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Oil markets experienced a dramatic correction on Wednesday, with Brent crude falling 13.9% to $94.10 per barrel and U.S. WTI futures sliding almost 16% to $95, marking the steepest daily percentage drop since the COVID‑19 crash of April 2020. Despite the plunge, prices remain well above pre‑conflict levels, when Brent traded below $73.The price shock followed President Donald Trump's announcement of a two‑week, conditional ceasefire with Iran, contingent on Tehran reopening the strategic Strait of Hormuz for oil tankers. Iran’s foreign minister, Abbas Araghchi, confirmed the strait would be managed by the Iranian military during the grace period, while Iran’s national security council accepted the ceasefire on the condition that U.S. attacks be halted.Equity markets reacted positively. The pan‑European Stoxx 600 surged 4%, its biggest one‑day gain in over four years. In the UK, the FTSE 100 climbed nearly 3% to 10,646 points, its highest level since the early days of the Iran war. Travel and leisure stocks led the rally, with Air France up 14.5%, Lufthansa +11%, IAG +9.5% and TUI +12%.Oil majors were the notable laggards; BP and Shell each lost more than 5% as investors priced in continued supply uncertainty. Asian markets also posted strong gains: Japan’s Nikkei 225 rose over 5%, Australia’s S&P;/ASX 200 jumped 2.55%, South Korea’s Kospi surged 7.5%, Hong Kong’s Hang Seng added 3.1% and China’s CSI300 climbed 3.2%.Bond yields eased on the ceasefire news. The U.S. 10‑year Treasury yield fell to 4.24% from 4.30%, while the UK 10‑year gilt slipped to 4.7% from 4.9%.Safe‑haven assets rallied as well: gold rose more than 2% to $4,812 per ounce, and cryptocurrencies recovered, with Bitcoin up 2.9% to $71,327 and Ether gaining 5.6% to $2,234.Market strategists emphasized the provisional nature of the relief. Jim Reid, Deutsche Bank markets strategist, warned that “investors will be breathing a big sigh of relief, but the durability of the ceasefire remains the key risk.” He noted ongoing Israeli‑Iran strikes and unclear extensions to Lebanon could reignite volatility.Energy analyst Saul Kavonic (MST Financial) described the pause as “an off‑ramp for Trump’s bombastic ultimatum, but not yet an off‑ramp for oil markets or the war.” He expects a limited release of tankers from Hormuz in May, which would ease storage pressure without boosting production.Capital Economics chief economist Neil Shearing highlighted potential transit fees for Hormuz passage, estimating a $1‑2 million charge per tanker—equivalent to roughly $1 per barrel—would have a modest effect on global oil prices but could signal a de‑facto partial nationalisation of the route.TD Securities senior strategist Prashant Newnaha cautioned that “renewed escalation cannot be ruled out, but markets are treating this ceasefire as the real deal, and all parties will sell it as a major win.” He added that oil prices are unlikely to revert to pre‑war levels, keeping inflationary pressures alive.Earlier in the week, U.S. equities swung sharply, with the S&P; 500 dipping 1.2% before rebounding after Pakistan’s prime minister urged Trump to extend the deadline and keep the strait open.The conflict, which began after the U.S. and Israel struck Iranian targets in late February, has choked the Strait of Hormuz—through which about 20% of global oil and LNG supplies flow—fueling a worldwide energy crunch.

Iran has put forth a 10-point peace plan aimed at ending the ongoing conflict with the United States and Israel. The plan, conveyed through Pakistan, includes key elements such as an end to hostilities in the region, a protocol for safe passage through the Strait of Hormuz, and the lifting of sanctions imposed on Iran.US President Donald Trump described the Iranian proposal as a 'significant step' but emphasized that it was 'not good enough'. He warned that if Iran does not agree to a deal, it will face severe consequences, including the destruction of its bridges and power plants. 'If they don't make a deal, they will have no bridges and no power plants,' Trump stated.The conflict, now in its second month, has led to a significant escalation of violence, with 1.2 million Lebanese people displaced due to Israeli attacks. Iran's top university and a major petrochemical plant were hit on Monday, following Trump's threat to target power plants and bridges unless Tehran agrees to end the war and open the Strait of Hormuz, a critical passage through which 20 percent of the world's oil and gas supplies pass.Human rights organizations and members of the US Congress have criticized Trump for threatening to attack civilian targets, which is considered a war crime. The situation remains dire as the deadline set by Trump for Iran to open the Strait of Hormuz approaches, with Tehran rejecting the ultimatum and threatening to retaliate.

India's nuclear program has reached a significant milestone with its prototype fast breeder reactor (PFBR) achieving criticality, a self-sustaining nuclear chain reaction. Located in Kalpakkam, Tamil Nadu, the 500 megawatt electrical (MWe) reactor is a major leap forward for India's atomic energy ambitions. The PFBR is only the second commercial fast breeder reactor in the world, following Russia's. This advanced reactor design produces more fissile material than it consumes, using a mix of uranium and plutonium as fuel. The reactor's success is a crucial step towards India's goal of significantly increasing its nuclear energy capacity. Indian Prime Minister Narendra Modi hailed the achievement as 'a proud moment for India' and 'a defining step' in advancing the country's nuclear program. The reactor is designed to enable India to extract greater energy from its limited uranium reserves while paving the way for large-scale deployment of thorium-based reactors. India has more than 25 percent of the world's thorium reserves, which are four times larger than uranium reserves globally. The country's three-stage nuclear program aims to utilize thorium as a primary fuel source in the third stage, with the PFBR serving as a critical component in this process. Experts highlight that the PFBR's success could inspire other countries to adopt similar technology, but challenges remain, including high costs and technical complexities. The reactor's electricity generation is expected to be more expensive than alternatives, including solar energy. Despite these challenges, India's achievement marks a significant advancement in nuclear technology and energy security, particularly for a country with growing energy demands and a desire to reduce dependence on fossil fuels.

The ongoing conflict between the US, Israel, and Iran has led to a significant disruption in global fuel supplies, causing a surge in energy prices. The Strait of Hormuz blockade and air strikes on key energy facilities in the Gulf have resulted in a nearly complete halt to shipping through the strait, which is a critical route for oil and liquefied natural gas (LNG) exports. Egypt's government has announced several measures to mitigate the impact of the crisis on its energy resources. These include reducing fuel allocations for government vehicles by 30 percent, cutting street lighting and advertisement lighting by 50 percent, and implementing 9pm shutdowns for shops, malls, and restaurants from March 28, except on Thursdays and Fridays. Additionally, eligible employees will work remotely on Sundays starting April 1, with some essential services exempted from this policy. The country's energy import bill has increased from $1.2bn in January to $2.5bn in March, putting pressure on Egypt's economy, which is already heavily indebted. The government has also raised fuel prices by 14-30 percent to manage demand and conserve state energy resources. Other countries are also taking steps to conserve energy. Malaysia has ordered civil servants to work from home, while Pakistan has imposed restrictions on market and shopping mall operating hours. Bangladesh has reduced working hours for government and private workers, and Sri Lanka and Slovenia have introduced fuel rationing and purchase limits to manage shortages and soaring costs.

U.S. Vice President JD Vance touched down in Budapest on Tuesday for a two‑day series of bilateral meetings, a move the White House billed as a show of support for Prime Minister Viktor Orban ahead of Hungary’s April 12 parliamentary election. Orban’s Fidesz Party faces its toughest test in more than a decade, with recent polls indicating the opposition enjoys an 8‑12 percentage‑point advantage, and some surveys showing a lead as high as 20 points. Princeton sociologist Kim Lane Scheppele warned that Vance’s visit, while symbolically important, is unlikely to significantly alter the electoral math. “One visit by a relatively low‑profile American vice president is not going to change that,” she said. Nevertheless, the trip underscores the close ties between the Trump administration and Orban. Former President Donald Trump endorsed Orban in February, and Secretary of State Marco Rubio visited Hungary that same month, signaling U.S. backing for the right‑wing leader. Orban’s 16‑year rule has been marked by the erosion of judicial independence and media freedom, reforms that critics argue tilt the electoral system in Fidesz’s favour. Yet the opposition, led by 45‑year‑old former Fidesz insider Peter Magyar of the Tisza Party, is rallying around anti‑corruption and economic grievances. Magyar’s campaign promises a more constructive relationship with the European Union, hoping to restore billions of euros in funding suspended in 2022 over democratic backsliding. He positions himself as centre‑right, sharing many of Orban’s policy stances but rejecting the incumbent’s alleged corruption. “Magyar is centre‑right; he’s basically a believer in much of what Orban has done, minus the corruption,” Scheppele noted, adding that his eurosceptic leanings could still facilitate the return of EU money. The Hungarian‑U.S. connection extends beyond politics to financial incentives. Scheppele highlighted that Trump has hinted—though not formally promised—a fiscal safety net for Orban if he wins, reminiscent of U.S. aid pledges made to right‑wing allies in Argentina’s 2025 elections. “If Vance makes that kind of announcement, it could be a real game‑changer,” she warned, suggesting that a concrete U.S. financial commitment could bolster Orban’s standing in the final days of the campaign. Orban’s appeal to the U.S. far right has been evident since Hungary hosted the Conservative Political Action Conference (CPAC) in 2024, where Trump lauded him as a defender of “Western civilisation.” The personal rapport between Orban’s political director and Vance—evident in a 2024 photo captioned ‘A Trump‑Vance administration sounds just right’—further cements this transatlantic alliance. As the election approaches, the key question remains whether symbolic diplomatic support or a tangible financial pledge will prove decisive in a race where domestic issues—corruption, social services, and economic stagnation— dominate voter concerns.

The UK government announced a modest concession for millions of graduates with Plan 2 student loans: a cap on the interest rate at 6% starting 1 September 2026.The decision is presented as a safeguard against a possible surge in inflation linked to geopolitical tensions in the Middle East, rather than a full policy reversal.The 6% ceiling will apply both to undergraduate Plan 2 loans and to postgraduate Plan 3 loans taken out by borrowers in England and Wales.For many borrowers the cap trims the current 6.2% rate by 0.2 percentage points, meaning their debt will grow marginally slower; the repayment threshold of 9% of earnings above the annual limit remains unchanged.Interest rates are normally set each academic year using the Retail Price Index (RPI), which currently sits at 3.2% and is expected to rise – the March 2026 RPI is due on 22 April and analysts anticipate a figure above the February rate of 3.6%.Ministers say the cap “removes the risk of any temporary increase in inflation causing loan balances to compound at an unsustainable rate,” protecting borrowers from rates above 6%.Prime Minister Keir Starmer has pledged to review the student‑loan system, and speculation persists that more extensive reforms could be announced later in the year.The National Union of Students hailed the cap as “a huge win” but warned that without adjustments to the repayment threshold the relief will be limited.Financial planner Ian Futcher of Quilter added that the cap offers “reassurance but not relief,” emphasizing the need for broader changes to ease graduate finances.

Michigan secured its second national crown — the first since 1989 — by edging UConn 69‑63 in a gritty Final Four showdown that tested both teams’ resolve. Despite making only two three‑pointers all night (a 2‑for‑15 effort from beyond the arc), the Wolverines leaned on disciplined defense and a flawless free‑throw line, converting 25 of 28 attempts in the closing minutes. Elliot Cadeau emerged as the game’s catalyst, pouring in 19 points, including Michigan’s inaugural three‑point basket of the night 7:04 into the second half. His performance earned him the Most Outstanding Player honor for the Final Four. The decisive blow came when freshman Trey McKenney sank the Wolverines’ second three‑pointer with 1:50 remaining, extending the lead to nine points and forcing UConn into a frantic chase. UConn fought back valiantly; Solo Ball knocked down a three‑pointer with 37 seconds left to trim the deficit to four, and senior guard Alex Karaban added 17 points. However, missed free throws and a sub‑31% field‑goal percentage (30.9%) hampered the Huskies’ comeback. Injured graduate transfer Yaxel Lendeborg contributed 13 points on 4‑for‑13 shooting despite a sore knee and foot, while UConn’s leading scorer Braylon Mullins struggled, finishing 4‑for‑17 from the floor. Coach Dan Hurley watched his squad battle foul trouble and a cold shooting night, ultimately seeing the trophy travel to Ann Arbor instead of Storrs. Michigan closed the night with a 37‑3 record, capping a tournament run that had previously featured five straight 90‑point blowouts — a contrast to the defensive, low‑scoring finale that delivered the program’s long‑awaited championship.

Pakistan has put forward a two-phase plan to bring an end to the ongoing conflict between the US, Israel, and Iran, and to reopen the strategically critical Strait of Hormuz. This initiative has been shared with both Iran and the United States, and is currently being considered by both sides.According to sources, Esmaeil Baghaei, spokesman for Iran's Ministry of Foreign Affairs, has acknowledged Pakistan's diplomatic efforts. The plan, tentatively referred to as the 'Islamabad Accord', involves an immediate ceasefire and the reopening of the Strait of Hormuz, with 15 to 20 days allocated to finalize a broader settlement.The proposed agreement would include Iranian commitments not to pursue nuclear weapons in exchange for sanctions relief and the release of frozen assets. However, Tehran has responded by stating that it will not reopen the strait as part of a temporary ceasefire, and has expressed skepticism about the proposal.The US has not yet responded to Pakistan's plan, while Iran has rejected a 15-point plan put forward by the US last month, describing it as 'illogical'. The conflict has resulted in significant human suffering, with over 2,000 people killed in Iran since the war began on February 28.The situation remains volatile, with Trump threatening 'hell' on Tehran if a deal is not reached by the end of Tuesday. The international community is closely watching the developments, as the Strait of Hormuz remains a critical artery for global fuel supplies, with over 20 percent of the world's oil and gas passing through the waterway.

The Israeli war on Gaza has resulted in a catastrophic economic collapse, leaving 70 percent of Gaza's residents under 30 without work or opportunities. The unemployment rate in the Gaza Strip has soared to 80 percent, with the local gross domestic product (GDP) plummeting by 87 percent over the past two years.Mahmoud Shamiya, a university graduate, exemplifies the struggles of Gaza's youth. He had dreams of becoming a teacher but now spends his days surviving in a tent, fetching water, and scavenging for firewood. The destruction of Gaza's educational infrastructure has effectively paused the lives of students trapped inside the besieged enclave.The systematic destruction of universities and schools has erased 22 years of development in Gaza, leaving the territory's youth cut off from the outside world and denied the ability to study, work, or secure their basic survival. Economists warn that the situation is a generational catastrophe.Mona Al-Mashharawi, who was scheduled to travel to Algeria for her university studies, is now trapped in Gaza. She laments, 'Two years of my life have been lost, and I am now entering the third. These years are automatically vanishing from our lives.'The private sector, once Gaza's main economic engine, has been shattered, with 90 percent of all sectors, including housing and infrastructure, wiped out. The total economic losses are estimated to be $70 billion.The blockade has drained the territory of essential goods and raw materials, with 80 percent of the population relying entirely on international humanitarian assistance to stay alive. However, aid entering the territory falls drastically short of the daily target of 2,000 tonnes.