the Al-Aqsa Mosque Affairs Department, affiliated with the Jordanian Ministry of Awqaf and Islamic Affairs, is a “legal entity with special jurisdiction”.
immediately stop closing the gates of the Al-Aqsa Mosque,
“The ministers called on Israel, as the occupying power, to immediately stop closing the gates of the Al-Aqsa Mosque, lift access restrictions to the Old City of Jerusalem, and refrain from obstructing Muslim worshippers’ access to the mosque,” the statement said.
Citing “security” measures as a result of the ongoing war against Iran, Israeli forces have imposed strict restrictions on worshippers and access to the Old City.
But the Palestinian Foreign Ministry said on Wednesday that the continued closure emphasised policies that were a “gross violation of Palestinian rights”, Palestinian news agency Wafa reported.
Hamas has also condemned the ongoing shutdown, saying on Tuesday it sets a “dangerous historical precedent” and a “gross violation” of freedom of worship.
Spurs may choose to look further – but their current options within the search parameters, as they were a month ago, appear limited.
In addition to a track record of making an immediate impact, Spurs looked for someone with top-level managerial experience who plays attacking football.
Edin Terzic, the former manager of Borussia Dortmund, was also a candidate.
When Spurs initially began their search to replace Frank, himself sacked after less than eight months in charge, former Marseille boss Roberto De Zerbi, former Borussia Dortmund manager Edin Terzic and ex-Red Bull Leipzig boss Marco Rose were among other potential short-term options.
Ex-Brighton boss De Zerbi left his role as Marseille manager by mutual consent after less than two years in charge, three days before Spurs confirmed Tudor’s appointment.
Terzic has been out of work since asking Dortmund to “terminate his contract with immediate effect” after leading the club to the Champions League final in June 2024.
Rose was sacked by RB Leipzig in March 2025, having won 72 of his 127 matches and winning the German Cup in 2023.
Within the Premier League, Oliver Glasner, Andoni Iraola and Marco Silva are among the names who will be available this summer – but would anyone be willing to leave their respective clubs first to help Spurs?
FA Cup-winning manager Glasner has confirmed that he will leave Crystal Palace this summer, but his immediate future was in doubt in February due to a poor run of results.
Bournemouth are reportedly set toopen external contract talks with Ireola in an attempt to fend off interest from Crystal Palace, Tottenham and Manchester United.
Meanwhile, Fulham chief Tony Khan said he is confident external Silva will stay at the club for a “long time”.
The war between the United States, Israel and Iran entered its 12th day on Wednesday and shows no signs of slowing down, as US and Israeli forces launched the most intense attacks yet on Iranian targets as the conflict spread across the region. US Defence Secretary Pete Hegseth said Tuesday would see the largest wave of US strikes since the war began, with more aircraft, bombers and intelligence-directed strikes deployed against Iranian military infrastructure. Iran has vowed to keep fighting, despite suffering from several days of bombing that have hit its military capabilities. Iranian Parliament Speaker Mohammad Bagher Ghalibaf rejected the possibility of a ceasefire and said Tehran intended to punish Washington and Tel Aviv’s aggression. Another senior Iranian figure, Ali Larijani, issued a warning to US President Donald Trump on social media, saying that Iran is not afraid of US threats. Israeli Prime Minister Benjamin Netanyahu, meanwhile, said the broader aim of the war was to weaken Iran’s leadership to the point where popular forces could overthrow the government. Netanyahu stated that the ongoing campaign is causing significant damage.
Strikes are expanding across the region
The fighting has spread beyond Iran’s borders, with new attacks reported in Lebanon and Iraq. Israeli strikes early Wednesday killed at least seven people in southern Lebanon, including five in the city of Qana, Lebanon’s health ministry said. Additional air strikes in the Tyre and Bint Jbeil districts also caused casualties. Israeli forces also attacked Hezbollah-linked infrastructure in Beirut’s southern suburbs after issuing a warning to evacuate the densely populated area. Elsewhere, drones targeted military installations at Baghdad International Airport in Baghdad late Tuesday, according to Iraqi security officials. The drones landed near facilities used by US-led coalition forces, including the US-run Victoria Base, although no casualties were reported.
Heavy bombing in Tehran
Residents of Tehran reported some of the “heaviest bombardment” of the war overnight, with powerful explosions shaking neighbourhoods and knocking out power in parts of the capital. Eyewitnesses reported that the strikes persisted for an extended period around midnight, impacting residential buildings as well. Many businesses in Tehran closed early amid fears of further attacks, the AP reported. Thousands of civilians have reportedly fled major cities to seek refuge in rural areas.
US targets Iranian naval assets
The US military said it has destroyed 16 Iranian mine-laying vessels near the strategic Strait of Hormuz, amid fears that Tehran may attempt to block the vital shipping lane. The waterway has become a focal point of conflict, with about a fifth of the world’s oil supply passing through it. President Trump warned that if Iran deploys naval mines in the strait, they must be immediately removed or face serious military consequences. “If Iran has placed any mines in the Strait of Hormuz, and we have had no reports of it doing so, we want them removed immediately! If mines were placed for any reason, and they are not immediately removed, the military consequences for Iran would be at a level never seen before. If they remove what’s been put up, that would be a big step forward! Additionally, we are using the same technology and missile capabilities deployed against drug smugglers to permanently destroy any boat or ship attempting to mine in the Strait of Hormuz. They will be dealt with swiftly and violently. Be careful!” he said.
140 US service members injured
The Pentagon reported that approximately 140 US service members have sustained injuries since the onset of the conflict, with the majority being minor. Reports indicate that eight soldiers have sustained serious injuries, while many have already resumed their duties. Civilian and military casualties have also increased across the region. Officials in Lebanon report that the latest round of fighting has resulted in hundreds of deaths and over a thousand injuries.
Markets and global concerns
Despite the escalating conflict, financial markets showed relative stability on Tuesday after several days of volatility due to uncertainty about how long the war will last. The S&P 500 slipped slightly, while oil prices fell from nearly $120 a barrel at the start of the week to steady around $90. Global leaders are closely monitoring the economic consequences of the conflict. Leaders of the Group of Seven are expected to hold emergency talks on energy security and possible measures to stabilise oil markets. With both sides rejecting calls for talks and stepping up military operations, fears are growing that the conflict could further destabilise the Middle East and disrupt global energy supplies.
The British victim was found crying on the hotel floor in Magaluf by a security guard after she suffered a terrifying attack by a gang of eight.
One of eight people being brought to court during the trial (Image: MGE/SOLARPIX.COM)
A WEIRD ‘wolf pack’ gang who raped a British teenager in Magaluf have given a chilling response when asked about their crimes.
Five men from the gang, consisting of seven French men and a Swiss citizen, were sentenced to nine to 11 years in prison this week at the Audiencia Provincial Court in Palma, Majorca, after pleading guilty to a horrific attack on a young British holidaymaker in August 2023. Another admitted sexual assault that did not involve penetration, receiving a four-year prison sentence.
All eight admitted filming the gruesome gang rape in room 108 of the BH Mallorca resort, and two of them posted the footage on Snapchat.
And it has emerged that many of the cowardly attackers refused to co-operate with police during the investigation or in the courts afterwards and attempted to maintain silence throughout.
Insiders say many of the gang of eight refused to cooperate with investigators (Image: MGE/SOLARPIX.COM)
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A source said, “Some people have never agreed to answer questions or make statements.
These people seem, on the surface, to be normal young individuals who do not come from broken families and have never been accused of behaving out of character by linking their actions to alcohol or drug abuse. This is a very shocking case.”
French tourists Khalil Abderrahmane Mejbri and Romain Charles Michel Galatioto “orally penetrated” their victim, who was drinking heavily and “fell into a state of unconsciousness” during the gang rape that lasted half an hour.
Galatioto did the act seven times while the teen was naked except for her bra; according to court documents, all of the men signed as part of their plea bargain deals.
Police out on patrol in Magaluf (file photo) (Image: AFP via Getty Images)
Chachachou and Wengler spat on the victim and, together with Mejbri, flogged her after she was slapped by the French Satillemis Sahn.
When a security guard at the hotel arrived for his shift, he found the victim writhing on the floor in the lobby and reported the incident to the police. Two suspects were searched and extradited abroad on European arrest warrants, while six were detained in Majorca.
At least six of the men were aged between 18 and 26 when they were arrested, and none of the eight had a criminal record in Spain at the time.
Mejbri and Wisniewski were given nine years in prison for the crime of “sexual assault with physical penetration”, a serious form of sexual offence that involves having non-consensual sex with the victim. Wengler, Chatchou and Galatiotto were sentenced to 11 years in prison after admitting to the same crimes.
The International Energy Agency (IEA), a developed nation body established in the 1970s to deal with the oil crisis like the one we are facing now, has announced something extraordinary.
Its members, i.e., most of the world’s rich countries, will release unprecedented amounts of oil from their national stockpiles to the global market in the coming weeks.
This emergency reserves release is more than double the previous record, which was 400 million barrels of oil coming from its members’ reserves around the world. Yet here’s the surprising thing: oil prices barely rose, let alone fell. Following the announcement, Brent crude was still about 25% higher than before the attacks in the Gulf began.
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image: Tankers are parked in Muscat, Oman, as Iran vowed to close the Strait of Hormuz. Photo: Reuters
All of this activity raises the question: why? The short answer is that even with this new supply of oil, the world will likely remain short of oil. The long answer comes back to the fundamental nature of the oil market.
The best way to think of the oil market is as a giant set of pipes through which crude oil and its products are constantly flowing. More important than how much oil is in the ground in the form of reservoirs or reserves is how much oil is pumped through the global system every day.
And recently, the amount pumped through the system has grown to nearly 100 million barrels of oil per day. Now, as the climate changes, these numbers keep going up and down and perhaps, in the coming years, may go down as people adopt electric cars and look for alternatives to fossil fuels. But the main thing to keep in your mind is that right now, much of the world’s standard of living – our access to transportation, electricity, consumer goods, pharmaceuticals and the rest – depends on 100 million barrels of oil pumped through the world’s pipes.
Latest Iran war: 32 countries agree to biggest oil release ever by targeting ships
All this news brings us back to the Persian Gulf, which is responsible for about 30% of the world’s oil, with about 15 million barrels of it passing through the Strait of Hormuz every day. The crux of the energy shock the world is facing is that it is facing a shortage of 15 million barrels of oil per day. In other words, it’s all about the gap – between the oil we need to keep the world running and the oil we actually have.
There just isn’t enough supply
This brings us back to the IEA’s emergency release. While the total number is certainly high, even more important is a number the organisation did not release Tuesday: how much oil it expects to produce each day. In other words, how much of the 15 million barrel gap will those emergency supplies make up?
The expectation among analysts is that this number will be 4-5 million barrels, which is nothing more than, as you may know if you have the rudimentary math, the world being short of at least 10 million barrels of oil every day.
There are other sources of oil also.
For one thing, Saudi Arabia, and to a lesser extent the United Arab Emirates, can pump more oil through their pipelines to ports that are not inside the Gulf (in other words, meaning tankers do not need to face the strait). Optimistically, such a scenario could mean another 5.7 million barrels of oil.
Hormuz is still being traversed by some ships. An educated guess suggests that it could bring in an additional five million or, perhaps, one million barrels from outside.
However, even considering the best-case scenario, overall you are still talking about a loss of 4 million barrels of oil for the global economy. This figure is much less scary than the $15 million reduction we started with, but still not enough to cover global oil consumption.
Why are prices still high?
This is at least partially responsible for the high oil prices and the global impact. We focus here in Europe on the things we are starting to see – on higher petrol prices and the implications for bills. But it is also spreading elsewhere, especially in Asia. Indian oil refineries are closing; provinces are cutting the supply of liquefied petroleum gas (LPG) to local households. Workers in Thailand and Vietnam are being urged to work from home to protect petrol supplies.
And the longer this goes on, the greater the effects we will see. The world is facing an energy shortage; it is not clear how it bridges this.
A senior Qatari official who worked for years in the Gulf state’s foreign ministry told CBS News on Wednesday that the Middle East is, “for all intents and purposes,” embroiled in a regional war that governments in the region have been warning about for years.
Dr. Majid al-Ansari, an adviser to Qatar’s prime minister and official spokesman for the country’s Foreign Ministry, informed CBS News that Gulf countries have consistently warned that unchecked tensions could lead to escalation in Syria, Gaza, and Lebanon.
According to Doha, that dire prophecy has now been fulfilled.
He told CBS News, “We clearly stated that unchecked tensions would lead to a regional war.” “Currently, we are effectively experiencing a regional war.”
Iran has targeted seven Gulf countries.
Iran has targeted seven Gulf countries since the US and Israel launched attacks on the Islamic republic on February 28, he said, drawing countries into a war they never wanted to be a part of.
Al-Ansari stated that missile alerts now illuminate people’s phones throughout the night, and interceptors soar overhead, shaking the reality of Qataris.
“Such activity is a daily occurrence now,” he said. “We wake up at 4 a.m. to alerts on our phones.”
“I never imagined that my daughters would live in a situation where missiles would fly over us almost constantly throughout the day,” al-Ansari said.
(Stock Image) Unsuccessful asylum seekers are being offered £40K to leave the UK (Image: Getty)
The Home Office has refused to reveal the number of unsuccessful asylum seeker families who have been deported from Britain and paid £40,000 of taxpayers’ cash to leave them. The staggering sum, which is more than the average UK annual salary, has been offered as yet another bizarre plan by the Home Office, led by Home Secretary Shabana Mahmood,grant crisis.
Unveiled last Thursday, the new policy gives £10,000 per person from a family of four if they agree to leave the UK. Reports indicate that at least 150 families have received notification of their eligibility to apply for the cash. On this basis alone, if four members in each of those families were awarded £10K, the total would bring the initial outlay of taxpayer cash to £6 million, enough to employ around 150 NHS nurses for a year.
The last date for failed asylum families to apply for the hefty sum is midnight today (Wednesday). Those who do not apply will lose the opportunity to make a claim.
A Home Office spokesperson declined to say how many families had accepted the handouts by 6pm today, with just hours left until the deadline, Mail Online reports.
Read more: Labor accused of offering £40k ‘reward’ to illegal immigrants, outrage
Read more: Criminal migrants face being kicked out of hotels and asylum accommodation
Home Secretary Shabana Mahmood is overseeing a cash-to-leave scheme for asylum seekers (Image: Getty)
Home Office minister Alex Norris said earlier this month that it costs on average about £158,000 a year to support families seeking unsuccessful asylum. Their boss, Ms Mahmoud, has approved large payouts to families asked to leave because the government argues it will save money in the long run.
Shadow Home Secretary Chris Philip criticised “enhanced incentive payments” of up to £10,000 per person and £40,000 per family for leaving the UK under a pilot scheme.
Mr Philip said, “The government is now bribing illegal immigrants to leave with £40,000 per family. That’s more than most working people here earn in a year.
“British workers should not have to pay record-high taxes to this government to give their money to illegal immigrants. Such behaviour is frankly outrageous.
“Instead, the government should now agree to our plan to leave the ECHR (European Convention of Human Rights), which will enable them to rapidly deport all illegal immigrants.
“Then the crossings would be closed immediately, and there would be no need to bribe illegal immigrants to leave.”
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Migrants whose asylum applications are rejected could be paid £40K by British taxpayer (Image: Getty)
Reform’s home affairs spokesperson Zia Yousaf said, “Incredibly, Labour is increasing the incentive for illegals to leave voluntarily by offering them a grand package of £40,000.
“It’s more than the average salary in Britain. The government is rewarding those who illegally enter the country. It’s outrageous.”
Reform had previously said that illegal immigrants would be offered “financial incentives to self-deport” during a six-month period if the government was in power. The Home Secretary unveiled the plan as she argued in a speech at the centre-left think tank the Institute for Public Policy Research (IPPR) that Labour should not be tempted to be “greener” or “more reformist” on its migration policy.
a Home Office spokesman said,
Hitting back at suggestions that the scheme would attract more migrants to Britain, a Home Office spokesman said, “This proposal is not an attraction factor. Illegal migrants pay smugglers thousands of pounds to get to Britain.”
“If those families refuse the time-limited payment offer, we will forcibly remove them.”
The Home Office estimates the proposal could save taxpayers £20 million.
A source said: “Our intelligence shows that smugglers charge between £15,000 and £35,000 per illegal migrant. As a result, the pilot who was paid to drop them off cannot act as a pull factor, since it costs more to get here in the first place. If they do not take up this offer, the family will be forcibly removed.”
Since March 4, Home Office figures show that almost a thousand migrants have crossed the Channel illegally to reach the UK aboard 15 small boats.
