Oil Prices Surge As War in Middle East Hits Global Economy

Oil prices have surged in the biggest single-day spike in six years, passing $100 a barrel for the first time since 2022, as the war in the Middle East continues.

UK Prime Minister Keir Starmer has warned that the longer the conflict in Iran goes on, the more likely the potential impact will be on Britain's economy. 

Business commentator Declan Curry says disruptions to the flow of oil caused by the war are resulting in prices jumping: 

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The UK's FTSE 100 index fell sharply on opening Monday morning. 

British Prime Minister Keir Starmer has pledged to protect households from rising costs, and says he is monitoring the situation:

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Putin congratulates new leader of Iran, assures ‘unwavering support’ to Iranian friends

Putin congratulated Mojtaba Khamenei on his election as Iran's Supreme Leader, confirming Russia's 'unwavering support for Tehran'. In the published telegram the Kremlin communicated Putin's solidarity with the Iranian people amidst challenging times. Daria Bondarchuk reports from Moscow.

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G7 TO DISCUSS OIL RESERVES AMID SPIKING PRICES

UK Chancellor Rachel Reeves will join a G7 finance ministers' call on Monday, to discuss the impacts on the global economy of the Iran conflict.

They're expected to talk about the possibility of a joint release of oil reserves as prices spike.

UK Prime Minister Keir Starmer says the government is looking into actions it may need to take domestically.

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Pressure To Call Off UK Royal State Visit To US

There's growing pressure to call off King Charles' state visit to the US next month.

The leader of the Liberal Democrat party wants the UK government to postpone the trip, because of the Iran conflict.

Sir Ed Davey also says President Trump's recent negative comments and actions against the UK and their allies can also not be ignored.

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US embassy exposition in Norway possible act of terrorism

According to Norwegian police, an explosion at the U.S. embassy may
have been an act of terrorism.

Nobody was injured in the blast that only caused minor damage in the
early hours of Sunday morning.

Europe correspondent William Denselow reports.

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Asia stocks down sharply as oil spikes

INTRO: Japan's Nikkei average fell 7 per cent to a two-month low on Monday, as a surge in oil prices fanned inflation fears.

South Korean shares slumped 8 per cent and the country's President Lee Jae Myung called for authorities to cap domestic fuel prices for the first time in nearly 30 years.

Stock markets in Hong Kong and mainland China also opened down. Laura Westbrook reports from Hong Kong.

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Indian Foreign Minister scheduled to address Iran crisis in parliament amid opposition's criticism

Intro:

India's Parliament reconvenes today for the second phase of the Budget Session but the conflict in Iran is set to dominate proceedings.

The opposition has been accusing New Delhi of siding with the US and Israel after Prime Minister Narendra Modi condemned Iran's retaliatory strikes but stopped short of criticising Washington and Tel Aviv's bombardment of Iranian targets.

Ishan Garg has more from New Delhi.

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High fuel prices put pressure on Trump administration over Iran

US drivers are feeling the pain at the pump due to the conflict in Iran, with gasoline prices rising more than 11% in the past week.

The price spike has put pressure on the Trump administration, which has sought to downplay the impact.

Ira Spitzer reports.

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Trump demands Iran's "unconditional surrender"

US president Donald Trump says there will be "no deal" with Iran
except "unconditional surrender".

The latest comments from the US leader come as the American and
Israeli bombardment of Iran continues for a seventh day.

Nick Harper reports from Washington.

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U.S. Economy Loses Jobs in February, Raising Concerns About Labor Market

A fresh report on U.S. employment has shown a far worse result than expected, leading to concerns about the nation's job market.

In recent months, the Federal Reserve has cut interest rates in an attempt to stimulate the job market, but the approach might not be having the success officials had hoped for.

Mitch McCann reports.

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Democrats pushing for Kristi Noem to be investigated, possibly impeached

Democrats are vowing to investigate and possibly impeach Kristi Noem over the decisions she made while serving as Homeland Security Secretary. Noem had been the top official carrying out President Donald Trump's aggressive crackdown on immigration until she was fired by him on Thursday - the first cabinet member to lose their job in Trump's second term. Toni Waterman has more from Washington.

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A fresh report on U.S. employment has shown a far worse result than expected, leading to concerns about the nation's job market.

In recent months, the Federal Reserve has cut interest rates in an attempt to stimulate the job market, but the approach might not be having the success officials had hoped for.

Mitch McCann reports.

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Economists had forecast that the U.S. would gain 50,000 jobs in February, but Friday's data from the Bureau of Labor Statistics showed it actually lost 92,000, another sign the job market is struggling. At the same time, the country's unemployment rate rose to 4.4 percent.

Healthcare, which usually shows strong hiring growth, was down in February, losing 28,000 jobs largely because of strike action at the healthcare group Kaiser Permanente. Meanwhile, jobs also fell in the information sector and in the federal government.

Despite the data, a rate cut at the Federal Reserve's next meeting is reportedly unlikely amid concerns about inflation. Officials will be closely monitoring oil prices and how higher energy costs may filter through to a number of sectors of the economy.

MM NY

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Mitch McCann
New York

Feature Story News
(+1) 929 530 9071

SUSPECTED IRANIAN SPIES ARRESTED IN LONDON

Counterterrorism police have arrested 4 men in the UK for allegedly spying on Jewish communities for Iranian intelligence.

One man was Iranian, three were Iranian-British, and all four of them are now in custody as police gather evidence for what they say was a "long-running" investigation.

Stuart Smith has more from London.

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Russia to maintain contact with Iranian authorities, the Kremlin says

Russia is in dialogue with Iran's leadership and will maintain contact, the Kremlin spokesman said. Earlier Iran's Foreign Minister said Teheran has political support of Moscow and Beijing. Meanwhile, The Washington Post daily claims that Russia is providing Iran with intelligence to help target American facilities in the Middle East. Daria Bondarchuk reports from Moscow.

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Iranians Arrested In London Over Jewish Spying Allegations

Four men have been arrested for spying on the Jewish community in London on behalf of Iran's intelligence service.

The arrests took place as part of a counter-terrorism investigation.

John Bevir (beaver) reports.

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EU officials meet to discuss Iran war latest as gas prices soar

As the United States and Israel continue attacks against Iran, the crucial shipping route through the Gulf remains effectively closed.

European gas prices have since surged to their highest level since 2023, and European Union officials will meet on Friday to discuss the issue, and the wider response to the ongoing war.

Ross Cullen reports from Berlin.

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India Gets 30 Day Waiver to Buy Russian Oil Amid Middle East Supply Crisis

The United States has issued a temporary 30-day waiver allowing India to continue purchasing Russian oil, as escalating tensions in the Middle East disrupt global energy supplies. 

The move is aimed at stabilising markets and ensuring crude continues to flow to major importers like India.

Kshitij Nagar reports from New Delhi.

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China in talks with Iran to allow safe oil and gas passage through Hormuz, Reuters reports

INTRO: China is in negotiations with Iran to allow ships carrying crude oil and Qatari liquefied natural gas safe passage through the Strait of Hormuz, according to Reuters.

The widening conflict in the Middle East has disrupted maritime traffic through the channel, a vital waterway for around a fifth of the world's oil. Laura Westbrook reports from Hong Kong

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Counting underway in Nepal in first election since GenZ unrest

Counting is underway in Nepal's general election, after polls closed largely peacefully across the country. Partial results are expected by the end of Friday, with final results expected next week.

Officials say just over 58% of eligible voters cast their ballots - the lowest turnout since 1991.

It's the first vote since a deadly student-led uprising ousted then-Prime Minister KP Sharma Oli last September.

Neha Poonia has more on the early leads.

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Pentagon officially labels Anthropic a supply chain risk

The US Defense Department has formally labelled the artificial intelligence firm Anthropic a supply chain risk, following a dispute over its efforts to limit how the government could use its products.

Anthropic has said it intends to challenge the label in court.

Ira Spitzer reports from San Francisco.

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