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The US-Iran conflict, now in its fifth week, has escalated into a war of attrition with no clear strategy or end in sight. The US continues to hit Iranian targets while building up forces in the region, while Iran launches missile and drone attacks on Israel and neighboring Gulf states.The conflict has significant economic implications, with Iran's closure of the Strait of Hormuz causing oil prices to surge and disrupting global supply chains. The pain is likely to get worse, with shortages already felt across the world, from Asian factories to European diesel markets.The war should never have been started, with the threat not imminent, objectives unclear, and justification falling apart under scrutiny. Responsibility rests with Donald Trump and Israel's Benjamin Netanyahu. The delusion that force can impose a more compliant regime in Tehran has predictably given rise to a conflict that sustains itself.The only plausible exit is negotiation without preconditions. However, Mr. Trump mixes threats of escalation and claims that negotiations are progressing, with little evidence of a meaningful diplomatic track. The conflict cannot be separated from Gaza, where Mr. Netanyahu is gambling that war with Iran will restore his standing.If US ground forces are committed, the dynamic shifts, and American casualties will harden resolve among those who backed the intervention, making withdrawal politically harder. World powers can shift the incentives away from a US ground war by working together to insulate themselves from economic pain and coordinate diplomatic messaging.

A significant fire incident occurred at an Israeli oil refinery after a reported missile attack. The incident was captured on video, highlighting the ongoing tensions in the region.The attack on the refinery has raised concerns about the stability of the region and potential impacts on global oil supplies.Further details about the incident, including any casualties or damage, have not been provided.

The UK government is considering plans to provide financial support to households hardest hit by the looming energy crisis, with a focus on targeting those who need it most. Energy bills are forecast to hit nearly £2,000 a year from July, prompting concerns about the impact on low-income households.Under one plan, extra cash could be injected into the crisis and resilience fund (CRF), a £1bn a year council-run scheme in England that provides preventative support to communities and assists people facing financial crises. The fund could be topped up to help cushion households identified by councils as facing particular hardship from higher energy bills.Chancellor Rachel Reeves has ruled out universal support and is under pressure from financial markets to limit the extent of the support to keep within budget spending limits. However, she has emphasized the need for targeted support, saying: "The progressive, universal approach that we are taking is the right one … £150 off everyone’s energy bills, but then targeted support for those who need it most."The government is also exploring other options, including expanding support to households that have high bills but do not currently qualify for benefits. This could involve allowing councils to dispense funds to households in need.Rising energy costs have been driven by the conflict in the Middle East, with Brent crude oil prices surging to over $116 a barrel. The global oil benchmark is on course for a record monthly rise of nearly 60%, exceeding gains made during the 1990 Gulf war.The UK's interest rate on 10-year debt has also hit its highest level since the 2008 financial crisis, just over 5%, although rates eased to 4.95% by Monday. Government borrowing costs around the world have climbed since the US and Israel attacked Iran, as financial markets calculate that governments will be urged to borrow more heavily to cope with the war's aftershocks.

The Houthis are a militant group that emerged from a years-long civil war in Yemen as the country’s most powerful political force. Their strategic location at the entrance of the Red Sea allows them to disrupt international trade.The group, which has an estimated 20,000 fighters, represents the Zaidi branch of Shia Islam. The Houthis first began gaining mass support around the turn of the century from Shia Yemenis who were fed up with corruption and authoritarian leaders.In 2014, the Houthis captured the Yemeni capital, Sana’a, and a year later overthrew the western-backed president, Abd-Rabbu Mansour Hadi. Hadi was forced to flee, but his allies in Saudi Arabia and the UAE launched a military campaign, also backed by the west, to drive out the Houthis.The ensuing civil war led to an estimated 377,000 deaths and displaced 4 million people by the end of 2021. The UN brokered a 2022 truce between the warring sides in Yemen that has largely held.As part of Iran’s “axis of resistance”, the Houthis began targeting international shipping in the Red Sea after the 7 October 2023 attack on Israel by Hamas, which triggered the Israeli military campaign in Gaza. The Houthis’ campaign in the Red Sea – a major thoroughfare for world trade – brought chaos to global supply chains.The Houthis ceased their attacks after a US-brokered ceasefire between Israel and Hamas in October 2025.While the US says Iran has armed, funded, and trained the Houthis, the group denies being an Iranian proxy but says they share a political affinity. On 28 March, the Houthis fired missiles at Israel, vowing to continue military operations until Israel “ceases its attacks and aggression”.

The price of oil has surged to $116 a barrel after Donald Trump's comments on seizing Iranian oil, sparking concerns over a potential escalation in the Middle East conflict. Brent crude, the international benchmark for oil, rose by 2% in early trading on Monday.Trump told the Financial Times that his 'favourite thing is to take the oil in Iran,' which led to a significant increase in oil prices and a drop in Asian stock markets. Japan's Nikkei fell by 3%, while the South Korean Kospi dropped 3.4%. Hong Kong's Hang Seng index shed about 1%.The conflict in the Middle East has escalated with the arrival of 3,500 US troops and Houthi rebels in Yemen firing ballistic missiles at Israeli sites. This has led to concerns over a potential disruption in oil supplies, causing natural gas prices to increase in Europe.Analysts warn that if the conflict doesn't end quickly, crude could rise to $150 or even $200 per barrel, which could lead to a global recession. The UK's Keir Starmer is set to hold talks with bosses from Shell, BP, and Equinor to discuss emergency measures to contain the crisis.The war in the Middle East has driven Brent crude to its biggest monthly gain ever, up by 59% since the start of March. Industry figures have warned of potential temporary shortages at petrol pumps in the UK due to the conflict.

On Palm Sunday, Israeli police restricted access to Jerusalem's Holy Sepulchre, a site considered holy by Christians worldwide. A priest was prevented from entering the site, highlighting ongoing tensions in the region.The Holy Sepulchre, located in Jerusalem's Old City, is a key pilgrimage site for Christians, marking the place of Jesus Christ's crucifixion, burial, and resurrection. Palm Sunday, which commemorates Jesus' triumphal entry into Jerusalem, is a significant event in the Christian calendar.The incident has raised concerns about religious freedoms and access to holy sites in Jerusalem, a city considered sacred by Jews, Christians, and Muslims. The Israeli police's actions have been criticized by some as an infringement on religious rights, while others may view it as a security measure to maintain order in the sensitive area.

The Houthi rebels have escalated their conflict with Israel, expanding their military campaign to target the Jewish state directly. This development raises concerns about the security of Red Sea shipping lanes, which are vital for international trade.The Red Sea is a key route for global commerce, with many ships passing through the Suez Canal, which connects the Red Sea to the Mediterranean Sea. Any disruption to shipping in this area could have significant economic implications, affecting the flow of goods and commodities worldwide.The Houthi rebels' actions have already impacted the region's stability, with various countries closely monitoring the situation. The international community is watching closely to see how this conflict will unfold and what measures will be taken to ensure the safety of shipping lanes in the Red Sea.

On Palm Sunday, Christians in Lebanon gathered in churches to commemorate Jesus's triumphal entry into Jerusalem, but the celebrations were overshadowed by the escalating conflict between Israel and Hezbollah. The Maronite Catholic church near Dahiyeh in Beirut's southern suburbs was filled to capacity, despite being close to a largely deserted district due to Israeli evacuation orders and ongoing air strikes.In the coastal city of Tyre, church bells tolled and choral music filled the air as residents sought solace in preserving their sacred traditions amid the devastation. Worshippers prayed earnestly for peace, aware of Lebanon's history of sectarian tensions rooted in the 1975-1990 civil war between Christians and Muslims.Mahia Jamus, a 20-year-old university student in Beirut, expressed concern that no one is safe from the conflict's effects. "There's no bombing here right now, but no one is safe from this—not the Christians, not anyone," she said. "No one is spared from its effects."In Tyre, Roseth Katra, 41, emphasized the importance of preserving traditions despite the surrounding devastation. "Amid the wars, the tragedies, and the destruction happening around us, we remain on our land," she said. "Today is Palm Sunday, and we are celebrating."The conflict has resulted in at least 1,238 people killed and over 3,500 wounded in Israeli attacks since March 2, according to Lebanon's Ministry of Health. Israeli troops have launched a ground invasion advancing towards the Litani River, while Hezbollah has claimed dozens of operations against Israeli forces.

In a significant diplomatic development, foreign ministers from Pakistan, Turkiye, Egypt, and Saudi Arabia have convened in Islamabad for crucial talks aimed at de-escalating the intensifying US-Israel war on Iran. The regional summit comes amid heightened tensions in the Middle East as international efforts intensify to prevent further conflict escalation.Adding complexity to the diplomatic landscape, Iran's Parliament Speaker Mohammad Bagher Ghalibaf has made a serious allegation, claiming that the United States is secretly plotting a ground attack against Iran despite public assertions of pursuing diplomatic channels to end the ongoing hostilities. This accusation raises questions about the sincerity of recent diplomatic efforts and suggests a significant disconnect between public statements and private intentions.The Islamabad meeting represents a coordinated regional response to the growing crisis, with neighboring nations attempting to play a constructive role in finding peaceful resolutions. The participation of these key countries underscores the widespread concern about the potential regional and global implications of the conflict.