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Oil prices jumped back above $100 a barrel and global stocks fell after weekend talks between the US and Iran ended without an agreement and Donald Trump imposed a blockade of the Strait of Hormuz. The US president announced the blockade on Sunday, targeting Iranian vessels and ships that have paid a toll to Iran for passage through the strait, in an attempt to choke off the flow of Iranian oil.US Central Command said it would start at 10am ET (5.30pm in Iran and 3pm in the UK), blocking all Iranian Gulf ports and coastal areas, in effect seizing control of maritime traffic in the Strait of Hormuz. The news drove oil and gas prices sharply higher again, after the two-week ceasefire between the US and Iran announced on Wednesday prompted a sharp fall in energy prices, and crude ended the week below the psychological $100 a barrel threshold.Brent crude rose by nearly 7% to $101.74 a barrel on Monday morning, while US crude is up more than 8% to $104.69 a barrel. Gas prices also increased, with the British wholesale gas contract for May soaring by 11.7% to 122.5p a therm. Analysts at JPMorgan Chase said last week they expected oil prices to stay high in the second quarter, above $100 a barrel, before easing in the second half of the year.Most Asian stock markets fell on Monday, with Japan’s Nikkei down 0.7% and Hong Kong’s Hang Seng index losing 1%, while Chinese stocks rose slightly. Sentiment was helped by Beijing’s announcement of a 10-initiative strategy aimed at deepening ties with Taiwan. European stocks also fell, led by airlines including Lufthansa, Wizz Air, easyJet and British Airways parent IAG. The FTSE 100 index in London lost 0.4%, dropping 45 points to 10,555. Germany’s Dax fell 1%, Italy’s FTSE MiB slipped 0.7% and Spain’s Ibex was down 1.1%. With oil and gas prices rising sharply higher, energy companies such as BP and Shell are rallying.Priyanka Sachdeva, senior market analyst at the broker Phillip Nova, said: “In today’s environment, every barrel of risk added to oil markets carries an inflation price tag for the global economy.” She added: “The market reaction underscores a simple but powerful reality: Hormuz risk is not theoretical; it is structural, and it is real.”Interest rate expectations have shifted again; investors now see an 84% chance of two rate increases from the Bank of England this year to tackle rising inflation, up from 60% on Friday. Before the Iran war, the central bank was expected to cut rates. The price of gold fell 0.4% to $4,730.75 an ounce as the blockade fuelled inflation concerns, prompting traders to scale back expectations for Federal Reserve rate cuts this year.

A customer who invested in solar panels through Ikea's website is now £3,000 out of pocket after the collapse of the European operation of Soly, the installer's partner. The customer had signed up for the solar panels late last year, confident in the partnership with a well-known company like Ikea. Ikea had partnered with Soly to offer solar panels to customers, advertising the service on its website and promising 'Ikea pricing'. However, in February, the customer emailed Soly to check on the installation status and received an out-of-office notification. Subsequent emails bounced back, and phone numbers were no longer working. The customer discovered that Soly's European operation had gone bust, but Ikea's website still advertised the partnership, and agents assured them that Soly's UK division was still operational. However, the UK arm had entered liquidation in January, and Ikea quietly removed Soly from its website without informing customers who had paid deposits. The customer has contacted Ikea multiple times for help but received no reply. Ikea's silence has been criticized given the fanfare with which it launched its solar partnership last September. Customers were encouraged to invest in a 'better future life at home' in 'five easy steps' by applying for a free quote via the Ikea website. Soly's administrators, S&W; Group, have advised customers to register a claim, but the chance of a refund is uncertain. Unfortunately, the customer paid the deposit by bank transfer, making it unlikely that they will see their money again.

In a significant political shift, Hungary's opposition party Tisza, led by Peter Magyar, has emerged victorious in the parliamentary elections, defeating the ruling Fidesz party of Viktor Orban, who has led the country for 16 years.According to early results, Tisza is projected to win 52.49 percent of the vote, while Fidesz secured 38.83 percent. This outcome marks a substantial change in Hungary's political landscape.Conceding defeat, Orban stated that the situation was “understandable and clear,” and he congratulated Magyar on his success. In response, Magyar thanked Hungary for its support and confirmed Orban's congratulatory message.The international community has reacted positively to the election results. Estonia's Prime Minister Kristen Michal praised Hungarians for making a “historic choice for a free and strong Hungary in a united Europe.” European Commission President Ursula von der Leyen hailed Magyar's victory, saying, “Hungary has chosen Europe.”Similarly, France's President Emmanuel Macron, Germany's Chancellor Friedrich Merz, Lithuania's President Gitanas Nauseda, Norway's Prime Minister Jonas Gahr Store, and Poland's Prime Minister Donald Tusk have all congratulated Magyar and expressed their support for Hungary's commitment to European values.Ukraine's President Volodomyr Zelenskyy also welcomed the outcome, emphasizing the importance of cooperation and stability in Europe. He expressed readiness for meetings and joint work to benefit both nations and promote peace and security in Europe.

Hungary's longtime Prime Minister Viktor Orban has conceded defeat in the country's parliamentary election after partial official results showed Peter Magyar's Tisza party winning a landslide victory.With 53.45% of precincts counted, Tisza stood at 52.49% and Orban's Fidesz at 38.83%. In a victory speech, Magyar said his voters had rewritten history, stating, 'Tonight, truth prevailed over lies. Today, we won because Hungarians didn’t ask what their homeland could do for them – they asked what they could do for their homeland.'The partial count showed Tisza ahead in 95 of Hungary's 106 constituencies, with the party projected to win more than 130 mandates in the 199-seat parliament. This comfortable two-thirds majority could allow Tisza to amend Hungary's constitution.Orban's defeat will have significant implications not only for Hungary but also for the European Union, Ukraine, and beyond. It may spell an end to Hungary's adversarial role inside the EU, possibly opening the way for a €90 billion ($105bn) loan to war-battered Ukraine, which was blocked by Orban.Orban's exit could also mean the eventual release of EU funds to Hungary that the bloc had suspended due to what Brussels said was Orban's erosion of democratic standards. Additionally, it would deprive Russian President Vladimir Putin of his main ally in the EU and send shockwaves through Western right-wing circles.

German club Union Berlin broke new ground on Sunday by appointing Marie‑Louise Eta as interim manager, the first female to head a Bundesliga side and the inaugural woman to coach a top‑flight men’s team in a major European league. Eta, 34 years old, previously made history as the Bundesliga’s first female assistant coach. She will steer the team for the remainder of the campaign after the dismissal of Steffen Baumgart, whose tenure ended following a 3‑1 loss to bottom‑placed Heidenheim that underscored a stagnant second half of the season. In a statement, Eta expressed her enthusiasm: “I am delighted the club has entrusted me with this challenging task.” Sporting director Horst Heldt welcomed the decision, noting that Eta will transition to lead Union’s women’s Bundesliga squad in the summer as originally planned. Union’s recent form has been troubling: the side has secured only two victories since Christmas and currently sits seven points above the relegation playoff zone. Heldt described the situation as “absolutely disappointing” and emphasized the urgent need for points to avoid a drop. Eta brings a distinguished playing résumé, having won the 2010 UEFA Women’s Champions League and three Bundesliga titles with Turbine Potsdam. Her coaching résumé includes stepping in for head coach Nenad Bjelica during a three‑game suspension in 2024, showcasing her readiness for senior responsibilities. While women have managed men’s teams in Germany’s lower tiers—such as Sabrina Wittmann at Ingolstadt FC—Eta’s appointment marks the first instance at the top level. France’s former second‑division side Clermont also benefited from a female coach, Corinne Diacre, between 2014 and 2017. The historic move not only reflects Union Berlin’s immediate need for a turnaround but also signals a broader shift toward gender diversity in elite football management.

Britain’s cabinet is set to introduce a sweeping bill that would let ministers dynamically align UK regulations with EU single‑market rules using so‑called Henry VIII powers. The proposal would enable the government to adopt evolving EU standards in sectors such as food, drink, automotive and emissions trading without the need for a separate parliamentary vote on each change.The legislation is tied to the forthcoming food and drink trade deal with the EU, which the government claims will generate £5.1 billion a year for the British economy. By granting ministers the ability to implement new EU rules through secondary legislation, the bill aims to cut red tape, lower costs for businesses, and accelerate the rollout of trade agreements.Under the proposed framework, Parliament would retain the ability to approve or reject secondary legislation but would not be able to amend it. Critics warn this could turn MPs into mere "rubber‑stamps" for EU‑aligned regulations, limiting democratic scrutiny and potentially provoking retaliatory measures from the EU if the UK blocks such instruments.Political analysts note that the move comes amid heightened geopolitical tension following the United States’ war with Iran, which has exposed the fragility of Britain’s special relationship with Washington. Ministers argue that deeper regulatory alignment with the EU will add billions to the UK economy, mitigate the cost of the conflict, and address the “sluggish productivity” that has plagued the post‑Brexit era.Economic forecasts from the Office for Budget Responsibility (OBR) underscore the stakes: Brexit is projected to cut long‑run productivity by 4 % and shrink both exports and imports by 15 % compared with a scenario where the UK remained in the EU. Proponents of the bill contend that aligning with EU standards without re‑joining the customs union or single market will help reverse these losses while respecting political red lines on sovereignty and freedom of movement.Opposition parties, including hard‑Brexit advocates and the Liberal Democrats, have signalled they will challenge the bill, particularly in the House of Lords. The government acknowledges that while the Commons is unlikely to reject the proposal, the Lords could pose a significant obstacle.Academic voices, such as Prof Anand Menon of the think‑tank UK in a Changing Europe, caution that the approach amounts to “integration with the EU by stealth,” stripping the UK of a vote on the rules it will be forced to follow. He describes the situation as “the ugly trade‑off of Brexit,” where political control is sacrificed for economic access.Supporters counter that the bill will streamline the implementation of existing and future agreements, with any regulatory disputes to be settled by an independent tribunal rather than an EU court. They argue this balances the need for swift economic action with the preservation of constitutional safeguards.Prime Minister Keir Starmer has framed the initiative as part of a broader “reset” of UK‑EU relations, emphasizing a strategic partnership that deepens trade and defence cooperation while avoiding a return to the customs union or single market membership. The government stresses that Parliament will still play its “full constitutional role” in scrutinising the legislation.

Since the outbreak of the Iran conflict in February, European car shoppers have turned sharply toward electric vehicles (EVs), spurred by a rapid climb in petrol costs that has made plug‑in power appear markedly cheaper. Major online marketplaces report a pronounced uptick in EV interest. Germany’s leading platform, Mobile.de, recorded a greater‑than‑50% increase in electric‑car inquiries in March compared with February, while demand for petrol and diesel models fell during the same period. Hybrid queries edged up only 4%. In the United Kingdom, Spain and Germany, the buyer‑matching service Carwow logged 20%‑30% growth in EV inquiries between February and March, with the UK alone seeing a 23% rise in electric demand and a 19% jump for hybrids. French marketplace La Centrale observed a staggering 160% surge in EV searches from early March to early April, underscoring how sensitive drivers are to energy‑price volatility. AutoScout24, operating across Germany, Austria and Italy, noted that demand for electric cars climbed by roughly 40%, while interest in petrol and diesel vehicles remained flat or declined. Official registration data reinforce the trend. The Society of Motor Manufacturers and Traders (SMMT) reported that March battery‑electric registrations hit 86,120 units—a 24.2% year‑on‑year increase** and a record high for the month. Industry insiders attribute the shift to a combination of soaring fuel costs and supportive policy measures. In Germany, diesel prices have reached **€2.50 per litre**, and the government’s **€6,000 purchase subsidy** for electric cars further narrows the cost gap. "What the German energy transition couldn’t achieve, the economic reality has delivered," said Ajay Bhatia, CEO of Mobile.de, highlighting how market forces are now driving the zero‑emission push. Volkswagen’s ID.3 emerged as the most popular battery model, benefitting from both the subsidy and heightened consumer awareness. Nevertheless, experts caution that the surge may be partly transitory. Mobile.de’s Bhatia predicts the spike will settle at "a new, higher normal," while Autotrader’s Ian Plummer notes that previous fuel‑price spikes did not translate into lasting EV adoption, emphasizing the need for continued confidence in vehicle range and charging infrastructure. Guillaume‑Henri Blanchet of La Centrale added that the crisis has given many drivers their first real sense of total‑cost‑of‑ownership, making them more willing to accept higher upfront prices for lower long‑term operating costs. As Europe grapples with the dual pressures of geopolitical tension and energy inflation, the automotive market appears poised for a structural shift toward electrification, though the durability of this momentum remains to be fully seen.

Crystal Palace and Newcastle United faced off in a highly anticipated Premier League match at Selhurst Park. The visitors took an early lead through William Osula's close-range finish before halftime. However, Jean-Philippe Mateta proved to be the game-changer for Palace, scoring the equalizer with 10 minutes to play and then converting a penalty in injury time to give his team the win.The match saw significant changes in fortunes for both teams. Newcastle, who had a convincing win over Palace last April, succumbed to their third successive defeat. This loss comes at a time when Eddie Howe's side is struggling with confidence, still reeling from defeats to Barcelona and Sunderland.Palace, on the other hand, entered the match with renewed energy following their Conference League rout of Fiorentina at home. The win brings them closer to a European semi-final, giving manager Oliver Glasner a chance to end his tenure with another trophy. Glasner has confirmed his departure from the club this summer, following in the footsteps of Marc Guéhi and Eberechi Eze.The match also highlighted the challenges facing Newcastle, with Kieran Trippier confirming his departure and speculation surrounding the futures of Sandro Tonali and Anthony Gordon. The team's performance was marred by a lack of confidence, with Howe's side looking lost for much of the game.Palace's comeback was fueled by the introduction of Mateta off the bench in the second half. His equalizer was set up by Tyrick Mitchell's lobbed ball, and his penalty was awarded after Sven Botman was penalized for shirt-pulling Jefferson Lerma. The win marked a significant turnaround for Palace and capped off a thrilling match.

A solemn gathering was organized in Madrid to remember the victims of the latest Israeli airstrikes on Lebanon. Participants, including members of the Lebanese diaspora and local supporters, assembled in the city’s central square, lighting candles and holding signs that expressed grief and solidarity. Key messages emphasized the human cost of the conflict and called for an immediate cessation of hostilities. While specific organizers were not named, the event underscored a broader European concern over the escalating violence in the region. The vigil also served as a platform for attendees to voice demands for diplomatic efforts aimed at protecting civilians and restoring stability in the Middle East.