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BP has announced that it expects to post 'exceptional' earnings from its oil trading desk, capitalizing on the turbulent energy markets caused by the ongoing conflict between the US and Israel against Iran. The company's refining margins have strengthened, contributing to the optimistic forecast.The surge in oil prices is primarily attributed to the effective closure of the strategic Strait of Hormuz shipping route by Iran, a critical passage for global oil supplies. This development has led to Brent crude prices rising sharply from about $61 a barrel in January to a peak of $119.50 several weeks ago. As of Tuesday, Brent crude was trading at $98.28 a barrel, still significantly higher than its January levels.The conflict has not only impacted oil prices but also affected global oil demand forecasts. The International Energy Agency (IEA) has revised its forecast, now predicting a decline in oil demand by 80,000 barrels a day this year, a stark contrast to its previous forecast of a 640,000 barrel increase. This would mark the first annual decline in oil demand since the 2020 Covid pandemic.In terms of production, BP expects its overall oil and gas production to remain broadly flat in the first quarter. However, the company has seen an improvement in refining margins, which rose to $16.9 a barrel in the first quarter from $15.2 a barrel in the previous quarter. This increase is expected to boost earnings from refined products by $100m to $200m.BP's update comes as its UK rival Shell also reported significantly higher oil trading profits for the quarter. Analysts have been revising their profit forecasts upward, with Citi raising its estimate for BP's adjusted net income to $2.6bn for the January to March quarter.New BP CEO Meg O'Neill, who took over this month, faces shareholders at the annual meeting on 23 April, where she is expected to discuss the company's strategy under her leadership, particularly its focus on oil and gas projects to enhance profitability.

The world is facing an energy crisis reminiscent of the 1970s, with rising energy prices and fears of stagflation. In response, countries may turn to coal, a dirtiest of fuels, to meet their energy demands.Historically, energy crises have led to increased investment in coal production. During Jimmy Carter's presidency, the US aggressively developed domestic coal sources, which became America's 'black hope'. Similarly, Donald Trump's America is doubling down on fossil fuels, pushing to develop US coal and oil reserves.The energy crisis sparked by the US-Iran war highlights the need for renewable energy sources. However, the conflict has raised hurdles to investing in renewable power generation capacity, including inflation and interest rates. As a result, countries around the world, including Japan, India, and Europe, are considering or have already ramped up their use of coal.Despite the progress made in decarbonization and the switch to cleaner gas in power generation, the current crisis could unravel these efforts. Coal consumption worldwide has increased by about 1.3bn tons since 2020, to 8.8bn tons, driven by demand in India and China. The International Energy Agency (IEA) reports that coal supplied 23% of the world's energy in 2000, increasing to 28% in 2023.The global energy landscape is shifting, with renewable energy sources becoming increasingly important. However, the ongoing conflict in Iran and rising energy prices pose significant challenges to the transition to a low-carbon economy.

Islamabad – Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar will travel to Beijing, reaffirming the “all‑weather strategic cooperative partnership” between the two nations, according to the Pakistani Ministry of Foreign Affairs.The visit follows a high‑profile quadrilateral meeting in Islamabad that brought together foreign ministers from Turkey, Egypt and Saudi Arabia, all aiming to coax the United States and Iran back to the negotiating table amid a war that has already spiked global energy prices.Despite a recent hairline shoulder fracture, Dar pressed on with the trip, signalling the urgency of Pakistan’s diplomatic push. In a March 27 call, Chinese Foreign Minister Wang Yi praised Islamabad’s “untiring efforts to cool down the situation,” a sentiment echoed by spokesperson Mao Ning, who said China is ready to “enhance communication… for a cease‑fire and peace in the region.”Analysts argue the mission is less about collecting praise and more about testing whether Beijing will move from rhetoric to concrete action in the US‑Iran mediation. The central question: can China become an active partner rather than a silent observer?Former Wilson Center fellow Baqir Sajjad Syed explains that Dar will brief Chinese leaders on the recent Islamabad quadrilateral and seek to turn five draft principles – immediate ceasefire, resumption of talks, civilian protection, maritime security, and UN Charter compliance – into a binding framework.Pakistani scholars view the outreach as classic intermediary behaviour: Pakistan leverages China’s permanent‑member status to stay relevant, while China, unlike the United States, mainly engages with Gulf states and Tehran.Iran specialist Vali Nasr suggested Tehran may be looking for a Chinese “guarantor” for any US‑Iran deal, a premise disputed by professor Ishtiaq Ahmad, who calls the expectation “analytically weak” given China’s reluctance to back a declining regime.The strategic stakes are stark. The Strait of Hormuz moves roughly 20 % of global oil. Kpler data show China imported about 1.38 million barrels per day of Iranian crude in 2025 – roughly 12 % of its total oil imports. The IEA estimates 15 million barrels per day passed through the strait in 2025, with China and India accounting for 44 % of that flow.China‑Iran trade hit about $41.2 billion in 2025, and a 2021 25‑year strategic cooperation pact promised up to $400 billion in Chinese investment for discounted Iranian oil, much of which remains unrealised due to U.S. sanctions.Syed describes China’s motivations as “clear and self‑interested”: protecting energy security, safeguarding Belt and Road Initiative (BRI) and China‑Pakistan Economic Corridor (CPEC) projects, and bolstering its image as a global peace broker. A prolonged war would hurt China’s economy through higher oil prices and disrupted trade routes.While Beijing is unlikely to deploy military forces, it may employ diplomatic tools – public endorsements, joint statements, and economic levers – to push for a cease‑fire. Its pragmatic stance means it will weigh the benefits of deeper involvement against the risk of being drawn into a conflict.The diplomatic backdrop includes a postponed Trump visit to Beijing and a slated summit for mid‑May, as well as a future Xi‑to‑U.S. trip, which observers say could signal a broader alignment between the two great powers.Meanwhile, the United States continues to amass forces in the Gulf, with thousands of Marines and Army troops positioned for possible ground operations, underscoring the volatility that Pakistan and China are trying to mitigate.In sum, Dar’s Beijing mission tests whether China will remain a passive supporter or become an active broker in a war that threatens global energy markets and regional stability.

The Group of Seven (G7) countries have committed to taking all necessary measures to stabilize the energy market, which has been roiled by the ongoing conflict between the US and Iran. In a statement released after a teleconference organized by France, the G7 emphasized its readiness to preserve the stability and security of the energy market in close coordination with its partners. The meeting came as Brent crude prices surged above $116 a barrel due to Iran's retaliatory actions against Gulf oil producers and the effective blockade of shipping through the Strait of Hormuz. The G7, comprising the US, Canada, Japan, Britain, France, Germany, and Italy, also called on countries to refrain from imposing unjustified export restrictions on oil, gas, and related products. The International Energy Agency (IEA) had earlier agreed to release a record 400 million barrels of oil from strategic stockpiles to combat spiking global crude prices. The G7 central banks have committed to maintaining price stability, with monetary policy to be based on data. The conflict has raised fears of further escalation that could drive oil and natural gas prices even higher.

Germany's Autobahn, the world's only democracy without a blanket speed limit on motorways, has long been a symbol of freedom and technological mastery for driving enthusiasts. Lutz Leif Linden, president of the Automobile Club of Germany (AvD), has reached speeds of 400km/h (249mph) on the road, describing the experience as 'like an airplane.'The country's love affair with fast cars dates back to the late 1800s, with Carl Benz patenting the first 'vehicle powered by a gas engine'. The success of the German car industry, which created jobs, gave citizens freedom to travel, and brought in tax revenues, has cemented motorized vehicles in the national psyche.Despite the International Energy Agency (IEA) urging drivers to slow down to cushion the price shock from the biggest blow to oil supply in history, Germans remain opposed to a blanket speed limit. Public opinion has shifted, with a majority supporting the Tempolimit among voters of all big parties except the far-right Alternative für Deutschland and the market-liberal Free Democrats.Researchers have made the case for slowing down in terms of money, fuel, and lives. A study found a speed limit of 130km/h would lead to nearly €1bn a year in societal benefits, cut greenhouse gas emissions from road transport by 2.2%, and reduce toxic air pollutants. However, opponents argue a blanket ban is unnecessary and cite the time saved over long distances and the appreciation of freedom to set their own speed.The industry has found itself in a crisis as high energy prices and competition from China on electric vehicles have resulted in factory closures and job losses. Germany led efforts to water down an EU ban on the sale of combustion engine cars from 2035. A spokesperson for VDA, Germany's biggest car lobby, described the climate impact of a blanket speed limit as 'minimal' and 'increasingly insignificant' as the car fleet becomes more electrified.

The escalating geopolitical tensions in the Middle East have triggered a worldwide energy crisis that is affecting lives far from the conflict zones. Alagesan, 35, a small business owner in Coimbatore, India, faces the potential collapse of his roadside drink and snack shop due to an acute shortage of liquefied petroleum gas (LPG) caused by the conflict."I am far away from the Middle East, but my life is affected," Alagesan stated. "The gas cylinder is not available because of the war. I don't know what to do."The closure of the Strait of Hormuz – through which one-fifth of the world's oil travels – has created a critical supply disruption, pushing international oil prices to approximately $100 per barrel. This surge is translating into higher costs for gasoline, petrol, and numerous consumer goods, placing significant pressure on households and economies globally.In response to the crisis, the International Energy Agency (IEA) has issued a series of recommendations including remote work where feasible, reduced highway speed limits, shifting from private vehicles to public transportation, carpooling, electric cooking alternatives, and avoiding non-essential air travel."The war in the Middle East is creating a major energy crisis, including the largest supply disruption in the history of the global oil market," stated IEA Executive Director Fatih Birol. "In the absence of a swift resolution, the impacts on energy markets and economies are set to become more and more severe."Individuals worldwide are implementing various coping strategies in response to fuel shortages and price increases. Many have restricted driving to essential journeys only, increased cycling, and utilized public transportation more frequently.In regions with cooler climates, heating oil usage has been drastically curtailed due to "skyrocketing prices," with some households heating only single rooms, burning wood, and adding extra layers of clothing. Others have cancelled vacations, citing inappropriate fuel consumption during heightened demand.While some expressed relief at having electric vehicles and solar panels providing "control" over their energy sources, many with limited public transport options have no alternative but to continue driving to work and essential activities, forcing difficult budget adjustments elsewhere.In India, where 60% of LPG is imported and 90% of it passes through the Strait of Hormuz, the crisis has led to severe rationing. Gangesh, 57, from Kerala, reported "most hotels are suffering the worst shortage" with "a large number of eateries shutting down leading to unemployment." One woman noted a "35-day wait for the next instalment of gas cylinders."The personal stories of adaptation continue across continents. Sue, 73, in the UK has "banned" car use except for hospital trips, opting for bicycles and a tricycle instead. Katie, 71, in Massachusetts faces impossible choices between food and gasoline for her son's essential medical care, requiring 100-mile round trips."We now consider carefully almost every mile we must drive and are trying to cut back expenses every way we can," Katie explained.In the UK, where an estimated 1.7 million households rely on heating oil, and in Northern Ireland where it serves as the primary heating source for nearly two-thirds of households, the crisis has reached critical levels. David in Londonderry expressed concern about "additional and immediate increases" in fuel costs, particularly for those with respiratory conditions requiring stable temperatures.Anne*, 50, in Perthshire, Scotland, saw the price of 1,000 liters of paraffin jump from £600 to £1,450, forcing her family to use firewood cut from fallen trees instead. "It's laborious work," she noted. "Hot-water bottles are also good. Very old school."Amanda*, 48, in Devon, UK, has only about three weeks of heating oil remaining: "I have had to turn it off as I do not have the extra money to pay the current prices. It's difficult because you obviously want to keep them [her sons] warm, and you feel guilty that you can't provide for them."Meanwhile, Alex, 46, in New South Wales, Australia, has reduced driving and increased public transport use, not only due to rising costs but also to avoid "panic buying" that could leave her without fuel. "War isn't about security or defending borders. War is what greed looks like in public," she reflected.

Japan has initiated the release of oil from its emergency reserves in response to the escalating global energy crisis triggered by the Iran-Israel conflict. The crisis has led to the effective closure of the Strait of Hormuz, a critical waterway for global oil supplies.The decision to release oil reserves was announced on Monday through a notice published in the Japanese government's official gazette. This move follows Japanese Prime Minister Sanae Takaichi's announcement last week to unilaterally release 80 million barrels of oil from stockpiles due to supply concerns arising from Iran's threats against shipping in the strait.The International Energy Agency (IEA) has also pledged to coordinate the release of a record 400 million barrels to mitigate the market impact of the conflict. Despite these efforts, oil prices have surged, with Brent crude rising as much as 3% on Sunday before easing slightly on Monday. As of 05:45 GMT, Brent stood at $104.85 a barrel, marking a more than 40% increase since the start of the war on February 28.Japan, being one of the world's largest oil importers, relies on overseas fossil fuels for about 80% of its energy needs. The country also holds one of the world's largest oil reserves, sufficient to meet 254 days of domestic consumption. Tokyo has stated it has no plans to deploy its navy to the strait following a call from US President Donald Trump for other countries to help unblock the waterway.

The world is currently experiencing a severe energy crisis, surpassing the combined impact of the 1970s oil shocks and the Ukraine war, according to Fatih Birol, Executive Director of the International Energy Agency (IEA). Speaking at a media event in Australia, Birol warned that the energy crunch prompted by the US-Israel war on Iran has exceeded the 1973 and 1979 oil shocks and gas shortages stemming from Russia's 2022 invasion of Ukraine.Birol stated that the crisis is equivalent to two oil crises and one gas crash combined. He noted that the effective closure of the Strait of Hormuz and attacks on energy facilities have reduced global oil supplies by about 11 million barrels per day (bpd), more than double the combined shortfalls of the 1970s crises. Additionally, liquefied natural gas (LNG) supplies have been reduced by about 140 billion cubic meters, compared to a shortfall of 75bcm in the aftermath of Ukraine's invasion by Russia.At least 40 energy facilities across nine countries have been severely damaged in the conflict, according to the IEA chief. Birol emphasized that the global economy is facing a major threat and expressed hope that the issue will be resolved soon.Birol also expressed concern that the scale of the crisis had not been fully understood, which prompted him to speak publicly about the situation. The IEA has proposed measures to reduce energy consumption, including facilitating remote working and carpooling, and lowering speed limits on motorways.The IEA chief is in consultation with different countries about releasing more strategic oil reserves if needed. However, he emphasized that the single most important solution to the crisis is to unblock the Strait of Hormuz, which usually carries about one-fifth of global oil and LNG supplies.

The global oil market is facing unprecedented challenges, with daily oil losses exceeding the combined impact of two major crises in the 1970s, according to the chief of the International Energy Agency (IEA). This stark warning highlights the severity of the current energy landscape and its potential implications for the global economy.The IEA chief's statement underscores the significant strain on global oil supplies, drawing parallels with historical crises that had far-reaching effects on the world economy. As the world navigates this complex energy environment, the IEA's insights are crucial for understanding the potential risks and opportunities that lie ahead.