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Rising energy costs stemming from the Iran war are set to deliver a sharp blow to British living standards, with the Resolution Foundation estimating that the average working‑age household could lose about £480 in income this year. Before the conflict began, the think‑tank projected a modest 0.9% rise in household earnings. Market‑driven energy price spikes have now pushed that forecast into a -0.6% decline, effectively turning a gain into a loss. Oil and gas markets have reacted dramatically: Brent crude has surged back above $100 per barrel (£74), while analysts such as JPMorgan Chase expect prices to stay elevated through the current quarter, with Goldman Sachs revising its Brent outlook to an average of $90 per barrel in Q2. For the poorest fifth of households, the outlook is equally grim. Expected income growth has been trimmed from 2.8% to 1.2%, despite a long‑overdue real‑terms increase in benefits for some low‑income families. Families with three or more children stand out as a relative bright spot. The abolition of the two‑child limit is projected to generate a 7.7% income boost for this group, contrasting with zero growth for poorer families with fewer children. Energy bills are also poised to climb this summer, erasing the £117 average savings households enjoyed after the regulator lowered the energy price cap in April, according to Jonathan Marshall, the foundation’s principal economist. In response, the Resolution Foundation is urging the UK government to fast‑track a social tariff before winter, aiming to shield the most vulnerable households from the worst of the price shock. James Smith, chief economist at the foundation, warned that “while hopes for sustained peace persist, the path of this conflict remains uncertain and energy prices stay well above pre‑war levels, meaning many households face a decline in purchasing power this year.” He added that “de‑escalation is welcome, but the damage to household finances is already largely done; the government should act now to prepare a social tariff that reaches households falling through the cracks this winter.”

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.

The economic consequences of an Iran war could have devastating effects on global poverty, with 32 million people at risk of being pushed into poverty worldwide. The United Nations Development Programme (UNDP) warns that developing countries will bear the brunt of this impact. In a report released amid concerns over a fragile ceasefire, the UNDP highlights a 'triple shock' affecting energy, food, and economic growth. This conflict is reversing international development gains, with uneven regional impacts expected. Alexander De Croo, UNDP administrator and former Belgian prime minister, emphasizes that even if the war ends, its impact will persist, especially in poorer countries where people may be pushed back into poverty. He notes that those who had previously escaped poverty are now at risk of falling back into it. The report outlines three scenarios for the war's impact. In the worst-case scenario, involving six weeks of major disruption to oil and gas production and eight months of higher costs, 32.5 million people globally could fall into poverty. The UNDP uses the upper-middle-income poverty line, an international standard defined as income below $8.30 per person per day, calculated by the World Bank. To mitigate these effects, the UNDP suggests targeted and temporary cash transfers to protect vulnerable households in developing nations, estimating a cost of about $6 billion to neutralize the shocks for those falling below the poverty line. The agency also recommends interventions like temporary subsidies or vouchers for essential services. The news comes as Western governments face criticism for cutting aid spending amid economic pressures and increased defense spending. The UNDP and other international agencies stress the importance of maintaining or increasing development aid to support countries hardest hit by the economic fallout.

Rory McIlroy has joined an elite club by defending his Masters crown at Augusta National, becoming just the fourth golfer ever to win the tournament back‑to‑back. The Northern Irish star edged out world No. 1 Scottie Scheffler by a single shot, marking his sixth major championship and cementing his place in golf history. Speaking after the victory, McIlroy emphasized that the win is a stepping stone, not a final destination. “I just won my sixth major and I feel like I’m in a really good spot with my game and my body,” he said. “I still have things I want to achieve and I want to enjoy the journey.” His parents, Rosie and Gerry, who missed the 2025 ceremony, were present this year, adding a personal dimension to the triumph. “It’s amazing to have them here,” McIlroy remarked, noting that their presence reinforced his motivation and gratitude. Despite the celebratory mood, McIlroy’s performance was far from flawless. He hit only 55% of fairways and recorded 48 of 72 greens in regulation over four rounds. A six‑shot lead after 36 holes evaporated by the 54‑hole mark, and a wayward drive into the trees on the final tee underscored the pressure he faced. Reflecting on the difficulty of the feat, McIlroy admitted, “I don’t make it easy. I used to win by eight shots in my early 20s. This year I realised it’s just really difficult to win the Masters.” He described the moment of uncertainty on the 18th tee as “the greatest stress,” highlighting the thin margin between victory and defeat. Looking ahead, McIlroy signaled that his ambitions extend beyond the Masters. While he plans to take a brief break, he dismissed the notion of a post‑victory lull, stating, “I don’t think I’ll go through that lull of motivation… I still want to enjoy it as well.” With his back‑to‑back Masters titles now secured, the golfer’s next targets remain speculative, but his confidence suggests a continued push for further major victories and possibly a career Grand Slam.

International activists are preparing to set sail from northeastern Spain to the Gaza Strip in a massive 70-boat flotilla, aiming to break Israel's devastating naval blockade and deliver much-needed humanitarian aid.The initiative, dubbed the 'Global Resilience Flotilla,' boasts a significant increase in participation, with about 1,000 volunteers from 70 countries taking part in the effort. The vessels, departing from the port of Barcelona, are loaded with food, medicine, school bags, and stationery for Palestinian children.Organisers say the mission is being carried out in coordination with Palestinian civil society organisations, maritime security experts, and prominent international NGOs, including Greenpeace and Open Arms—a charity known for its Mediterranean rescue operations. The flotilla has also received increased backing from the Barcelona municipality.Pablo Castilla, a spokesperson for the flotilla, told reporters in Barcelona that the primary goal is to 'condemn international complicity in the genocide committed by Israel in Gaza, demand accountability, and open a humanitarian corridor by sea and land'.Castilla noted a declining international focus on Gaza due to the ongoing United States-Israel war on Iran and Israeli attacks on Lebanon. He warned that Israel is exploiting this geopolitical shift to tighten its siege, restrict aid, expand settlements, and accelerate the occupation of Palestinian territory.The Gaza Strip, under an Israeli blockade since 2007, has faced an unprecedented humanitarian and health crisis since Israel's genocidal war against Palestinians in Gaza, which began in October 2023 and has killed more than 72,000 Palestinians.The prolonged assault has also devastated infrastructure, including hospitals, and left approximately 1.5 million of the enclave's 2.4 million residents displaced and homeless, amid severe restrictions on fuel and medical supplies.Since 2010, all flotillas attempting to break the Gaza blockade have been intercepted or attacked by Israel in international waters.

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.

A devastating air strike by the Nigerian military on a village market in northeastern Nigeria has killed dozens and injured hundreds, sparking widespread outrage and condemnation. The strike, which occurred on Sunday, was aimed at members of the rebel group Boko Haram.According to Amnesty International, over 100 people were killed and 35 others wounded in the attack on the Jilli village market in Yobe state. A local chief, Lawan Zanna Nur Geidam, reported that the total casualties, including dead and injured, were around 200.The Nigerian Air Force claimed to have killed Boko Haram fighters in an air strike on the Jilli axis in Borno state, but did not mention hitting a market. The government of Yobe state later confirmed that an air strike near a market had been conducted, affecting people attending the weekly market.Amnesty International condemned the strike, stating that launching air raids is not a legitimate law enforcement method and that the Nigerian military's actions demonstrate a shocking disregard for human life. The organization called on Nigerian authorities to immediately investigate the incident and hold suspected perpetrators accountable.The Yobe State Emergency Management Agency (SEMA) activated the emergency response, and many of the injured were taken to hospitals in nearby Geidam and Maiduguri. A worker at the Geidam General Hospital reported that at least 23 people injured in the incident were receiving treatment.

A devastating stampede at Haiti's iconic Citadelle Laferriere has claimed the lives of at least 30 people, with authorities warning that the death toll may rise. The tragedy unfolded on Saturday during an annual celebration at the early-19th-century fortress, a popular tourist attraction and UNESCO World Heritage Site.The stampede occurred at the entrance to the site, where a large crowd of students and visitors had gathered. Heavy rain exacerbated the disaster, leading to a chaotic and deadly situation. Haiti's Prime Minister, Alix Didier Fils-Aime, extended his condolences to the bereaved families, assuring them of his solidarity during this difficult time.The Culture Minister, Emmanuel Menard, confirmed the deaths of 30 people, stating that the injured are receiving medical care and a rescue team is searching for any missing persons. The exact number of those injured remains unknown. This incident highlights the ongoing challenges faced by Haiti, which has struggled with widespread gang violence and deadly disasters in recent years, including fuel tank explosions and earthquakes.

The light‑heavyweight division entered a new chapter on Saturday night in Miami when Carlos Ulberg secured the vacant UFC title by delivering a decisive left hook to former champion Jiri Prochazka. President Donald Trump watched from the cageside as Ulberg’s strike landed at the 3:45 mark of the opening round, ending the bout with a knockout and awarding him the undisputed belt. Ulberg entered the fight with a professional record of 14‑1 in MMA (10‑1 in the UFC), while Prochazka held a 32‑6‑1 MMA record (6‑3 in the UFC). Early in the first round Ulberg felt a knee give way, yet he persisted, capitalising on Prochazka’s hesitation to land the winning blow. “I blew out my knee, but I never counted myself out,” Ulberg said afterward. “I knew I needed one clean shot, and when I saw Jiri pulling back, I threw my left hand and it landed.” Prochazka, who has gone 1‑3 in UFC title fights since June 2022, reflected on the loss: “I felt sorry for him, and this is one of the biggest lessons in my life. The fight was in my hands, I saw his injury, and I’ll be back.” The championship was vacant after former champion Alex Pereira vacated the belt to pursue an interim heavyweight title at UFC Freedom 250, a bout scheduled for the White House on Donald Trump’s 80th birthday. Trump promoted the event on his Truth Social account and arrived at the Kaseya Center accompanied by UFC president Dana White, Secretary of State Marco Rubio, and U.S. ambassador to India Sergio Gor. A Kid Rock track blared as Trump took his seat beside the officials. In the co‑main event, Azamat Murzakanov knocked out Paulo Costa with a right round‑house at 1:23 of the third round, extending his perfect UFC record to 17‑0‑0. After his victory, Murzakanov shook hands with Trump, who praised the fighter. Murzakanov acknowledged the president during his post‑fight interview with Joe Rogan. The heavyweight showdown between Josh Hokit and Curtis Blaydes turned into a gritty slugfest, with Hokit prevailing by unanimous decision (29‑28 on all three cards). Trump cheered loudly as the fighters exchanged blows. Following Hokit’s win, UFC chief Dana White announced on social media that a bout between Hokit and Derrick Lewis would be added to the UFC Freedom 250 card, noting that President Trump helped bring the matchup together.