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Utah has enacted a law that effectively shields fossil fuel companies from legal accountability for climate damages. The legislation, signed by Republican Governor Spencer Cox, limits the ability of residents to sue these companies for their role in contributing to climate change. The new law is part of a broader effort by the fossil fuel industry and its allies to secure legal immunity in statehouses and Congress. This push is aimed at countering a wave of litigation filed by states, subnational governments, and individuals who claim that fossil fuel companies knew their products would cause climate damages but sold them anyway. Critics argue that the law prioritizes profits for the biggest polluters over communities already suffering from climate impacts. The law requires challengers to provide 'clear and convincing evidence' that damage or injury has resulted directly from a violation, making it virtually impossible to successfully sue polluters for climate damages. The legislation was sponsored by Republican Representative Carl Albrecht, who has received funding from oil and gas interests. Albrecht's ties to the industry have raised concerns about the bill's motivations. The law closely mirrors a model policy called the Energy Freedom Act, circulated by the conservative group Consumers Defense, which has financial ties to a group linked to Leonard Leo, a key figure in the far-right takeover of the Supreme Court. The passage of Utah's law comes as climate lawsuits against big oil companies are inching closer to trial. Seventy cities, states, and individuals have sued energy majors for allegedly deceiving the public about the climate crisis. New York and Vermont have also passed climate 'superfund' laws requiring major polluters to pay for damages caused by their past planet-heating pollution. Lawmakers and advocates have amassed evidence that oil companies intentionally covered up the climate harms of their products. Climate science continues to warn that fossil fuels are the primary cause of dangerous global warming. Critics argue that the fossil fuel industry is pushing for immunity because it knows it cannot win on the merits of its case.

Two weeks after the United States and Israel entered a direct conflict with Iran, the White House faced mounting criticism that the war would drive up fuel costs and anger voters. Former President Donald Trump attempted to calm concerns on Truth Social, noting that the United States is the world’s largest oil producer and that higher prices translate into higher revenues for American companies. Now, five weeks into the hostilities, the reality is becoming clear: defense contractors and oil companies are the primary beneficiaries of the escalating energy market. The Department of Defense announced that Boeing will partner with Lockheed Martin to triple U.S. production of missile seekers, a move that sent Lockheed Martin’s stock up 25% since the start of the year. The announcement also lifted Boeing’s share price, underscoring how wartime procurement is boosting aerospace valuations. At the same time, Iran’s continued blockade of the Strait of Hormuz—through which roughly one‑fifth of global oil and gas flows—has pushed U.S. crude from $65 to over $110 per barrel in just a month. Pump prices have mirrored this surge, breaking the $4‑a‑gallon barrier for the first time since 2022. Oil majors have responded with sharp stock gains; ExxonMobil, Shell and Chevron have each risen more than 20% year‑to‑date. According to market‑research firm Rystad Energy, U.S. oil producers stand to earn an additional $63 billion as barrels trade above $100. “Oil prices in March have been materially higher than anyone expected, delivering a windfall for the vast majority of U.S. energy companies,” said Leo Mariani, senior analyst at Roth Capital Partners. The last comparable price shock occurred in 2022 after Russia’s invasion of Ukraine, when U.S. gasoline peaked at $5 per gallon and inflation surged to 9%. That episode generated $916 billion in global oil‑and‑gas profits, with U.S. firms accounting for $281 billion. Chevron’s subsequent $75 billion stock‑buyback program—seven times its prior year’s amount—illustrates how quickly companies can translate price spikes into shareholder returns. Research by economists Gregor Semieniuk and Isabella Weber revealed that in 2022, 50% of oil‑company profits went to the top 1% of Americans, while the bottom half of the wealth distribution captured just 1% of those gains. Analysts warn that the current conflict could generate even larger windfalls because it has damaged actual production capacity in the Middle East, not merely reshuffled supply. “You’re benefiting a lot more from higher prices than you are from lost production,” Mariani noted, emphasizing the outsized profit potential. Even if hostilities cease, restoring pre‑conflict output in the region may take months, prolonging the supply crunch. As senior fellow Clay Seagle of the Center for Strategic and International Studies explains, the current situation differs from 2022: “Now we’re dealing with a much more severe supply event because the oil has been actually removed from the market.” Prolonged high prices could eventually curb demand, as consumers and businesses seek alternatives—a shift seen after the 1970s oil shocks when the U.S. moved away from oil‑generated electricity. Nonetheless, many sectors remain vulnerable: diesel, a key fuel for trucks and aircraft, has risen 40%, and airline stocks such as United and American have fallen more than 15% since the year began. Moreover, disruptions to liquefied natural gas (LNG) production threaten fertilizer supplies essential for agriculture. Semieniuk cautions that “we’re approaching the kinds of disruption levels we saw in 2022, and with that, the kinds of profits that we saw there. If this takes longer, it’s going to surpass that.”

Thousands of independent UK businesses are preparing for heating‑oil expenses to more than double after the Iran war sent Europe’s fuel markets to fresh record highs.Roughly 7% of all small and medium‑sized enterprises (SMEs) heat their premises with oil, and in many rural locations the figure climbs to about 17%, according to the Federation of Small Businesses (FSB), which represents around 200,000 firms and sole traders.With many rural firms off the gas grid, they depend on heating oil—a kerosene derivative linked to jet‑fuel prices. Prices have surged dramatically: a supplier charged 54.9p per litre in January and demanded 129p per litre by late March, a rise of 116%. One hotel and restaurant owner in North Yorkshire, Anthony Jenkins, reported that his annual oil bill, normally around £3,000, is now unaffordable.Jenkins said he has cut fuel usage by half and is asking guests to lower radiator settings rather than open windows. He also hopes to shift to solar‑heated water as daylight hours increase.The FSB has urged the UK competition watchdog to extend its probe of the heating‑oil market to include SMEs, noting that the same shock has lifted North‑west European jet fuel to $1,900 per tonne and diesel to $1,600 per tonne, according to Argus.Trade bodies warn that the volatility creates a fertile environment for rogue energy brokers who may push small firms into unfavorable long‑term contracts. Tina McKenzie, policy chair of the FSB, stressed the need for stricter broker regulations, noting that many SMEs lack the bargaining power of larger corporations.Small businesses also miss out on the government’s household energy‑price cap and other consumer protections, despite their energy usage resembling that of households. McKenzie added that the market’s rapid evolution leaves many firms “nervous and vulnerable”.Proposals to tighten broker oversight, including tighter scrutiny by Ofgem, are pending new legislation. An Ofgem spokesperson said the regulator has reminded suppliers and brokers to “treat customers fairly, prioritize transparent pricing and good consumer outcomes”, acknowledging the “concerning volatility” caused by the Middle‑East conflict.

President Donald Trump issued a stark warning on Sunday, giving Tehran until Tuesday night to reopen the Strait of Hormuz or face U.S. strikes on Iranian power plants and bridges. The message, posted on his Truth Social platform, was laced with profanity and a deadline of 8:00 P.M. Eastern Time. Iran’s parliament speaker, Mohammad‑Bagher Ghalibaf, responded on social media, accusing the United States of “reckless moves” that would set the entire region ablaze and turn it into “living hell.” The latest escalation follows the rescue of a second U.S. crew member from a downed F‑15E fighter that crashed in southwestern Iran, an operation that saw American special forces and Iranian troops racing against each other in mountainous terrain. Trump has repeatedly shifted the deadline for Iran, extending it at least twice. In his expletive‑laden post he warned, “Open the Fuckin’ Strait, you crazy bastards, or you’ll be living in Hell – JUST WATCH!” Financial markets reacted instantly: the U.S. benchmark West Texas Intermediate rose 1.86 % to over $112 per barrel, while Brent crude climbed above $110. The surge underscores how geopolitical flashpoints can quickly translate into higher energy costs for consumers worldwide. Trump also hinted at a possible diplomatic breakthrough, telling Fox News there was a “good chance” of an agreement on Monday. Yet he added, “If they don’t make a deal and fast, I’m considering blowing everything up and taking over the oil.” Legal scholars warned that targeting civilian infrastructure would breach the Geneva Conventions. Yale professor of international law Oona A. Hathaway noted that the president offered no justification to reclassify power plants, bridges, or steel factories as legitimate military targets, and that any such attacks would likely constitute war crimes. Iranian authorities estimate that the ongoing U.S.–Israeli campaign has damaged roughly 81,000 civilian sites, including 61,000 homes, 19,000 commercial facilities, 275 medical centres, and nearly 500 schools. Israeli Prime Minister Benjamin Netanyahu claimed that the coalition has destroyed about 70 % of Iran’s steel production capacity, citing its alleged use in missile manufacturing. In retaliation, Iran has intensified attacks on Gulf shipping and infrastructure. Over the weekend Iranian drones struck a petrochemical complex in Bahrain, igniting thick black smoke, and hit multiple Kuwait Petroleum facilities, causing fires and “significant material losses” at power and desalination plants. The most dramatic recent strike was the demolition of Iran’s unfinished 136‑metre B1 suspension bridge, a $400 million project meant to link Tehran and Karaj. The attack killed 13 people and injured 95, prompting the bridge’s engineer to lament the loss of a symbol of national pride. Trump posted a video of the bridge’s destruction, framing it as a response to Iran’s alleged unwillingness to negotiate. He later told Axios that the U.S. had been “close to an agreement” but that Iran’s demand to meet “in five days” was a pretext for the attack. Domestic criticism was swift. Senate Minority Leader Chuck Schumer denounced the president’s rhetoric as “unhinged” and warned that such threats could alienate allies and amount to war crimes. International law experts reiterated that civilian objects—such as power plants, bridges, and hospitals—are protected under the Geneva Conventions. Any deliberate targeting of these assets for bargaining leverage would violate the conventions and could trigger legal accountability for the United States and any cooperating parties.

Australia’s recent fuel squeeze is reshaping the second‑hand car market, with used electric vehicles (EVs) now commanding higher prices while traditional petrol and diesel models face steep discounts.MotorMetrics’ live inventory data shows that dealers have lifted prices on a range of EVs, most notably a more than 6% increase for the Tesla Model Y during the final two weeks of March. Similar upward pressure is evident for the Model 3, MG4 and Polestar 2, indicating dealer confidence that new stock will settle at these elevated levels.At the same time, the supply of used EVs is tightening, creating a classic demand‑supply imbalance that fuels price growth.Conversely, the same data reveal that many used diesel and petrol vehicles have been slashed by as much as 20%, reflecting a rapid shift in consumer preference toward electric power as fuel costs climb.Rental platform Turo reports a 70% jump in bookings for EVs and hybrids compared with the same period last year. Managing director Rob Chan describes the surge as a “unique wave of consumer interest” reminiscent only of the post‑pandemic “revenge travel” boom.Australia’s EV fleet is expanding steadily; the Electric Vehicle Council estimates that over 454,000 battery‑electric and plug‑in hybrid vehicles were on the road at the end of 2025, giving EVs roughly 13% of new car purchases. Analysts expect this share to rise further as more models enter the market and charging infrastructure improves.Economist Peter Esho warns that while oil shocks are not new, this one “could very well be one of the last”, as the current price environment makes EVs a financially sensible alternative for many drivers.Petrol prices rose almost daily throughout March across major cities, only easing after a government fuel‑excise cut. In parallel, Commonwealth Bank data shows a 161% increase in weekly loan volume for new battery‑electric vehicles in March versus February, underscoring growing consumer financing for EVs.Individual stories echo the broader trend. Sydney motorist Har Rai Singh, who rented several EVs through Turo to test long‑distance capability, says he now sees little reason to stick with a combustion engine, noting that “people are waiting for petrol pumps and paying over $100 to fill a tank – it doesn’t make sense any more to hold on to a combustion engine.”

Across multiple states, motorists formed long lines at service stations that were handing out free gasoline in response to a recent surge in pump prices. Participants expressed frustration over the escalating cost of fuel and, according to on‑site interviews, many pointed to the economic legacy of former President Donald Trump as a contributing factor. The complimentary fuel offers, organized by local charities and community groups, aim to provide temporary relief while consumers grapple with higher transportation expenses. Observers note that the episode underscores the broader sensitivity of the U.S. fuel market to political narratives and policy debates.

Iranian drones have launched a series of attacks on Kuwait's oil infrastructure, resulting in severe material damage and posing a significant threat to oil supplies that are already strained due to the ongoing US-Israel war on Iran.The drone strikes, which took place on Sunday, happened just hours before members of the Opec+ group of major global oil suppliers convened to discuss strategies for increasing output, despite Iran's effective blockade of the Strait of Hormuz shipping route.The Islamic Revolutionary Guard Corps of Iran claimed responsibility for the attacks, stating that they had targeted petrochemical plants in Kuwait, as well as in the United Arab Emirates and Bahrain. The Kuwait Petroleum Corporation reported damage and fires at its subsidiaries, including at the Shuwaikh oil sector complex, which houses the oil ministry and KPC headquarters.The attacks on Kuwait's oil infrastructure are part of a broader escalation of tensions in the Middle East, with Iranian drones also reportedly striking an office complex for Kuwaiti government ministries and two power and water desalination plants.The conflict has led to the largest disruption to oil supplies in history, with the price of Brent crude surging more than 50% since the start of the year to a peak of $119.50 a barrel in March. It is currently trading at about $109 a barrel.The disruptions have had a significant impact on energy costs for consumers, with the average price of a litre of unleaded petrol in the UK reaching 154.45p on Sunday, and the average US fuel price passing $4 a gallon for the first time in four years.Opec+ members have agreed in principle to raise output by 206,000 barrels a day in May, but the agreement remains largely symbolic while Iran continues to block the Strait of Hormuz, a vital trade artery through which about 20% of the world's total crude oil passes.

Donald Trump’s demand that Iran reopen the Strait of Hormuz has an immediate impact on U.S. gasoline prices, but analysts warn that a prolonged conflict will push energy costs higher across the globe, far beyond the fuel pump. Systemic increases in power prices and disrupted supply chains are set to compress margins for industries worldwide; in the United States, the effect could be especially damaging to the fragile economics of the AI boom. Oil‑importing nations in the Global South are already feeling the strain: Egypt has imposed curfews, Indonesia is trialling work‑from‑home Fridays, and the Philippines has declared a national energy emergency. While the United States, as a major oil exporter, can partially insulate itself, the country cannot escape the global rise in energy costs. Experts predict that price pressure will linger for months even if the strait reopens within days. Companies are revisiting cash‑flow forecasts, and the AI sector—characterised by energy‑intensive model training and debt‑laden expansion—faces a particularly acute risk. OpenAI chief Sam Altman attempted to downplay environmental concerns, likening the energy required to train an AI model to the cumulative food intake over a human’s 20‑year development. The Bank of England’s Financial Policy Committee warned that rising energy costs could depress AI share prices, noting that investors were already uneasy about the sector’s heavy reliance on debt financing and uncertain return prospects before the war began. "The conflict could increase these concerns, particularly given the energy‑intensive nature of the supply chain for key components and the operation of datacentres," the committee said. World Trade Organization chief economist Robert Staiger echoed this view, cautioning that a prolonged period of high energy prices could "crimp" AI investment. He highlighted that AI‑related goods accounted for 70% of U.S. investment growth in the first three‑quarters of last year. A forensic note from US law firm Quinn Emanuel revealed that the AI sector generated roughly $60 billion in revenue last year while committing $400 billion to capital expenditure. The financing structure mirrors the 2008 crisis, with off‑balance‑sheet special purpose vehicles and asset‑backed securities playing a central role. Leading "hyperscalers" and infrastructure providers such as CoreWeave are borrowing enormous sums to build out datacentres, although some analysts argue that many projects lag behind their lofty promises. Much of this borrowing comes from private‑credit lenders, making total liabilities opaque and challenging for regulators—an issue the Bank of England has repeatedly flagged. Complex financing arrangements see datacentres owned by special purpose vehicles, debt pooled and sold to pension funds, and other layered structures that obscure true exposure. Quinn Emanuel estimates that $120 billion of datacentre debt has been moved off‑balance sheets in the past two years. The firm warns that distress at any single node could cascade through the tightly interconnected AI ecosystem. Extended higher energy costs, combined with volatile interest rates and weaker consumer demand—both likely fallout from the Middle East war—could trigger that distress. The fundamental question remains: can the AI sector generate sufficient revenue to justify its sky‑high valuations? Even modest energy price hikes may force a market rethink, with potential spill‑over effects across U.S. markets and beyond. As the article concludes, the economic fallout may be yet another unintended consequence of Trump’s aggressive stance on Iran, unleashing forces beyond his control.

When Kayleigh Davies, a seasoned valuer at the auction platform Auctionet, examined the base of a vase marketed as a genuine Lalique piece, she immediately recognised the deception. The word “Lalique” had been crudely engraved onto the bottom, a trick the seller hoped would inflate the price.Davies rejected the item, noting that without the fraudulent engraving it would have been a saleable piece. Her experience underscores a growing problem: traditional antique scams are being amplified by the reach of internet marketplaces.Typical red flagsFraudsters often disguise flaws—such as restored cracks or repainted toy cars—while claiming pristine condition. Even high‑value items like original‑packaged Star Wars figures can be misrepresented by placing cheap replicas in authentic‑looking boxes.Other warning signs include unexplained scuffs on glassware, suspiciously perfect finishes on aged objects, and a lack of clear provenance for autographs. Davies advises buyers to ask probing questions; a dishonest seller is likely to become evasive or refuse further details.Electrical collectibles, such as vintage lamps, pose additional hazards, as faulty wiring can lead to fire risks.Consumer safeguardsPlatforms like eBay enforce strict policies against counterfeit goods and offer a “money‑back guarantee” that protects purchasers when items do not match their listings.In the UK, Citizens Advice confirms that buyers have a legal right to a refund for fake products. If a seller refuses, shoppers can:Initiate a chargeback through their bank if they paid by debit card or used a credit card for purchases under £100.File a Section 75 claim for credit‑card purchases over £100, shifting liability to the card issuer.Suspected fraud can also be reported to the national Report Fraud centre, and to local Trading Standards via Citizens Advice.By staying vigilant, demanding documentation, and leveraging consumer‑rights mechanisms, buyers can reduce the risk of falling victim to counterfeit antiques and collectibles.