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The US-Israel war on Iran has effectively closed the Strait of Hormuz, a critical shipping route for materials used in the production of various everyday products. As the conflict enters its fifth week, global oil shortages are forcing countries to take severe measures to conserve their reserves. While US gas prices have surged to their highest level in years, the impact of rising oil prices extends far beyond drivers. Oil is a crucial component in the supply chain, powering machines that manufacture goods and fueling trucks that transport them to stores. The price increases come at a time when many Americans are already strained by rising housing costs, grocery bills, and electricity statements. A recent Gallup poll found that a third of Americans have had to skip meals and forego other needs to afford their healthcare. Oil and Gas The average cost of gas in the US has jumped about 30% over the last month, with the national average hitting $3.97, the highest since 2023. Diesel, which fuels many trucks transporting goods, has increased by about 50%, or $1.69 more than it did a year ago. Higher diesel costs could soon affect transportation costs and grocery prices, as roughly 85% of agricultural goods are transported by trucks. The impact of oil and gas shortages on the supply chain can be categorized as first-order effects, such as higher prices at the gas pump, and second-order effects, including potential price increases for crops, semiconductor chips, and medical devices. Fertilizer Farmers are struggling as the spring growing season approaches, facing higher fertilizer costs and falling commodity prices. A third of global urea trade, a solid nitrogen fertilizer, passes through the Middle East region, with about 20% of imported fertilizer to the US coming from Qatar. Nitrogen fertilizer is critical to grow corn, which is cultivated by about 500,000 farmers in the US. The White House has promised to minimize disruptions to the US economy, with alternative sources of fertilizer being sought from around the world. Helium The conflict has disrupted the global helium supply after Iranian attacks in Qatar, the second-largest producer of helium after the United States. Helium is a key import used in aerospace, magnetic resonance imaging (MRI), and semiconductor chips that power AI. Jet Fuel Increases in oil prices could result in higher airfare and shipping costs. The price of jet fuel has doubled since the start of the war, according to the International Air Transport Association. United Airlines announced last Friday that it would have to cut flights due to the surging cost of fuel. < h2>Mortgage Rates Just as US mortgages were starting to fall in February, the average 30-year fixed mortgage rate ticked up to its highest level in months, reaching 6.22%. Mortgage rates are closely tied to the overall state of the economy, and the US Federal Reserve's decision to leave rates unchanged last week cited uncertainty in the economy, particularly with conflict in the Middle East.

Baz Luhrmann's Romeo+Juliet has stood the test of time, remaining a vibrant and captivating film thirty years after its release. This modern retelling of Shakespeare's timeless tragedy, set in a fictional Verona Beach with Mexico City as its backdrop, was a critical and commercial success upon its debut.The film's irreverent and questioning approach to the classic tale resonated with audiences, offering a fresh take on the star-crossed lovers' story. Luhrmann's vision, co-scripted with Craig Pearce, preserved the original text while infusing it with a sunburst of energy and a unique blend of style and substance.The cast, including Leonardo DiCaprio as Romeo and Claire Danes as Juliet, delivered memorable performances that brought depth and nuance to their characters. The supporting cast, featuring Harold Perrineau as Mercutio and Paul Rudd as Paris, added to the film's richness and complexity.Luhrmann's direction and the film's lurid 90s crime-chic design have aged remarkably well, with the movie's themes of love, transgression, and tragedy remaining as relevant today as they were upon its initial release. Romeo+Juliet is a testament to the enduring power of Shakespeare's work and Luhrmann's innovative vision.The film's re-release in UK cinemas on March 27 offers a new generation of audiences the opportunity to experience this joyful tragedy on the big screen, and it is sure to continue to captivate and inspire viewers for years to come.

Partridge Boswell's poem, 'The Gathering', has been crowned the winner of this year's National Poetry Competition, a prestigious award that attracted over 21,000 entries from poets across 113 countries. The poem delves into themes of language, love, and the struggle to make sense of global suffering, state violence, and war.Boswell's work is a reflection of his attempt to process the emotional burden of following distressing global events. He describes how he wrote elegies, parodies, and rants to cope with his discomfort and disbelief. The poem specifically addresses the challenge of maintaining language's potency in the face of the relentlessness of the news cycle and the difficulty of resisting false narratives.The judges praised 'The Gathering' for its ambition, emotional stakes, and philosophical perspicacity. They noted that the poem reflects on the tensions between personal grief and state violence, particularly in Gaza. The poem questions how to preserve the potency of language amid the overwhelming nature of global events.Boswell, who is also the author of the Fool for Poetry prize-winning chapbook Levis Corner House and the Grolier prize-winning collection Some Far Country, will receive £5,000 for his winning poem. His work, along with the runner-up and third-place poems, will be published in the spring 2026 issue of The Poetry Review.The National Poetry Competition, founded in 1978, has a history of recognizing talented poets. Past winners include Carol Ann Duffy, Sinéad Morrissey, James Berry, and Tony Harrison. This year's competition saw seven commended poets receive £500 each, while Damen O'Brien's poem Axe secured the runner-up position with a £3,000 prize.

The global food system is facing an unprecedented threat of collapse, much like the financial system did in 2008. The concentration of power in the hands of a few large corporations has led to a loss of diversity, redundancy, and modularity, making the system highly vulnerable to shocks.Recent data suggests that every part of this system is now highly concentrated in the hands of a few corporations, which have been consolidating both vertically and horizontally. One recent study found that the US food system has “consolidated nearly twice as much as the overall economic system”. Some of these corporations, diversifying into financial products, now look more like banks than commodity traders, but without the same level of regulation.These vulnerabilities are exacerbated by the use of just-in-time supply chains and the funnelling of much of the world’s trade through a number of chokepoints. Some people have long warned that the strait of Hormuz, alongside the Suez canal, Turkish straits, Panama canal and straits of Malacca, are critical chokepoints, whose obstruction would threaten the flow of food, fertiliser, fuel and other crucial agricultural commodities.When a system has lost its resilience, it’s hard to predict just how and when it could go down. The collapse of one corporation? The simultaneous closure of two or more chokepoints? A major IT outage? A severe climate event coinciding with a geopolitical crisis? The next step could be contagious bankruptcy and cascading failure across sectors.We know what needs to happen: break up the big corporations; bring the system under proper regulatory control; diversify our diets and their means of production; reduce our dependence on a handful of major exporting countries; build strategic food reserves, accessible to people everywhere. But there’s a problem, and it’s not just Trump. Almost all governments are beholden to corporate and financial power.The best we can hope for is that braver politicians in our own countries seek to insulate us from the worst impacts. A crucial step is to encourage a shift to a plant-based diet. People struggle to see the relevance, but it’s simple. A plant-based diet requires far fewer resources, including just a quarter of the land a standard western diet requires and much less fertiliser and other inputs.

England cricketer Ben Duckett has made a significant decision to pull out of the upcoming Indian Premier League (IPL) to focus on his career with the England Test team. Duckett was signed by Delhi Capitals at the IPL auction in December for a substantial £200,000, but he has now withdrawn from the tournament. The decision comes after a combination of a poor Ashes series, where he played all five Tests with a highest score of 42, and heavy travel following his reserve duties at the recent T20 World Cup. Duckett believes that playing for Nottinghamshire will help him regain his form and secure his place in the England team. “It was a very difficult decision, and I want to apologise to everyone at Delhi that I won’t be coming,” Duckett told the Telegraph. “I’ve spent a lot of time away from home in different places, and it felt like the best thing for me to do to be ready to play for England is to be here right now, at home, refreshing my mind and body.” Under IPL rules, players who withdraw from the tournament for reasons other than injury face a three-year ban. Duckett follows in the footsteps of Harry Brook, who also signed for Delhi in 2025 before pulling out to prioritise his England career. Duckett’s recent performances have been under scrutiny, particularly after a video of him drunk on a night out during the team’s mid-tour break in Noosa was published on social media. He has since apologised for the incident, acknowledging that it was unprofessional. The England team is currently under pressure to refresh its lineup after the Ashes defeat. While Duckett’s opening partner, Zak Crawley, may be the likelier to make way for a newcomer, Duckett has shown promise since his return to the Test team in 2022, averaging 42 with six centuries.

Japan will begin releasing its largest-ever oil reserves this week, according to Prime Minister Sanae Takaichi. The decision aims to cushion the country against possible energy shortages triggered by the ongoing US-Israel war on Iran and its impact on tanker traffic through the Strait of Hormuz. The government has approved the release of 15 days' worth of private-sector reserves and will start releasing state-owned reserves on Thursday. This move follows concerns that the conflict in the Middle East will continue to disrupt oil supplies. Japan, a resource-poor nation with a significant economy, imports over 90% of its crude oil from the Middle East, making it particularly vulnerable to supply chain disruptions in the region. The release includes about 80 million barrels of stockpiled oil, equivalent to 45 days of domestic demand. This is 1.8 times the quantity made available after the Fukushima Daiichi nuclear power plant disaster in 2011. As of last year, Japan held reserves of approximately 470 million barrels of oil, enough for 254 days of domestic consumption. In addition to the oil reserve release, the government has introduced subsidies for fuel products to cap gasoline prices at about ¥170 ($1.10) per liter. This move comes after the average retail price of gasoline reached a record ¥190.8 per liter. The subsidies will be reviewed weekly based on oil prices. The Strait of Hormuz crisis has also triggered concerns among Japanese consumers about the availability of essential goods, including toilet paper. In response, the trade and industry ministry has advised consumers against hoarding toilet paper, urging them to make rational purchasing decisions based on accurate information.

Japan has emerged victorious in the Women's Asian Cup, claiming their third title in the tournament. The decisive match against Australia ended with a 1-0 win for Japan, thanks to a stunning long-range goal by Maika Hamano in the 17th minute.The match, held at Stadium Australia in Sydney, was attended by a record-breaking 74,357 fans, marking a significant milestone in the growth of women's football. This victory adds to Japan's previous titles in 2014 and 2018, both of which were also won against Australia with a 1-0 scoreline.The tournament saw a substantial increase in attendance, with over 350,000 fans attending matches, approximately six times the previous record set in 2010. The Asian Cup also served as a qualifier for the 2026 World Cup in Brazil, with six teams—Australia, Japan, South Korea, China, North Korea, and the Philippines—securing their spots.Japan's team, featuring several English-based players, demonstrated exceptional skill throughout the tournament, scoring 29 goals and conceding only one across six games. Despite a strong performance from Australia, Japan's solid defense and fluid gameplay secured their victory.The final match was intense, with both teams creating scoring opportunities. However, Japan's defense held strong, particularly in the final minutes, as Alanna Kennedy's late attempt was thwarted, ensuring Japan's rock-solid defense preserved the win.

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 ongoing conflict in Iran, now in its 18th day, has sparked concerns about the global economy's stability. Typically, during such periods of uncertainty, investors flock to safe-haven assets like gold, causing its price to rise. However, gold prices have remained broadly steady at around $5,000 an ounce.On Tuesday, spot gold was almost flat at $5,001.36 per ounce at 11:00 GMT, and US gold futures for April delivery rose just 0.1 percent to $5,005.20. This lack of movement is surprising, given that gold prices typically shoot up during economic crises as investors look for safe havens to shelter their cash.Experts suggest several reasons for this unexpected stability. Traders may be anticipating that the US Federal Reserve will halt interest rate cuts and perhaps even raise rates in response to rising inflation, making dollar assets more attractive and gold, which pays no interest, less so. Additionally, gold had already risen significantly at the start of the year, which may be contributing to its current stability.Another factor is the strengthened dollar, which provides an alternative safe-haven choice. Higher oil prices, which have soared above $100 per barrel due to the conflict, may also lead to higher inflation, making the dollar more attractive.Experts also note that gold has become a very speculative asset, and typical gold investors, including central banks, tend to be more risk-averse and may have been spooked by the volatility of gold in the current climate.For the price of gold to shift dramatically, two things would need to happen: a clear indication from the Federal Reserve that interest rates may be cut further, despite inflationary pressure, and a change in perception as to the length of the war.