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Oil and gas markets rallied on Thursday as investors grappled with the shaky outlook for the two‑week Iran‑Israel ceasefire. Brent crude rose more than 2% to $96.77 a barrel, while New York light crude climbed nearly 3% to $97.23, still shy of the $100 threshold that many traders watch. The previous session had seen Brent plunge 13.29% to a four‑week low of $94.75. In the gas sector, the UK month‑ahead contract rebounded 1% to 115.35p per therm after a 15% drop the day before. European natural‑gas futures also recovered, edging toward €46/MWh from a five‑week trough of €45.30. The price uptick reflects growing scepticism about the durability of the ceasefire announced a day earlier by the United States and Iran, which included a pledge to reopen the Strait of Hormuz. UAE and Kuwait reported intercepting Iranian drones, and Iran’s parliamentary speaker accused the United States and Israel of breaching several agreement points. Iran’s Revolutionary Guards warned of a “regret‑inducing response” if Israeli strikes on Lebanon continue. The latest Israeli barrage killed at least 254 people and wounded 837, prompting the Fars news agency to note that oil‑tanker traffic through the strait had been halted. Former President Donald Trump used his Truth Social platform to threaten that U.S. forces would remain in the region until a “real agreement” is fully honoured, warning that any non‑compliance would trigger “stronger than anyone has ever seen before” military action. Asian equity markets reacted negatively: Japan’s Nikkei slipped 0.7%, South Korea’s Kospi fell 1.7%, and Hong Kong’s Hang Seng edged down 0.4%. In Europe, the FTSE 100 dipped 0.1%, Germany’s DAX fell 0.6%, France’s CAC 40 dropped 0.3%, and Italy’s FTSE MIB slipped 0.2%. The pan‑European Stoxx 600 trimmed 0.1% after a near‑4% rally the day before, while U.S. futures pointed to a lower opening on Wall Street. Deutsche Bank strategist Jim Reid noted that market stress has eased compared with 24 hours earlier, as the ceasefire news generated renewed optimism and reduced fears of a stagflationary shock. On the diplomatic front, White House press secretary Karoline Leavitt announced that Vice‑President JD Vance will lead a delegation to Islamabad, with initial talks slated for Saturday morning. Jefferies chief European economist Mohit Kumar argued that, despite its fragility, the truce is likely to hold because of the “mutually assured destruction” calculus. He added that both sides now see a ceasefire as the lesser‑evil, given the escalating costs of continued conflict and the strategic challenges of securing cheap drone interceptors and a reliable Hormuz passage.

On 23 June 2016, the United Kingdom’s electorate shifted from party‑centric voting to a binary choice between staying in or leaving the European Union. A decade later, about 60 % of the population still define themselves by the side they chose in that single referendum, turning a one‑off political decision into a lasting personal identity.While analysts often focus on the policy fallout—economic turbulence, party infighting, and shifting trade relations—the real impact runs deeper. The referendum ignited a civil‑war‑like split that continues to shape elections, media narratives, and everyday conversations across the country.Before the global upheavals of the George Floyd protests and the Covid‑19 vaccine rollout, Brexit was Britain’s most potent form of identity politics. It spawned new media outlets, such as GB News, and programmes like The Rest Is Politics, while also marginalising older cultural tropes like the “centrist dad” or “gammon” heckler on Question Time. Figures such as Nigel Farage and Zack Polanski now occupy the political fringe rather than the mainstream.The analysis draws on the new book Tribal Politics: How Brexit Divided Britain by political scientists Sara Hobolt and James Tilley. Their longitudinal surveys reveal a simple yet striking pattern: the referendum transformed a previously lukewarm public attitude toward the EU into a powerful, identity‑based habit.Prior to 2016, most Britons held only a mild Euroscepticism and gave the EU little thought. Even former Prime Minister David Cameron tried to silence the issue in 2006, believing it failed to engage voters. The sudden elevation of a niche concern to a national obsession forced ordinary citizens to pick a side, discuss it in pubs, and embed it into their self‑image—a process James Clear describes as building “identity‑based habits”.Data from Hobolt and Tilley show that emotional attachment to the Brexit identity was modest before the vote, rose sharply as the referendum approached, and surged dramatically after the result was announced. The post‑vote period saw a flood of EU‑themed merchandise, street rallies, and even flag‑clashes at cultural events such as the 2017 Last Night of the Proms.Crucially, the tribal divide has not faded. By 2025, only around 40 % of “Leavers” feel comfortable discussing politics with “Remainers”, and the sentiment is reciprocated. This goes beyond mere disagreement; it reflects a level of social discrimination where individuals on opposite sides would hesitate to share a home or marry into each other’s families.The authors note that the split now extends to perceptions of reality itself. Even in 2024, Remainers and Leavers disagreed on basic economic indicators, illustrating how the referendum reshaped not just policy preferences but fundamental worldviews.Class‑based voting, which dominated the 20th‑century British political landscape, has been largely supplanted by this new cultural cleavage. A previous study co‑authored by Tilley showed that the Labour Party’s turn toward the political centre in the 1990s eroded traditional working‑class loyalty. Today, leader Keir Starmer’s working‑class credentials appear largely symbolic, offering little substantive change.With class politics receded, culture wars have taken centre stage. The Brexit campaign’s vague promises about trade left the nation with a protracted, messy adjustment period. Immigration, famously dubbed the “baseball bat” issue by Dominic Cummings, remains the most polarising policy divide, followed by foreign aid and even the death penalty.Hobolt and Tilley’s most striking chart shows that while Remainers and Leavers clash over immigration, they share little disagreement on economic equality, workers’ rights, or public ownership—issues that directly affect household incomes. This suggests that the political battle is driven more by symbolic identity than by material concerns, benefitting those already financially secure.In sum, the United Kingdom’s post‑Brexit reality is one of entrenched tribalism, where a single referendum has reshaped social bonds, political discourse, and perceptions of truth itself. The nation continues to grapple with the legacy of a vote that turned a policy decision into a lasting cultural fault line.

In a night that felt more theatrical than competitive, Paris Saint‑Germain secured a 2‑0 victory over Liverpool at the Parc des Princes, leaving the English champions questioning their own identity ahead of the second leg.While Liverpool’s players showed resilience by refusing to abandon the fight, the result underscores a deeper issue: the team has lost five of their last eight matches and currently sits fifth in the Premier League, just three points clear of Everton in eighth place. The margin is razor‑thin and the pressure is mounting.PSG’s performance was a masterclass in flair and efficiency. Their first goal set the tone, but it was the second strike at the 66‑minute mark that captured headlines. Georgian winger Khvicha Kvaratskhelia received a swift pass from João Neves, surged past two Liverpool defenders with remarkable balance, evaded Ryan Gravenberch’s challenge, and finished with a composed right‑footed shot that left the Anfield side scrambling.The goal highlighted PSG’s technical edge: their movement was fluid, their ball control assured, and their finishing clinical. In contrast, Liverpool’s pressing strategy, orchestrated by manager Arne Slot, appeared tentative. Slot’s early enthusiasm has given way to a more nervous demeanor, as reflected in his subdued sideline presence.Beyond the scoreline, the match exposed Liverpool’s structural deficiencies. The team’s lack of a clear pattern and the absence of a recognizable “Liverpool goal” raise questions about the effectiveness of Slot’s tactical overhaul, often dubbed “Slot 2.0”.Adding to the narrative, midfielder Dominik Szoboszlai walked off the tunnel alone, a symbolic gesture that contrasted sharply with the collective pursuit of the manager by his teammates. The moment, while minor, hinted at a growing disconnect within the squad.PSG’s dominance was not limited to the goals. Their pre‑match spectacle—flashing lights, dramatic sound cues, and a flamboyant PA announcer—set a tone of confidence that translated onto the pitch. The French side’s control of possession and spatial awareness suggested they could have added another goal with more ruthless finishing.For Liverpool, the defeat is a sobering reminder of the challenges ahead. After a heavy loss to Manchester City in the FA Cup, the Reds entered Paris with evident apprehension. The 2‑0 result, while disappointing, may serve as a catalyst for introspection before the return leg at Anfield.Looking forward, the upcoming fixture at Anfield will test whether Liverpool can summon the “deep Anfield voodoo” that fans often cite as a turning point. The stakes are high: a positive result could revive their European ambitions, while another setback may cement doubts about their season trajectory.

Europe is undergoing a significant transformation in its relationship with the US, marked by a growing desire for independence and a shift away from Trump's aggressive policies. The recent crisis in the Middle East, where Trump's threat to annihilate Iranian civilisation was temporarily called off, has been a turning point in this journey. Initially, many European leaders had tacitly supported the US and Israeli attack on Iran, driven by a desire for a transatlantic detente and antipathy towards the Iranian regime. However, as the war escalated, Europe's stance began to shift, with countries like Italy, Poland, and France taking steps to distance themselves from Trump's policies. The cooling of European support for the war has taken various forms, including Italy denying US warplanes permission to use an airbase in Sicily, Poland refusing to send Patriot air defence systems to the Middle East, and France rejecting overflight rights and opposing a US-sponsored resolution at the UN security council. This shift in European policy is driven by a number of factors, including the realisation that the war has been a windfall for Russia, through higher oil prices and a depletion of air defence interceptors available to Ukraine. European leaders have also been reminded that the erosion of international law is bad news for the world, Europe included. As Europe finds its footing in distancing itself from Trump, it may also find its voice. Europe's diplomatic role in the Iranian nuclear file in the early 2000s grew out of its opposition to the Iraq war. Today, the same dynamic could unfold, with Europe promoting a permanent end of hostilities and a multilateral initiative in the region. The proposal by a group of European, Gulf, and Asian countries to contribute to ensuring safe passage through the strait of Hormuz was originally aimed at placating Trump. Europeans then backed a UN-led fertiliser corridor to prevent a food crisis in the global south. The UK is also leading a coalition of more than 40 countries seeking to reopen the strait once the US and Israel definitively end their offensive. If a sustainable reopening of Hormuz succeeds, it could eventually extend to a new nuclear agreement, a non-aggression pact between the US and Iran, and a similar one between Israel and Iran – including Lebanon. It could involve the release of Iranian funds frozen abroad to rebuild infrastructure destroyed by US and Israeli attacks, and the selective lifting of EU and US sanctions.

The New Economics Foundation (NEF) has proposed that the UK government provide subsidized energy to all households, funded through North Sea tax revenues. The plan would ensure that every household receives a set amount of energy at current rates, helping to protect the poorest households from rising energy costs.According to NEF, providing enough energy to heat two rooms, provide hot water, and run key appliances like a fridge and washing machine at frozen rates would require a subsidy of about £4.5bn. This amount is roughly equal to the expected windfall in tax revenues from the North Sea, generated by the high price of oil.The proposed measure, known as a price guarantee, would save all households more than £160 on their annual bills. However, this would amount to a saving of about 17% for those on low incomes compared with 11% for wealthier people. NEF argues that this would encourage those who can afford to pay to reduce their energy consumption and invest in energy-efficient measures.Alex Chapman, a senior economist at NEF, stated that similar measures have been successfully implemented in countries like Japan, South Korea, China, and India, as well as several European countries. He emphasized the need for the government to protect households' ability to meet their essential energy needs and to tax energy companies on their windfall profits.The energy cap is expected to rise by about £388 in July and could reach nearly £2,000 a year for dual-fuel households. NEF's proposal aims to mitigate the impact of rising energy costs on vulnerable households.

During Donald Trump’s January 2025 inauguration, Giorgia Meloni was the only European leader invited, underscoring a brief period of close personal and diplomatic ties between Italy’s right‑wing government and the new U.S. administration. A month earlier she had been photographed sharing a private conversation with Trump at the Élysée Palace while President Emmanuel Macron celebrated the reopening of Notre‑Dame. From the outset of Trump’s second term, the Italian premier was hailed by the U.S. president as a “real live wire” and the European ally who could help “straighten out the world.” Meloni embraced the role, describing Trump as a “brilliant man” and promising to "make the West great again" together. That camaraderie has now eroded. In the wake of the US‑Israeli military action against Iran, Meloni told reporters during a Gulf‑region visit that "when we don’t agree, we must say it", explicitly rejecting the war. Her stance was reinforced a week earlier when Italy denied U.S. bombers permission to refuel at a southern base. Political analysts note that Meloni’s shift marks a decisive break from Trump’s agenda. Roberto D’Alimonte, a political‑science professor at Luiss University, warned that her earlier attempt to act as a bridge between Trump and European allies has become a “liability” she now seeks to repair. Public opinion reflects the change. Recent polls show a solid majority of Italians oppose the Iran war, and support for Trump in Italy has plunged from 35 % to just 19 %. The backlash also manifested in a recent referendum on judicial reform, where 61 % of voters aged 18‑34 rejected Meloni’s proposal—a defeat analysts link more to dissatisfaction with her foreign‑policy alignment than to the reform itself. Beyond politics, the conflict threatens Italy’s economy. As the EU’s second‑largest natural‑gas consumer—accounting for roughly 40 % of its energy mix—Italy is feeling the impact of soaring energy prices caused by the near‑total shutdown of traffic through the Strait of Hormuz. The Bank of Italy now projects only a 0.5 % growth rate for 2026‑27, down from earlier forecasts, while the national statistics office reported that Italy’s fiscal deficit has breached the EU’s 3 % ceiling, limiting fiscal flexibility ahead of next year’s elections. Despite these pressures, Meloni has not completely abandoned the United States. In March she declined Trump’s request to dispatch Italian warships to the Strait of Hormuz, aligning with other European nations, yet she stopped short of condemning the US‑led operation outright. Experts argue that Meloni’s approach is deliberately cautious. “She is pragmatic and politically skilled,” D’Alimonte said. “She will continue to balance criticism of Trump’s aggressive foreign policy with the need to preserve strategic ties, moving step‑by‑step toward a stronger European alignment without burning bridges.”

Mircea Lucescu, a Romanian football great and serial trophy winner as a player and coach, has passed away at the age of 80. Lucescu's death was confirmed by the Bucharest University Emergency Hospital, where he was admitted after reportedly suffering a heart attack on Friday morning.Lucescu was one of the most successful Romanian football coaches and players, known for being the first to qualify the Romanian national team for a European Championship in 1984. He had a lengthy coaching career spanning almost half a century, from the late 1970s to World Cup 2026 qualifying.As a player, Lucescu captained his country at the 1970 World Cup. His coaching career included stints with Shakhtar Donetsk, where he won the UEFA Cup in 2009 and accumulated 22 trophies, making him the most successful manager in the club's history.Lucescu also coached Turkish and Romanian national teams and had spells with Italian clubs such as Pisa, Brescia, Reggiana, and Inter Milan. His contributions to Romanian football have been widely praised, with Romanian President Nicusor Dan paying tribute to him as "one of the most respected figures in the history of Romanian and European football".UEFA President Aleksander Ceferin remembered Lucescu as "one of the game's true originals – a man of rare football intellect, remarkable dignity and passion". Lucescu's legacy continues to inspire generations of football players and fans.

The temporary cease‑fire in the US‑Israel‑Iran war has given Iran and China a strategic opening to challenge the US dollar’s supremacy in global finance. Both nations share a common objective: to reduce reliance on the greenback, especially in the oil sector where, according to a 2023 JP Morgan estimate, roughly 80% of transactions are settled in dollars. In a practical step toward this goal, Iran’s de‑facto toll‑booth system in the Strait of Hormuz—a chokepoint that handles about one‑fifth of the world’s oil and LNG shipments—has started accepting transit fees in Chinese yuan. Lloyd’s List reported that at least two vessels had already paid in yuan by March 25, and China’s Ministry of Commerce later acknowledged the reports on social media. Iran’s embassy in Zimbabwe even called for the introduction of a “petroyuan” to the global oil market, underscoring the political symbolism of the move. While Tehran pledged to guarantee safe passage for two weeks under a US‑brokered cease‑fire, Beijing declined to comment. Harvard economist Kenneth Rogoff told Al Jazeera that Iran’s actions serve a dual purpose: they “poke a thumb in the United States’s eye” and provide a practical alternative to dollar‑based sanctions. Rogoff added that Iran’s shift to yuan aligns with China’s broader effort to redenominate trade among BRICS nations. For both countries, the yuan offers a way to sidestep US sanctions and lower transaction costs. Their trade relationship, cemented by a 25‑year strategic partnership signed in 2021, sees China buying over 80% of Iran’s oil—often at discounted rates—while Iran imports Chinese machinery, electronics, chemicals, and industrial components. Data from Kpler and TankerTrackers indicate that, despite the conflict, Iran’s oil exports to China have remained near pre‑war levels, ranging between 12 million and 13.7 million barrels in the first two weeks of hostilities. China’s ambition to elevate the yuan is long‑standing. President Xi Jinping, in a 2024 address, expressed hope that the yuan would become a global reserve currency. Yet significant hurdles remain: the yuan is not freely convertible due to strict capital controls, and the Chinese financial system is perceived as opaque, limiting broader adoption. According to the IMF, the dollar still dominated global foreign‑exchange reserves at 57% last year, far ahead of the euro’s 20% and the yuan’s modest 2%. Cross‑border trade settled in yuan rose to 3.7% in 2024, up from under 1% in 2012, per S&P; Global—an encouraging but limited shift. Natixis chief economist Alicia Garcia‑Herrero cautioned that the Strait of Hormuz experiment adds only “incremental pressure” and that a true “de‑dollarisation” would require Gulf states, which have priced oil in dollars since the 1970s in exchange for US security guarantees. European analyst Hosuk Lee‑Makiyama highlighted that China’s ability to supply Iran with essential goods makes the yuan a viable alternative, a dynamic not possible for Europe or Japan. He described China as the closest the world has seen to a “manufacturing one‑stop shop.” Consultancy founder Dan Steinbock echoed that while the dollar’s supremacy is unlikely to crumble overnight, the gradual increase in yuan usage could “chip away” at US dominance in specific sectors over time. Rogoff concluded that the long‑term impact hinges on the war’s outcome. If Iran and China emerge stronger, many countries may diversify away from the dollar to avoid US‑imposed financial constraints. Conversely, a decisive US victory could reinforce dollar hegemony for the foreseeable future.

The question of which team has gone furthest in Europe while being relegated in the same season was posed, sparked by Tottenham's Champions League participation despite a relegation battle. Teams like Nottingham Forest and Fiorentina are currently in similar situations.Celta Vigo went from fourth in La Liga in 2002-03 to 19th the next year but reached the Champions League round of 16, where they lost to Arsenal. Perugia reached the last 16 of the Uefa Cup in the same season they were relegated, losing to PSV Eindhoven.Juventus was relegated due to the Calciopoli scandal after reaching the Champions League quarter-finals. Villarreal earned zero points in their Champions League group in 2011-12 and were relegated.Several teams have been eliminated early in European competitions while being relegated, such as Real Zaragoza, Alavés, and Espanyol. In England, Blackburn Rovers, Bradford City, and Ipswich Town experienced similar situations.The article also touches on teams that were unbeaten in European competitions but still eliminated, such as Espanyol in 2006-07, who went 15 games without defeat but lost on penalties in the Uefa Cup final.Teams that were unbeaten and eliminated include Feyenoord, AEK Athens, AC Milan, Valencia, Chelsea, Montpellier, Arsenal, and RWD Molenbeek, among others.