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Oil prices jumped back above $100 a barrel and global stocks fell after weekend talks between the US and Iran ended without an agreement and Donald Trump imposed a blockade of the Strait of Hormuz. The US president announced the blockade on Sunday, targeting Iranian vessels and ships that have paid a toll to Iran for passage through the strait, in an attempt to choke off the flow of Iranian oil.US Central Command said it would start at 10am ET (5.30pm in Iran and 3pm in the UK), blocking all Iranian Gulf ports and coastal areas, in effect seizing control of maritime traffic in the Strait of Hormuz. The news drove oil and gas prices sharply higher again, after the two-week ceasefire between the US and Iran announced on Wednesday prompted a sharp fall in energy prices, and crude ended the week below the psychological $100 a barrel threshold.Brent crude rose by nearly 7% to $101.74 a barrel on Monday morning, while US crude is up more than 8% to $104.69 a barrel. Gas prices also increased, with the British wholesale gas contract for May soaring by 11.7% to 122.5p a therm. Analysts at JPMorgan Chase said last week they expected oil prices to stay high in the second quarter, above $100 a barrel, before easing in the second half of the year.Most Asian stock markets fell on Monday, with Japan’s Nikkei down 0.7% and Hong Kong’s Hang Seng index losing 1%, while Chinese stocks rose slightly. Sentiment was helped by Beijing’s announcement of a 10-initiative strategy aimed at deepening ties with Taiwan. European stocks also fell, led by airlines including Lufthansa, Wizz Air, easyJet and British Airways parent IAG. The FTSE 100 index in London lost 0.4%, dropping 45 points to 10,555. Germany’s Dax fell 1%, Italy’s FTSE MiB slipped 0.7% and Spain’s Ibex was down 1.1%. With oil and gas prices rising sharply higher, energy companies such as BP and Shell are rallying.Priyanka Sachdeva, senior market analyst at the broker Phillip Nova, said: “In today’s environment, every barrel of risk added to oil markets carries an inflation price tag for the global economy.” She added: “The market reaction underscores a simple but powerful reality: Hormuz risk is not theoretical; it is structural, and it is real.”Interest rate expectations have shifted again; investors now see an 84% chance of two rate increases from the Bank of England this year to tackle rising inflation, up from 60% on Friday. Before the Iran war, the central bank was expected to cut rates. The price of gold fell 0.4% to $4,730.75 an ounce as the blockade fuelled inflation concerns, prompting traders to scale back expectations for Federal Reserve rate cuts this year.

Texas is expanding its global reach with the launch of a new office in London, aimed at attracting UK businesses and investment to the low-tax Lone Star State. The office, led by James Taylor, one of the founders of the Austin-based lobbying and public relations firm Vianovo, is part of Texas's efforts to lure corporate heavyweights across its borders.The new site adds to a growing list of international offices from which Texas can try to draw businesses. Texas charges neither corporation nor income tax, making it an attractive destination for companies looking to relocate or expand.Lobbyists working in the London office will court UK bosses with incentives including new, fast-track business courts and multimillion-dollar subsidies. Their targets are expected to include the City's banks and investment houses, as the state aims to build on Dallas's financial-sector boom.The ambitions have caught the attention of the City of London Corporation, with the City's mayor, Susan Langley, discussing how London could tap into excitement over the launch later this year of the state's first dedicated stock market, the TXSE. “With the launch of the Texas Stock Exchange, new dual-listing opportunities could connect British and Texan firms to fresh capital,” she said.The news comes as London tries to reverse a trend where businesses have been abandoning the UK stock market, choosing either to go private or shift their listings to hubs overseas, including New York.Texas has already had success luring jobs and investment from rival US states, including California, Delaware, and New York. Texas has overtaken California in having the largest number of Fortune 500 company headquarters of any American state, with companies like Oracle, Tesla, X Corp, and SpaceX having moved to the state in recent years.A spokesperson for Governor Greg Abbott's office said: “Texas has long had a global presence, with offices in Mexico and most recently in Taiwan designed to attract foreign direct investment and job creation into Texas, while also helping Texas companies export worldwide.”

Cheng Li-wun, chairwoman of Taiwan’s main opposition party the Kuomintang (KMT), used a high‑profile trip to mainland China to advocate for renewed dialogue with Beijing. On Wednesday she laid a wreath at Sun Yat‑sen’s mausoleum in Nanjing, invoking the revolutionary’s legacy of “equality, inclusiveness and unity” as a moral foundation for cross‑strait reconciliation. Her visit marks the first time a KMT leader has set foot in China in ten years. Cheng said the core values of Sun’s ideal—"all under heaven are equal"—should guide efforts to promote reconciliation and regional prosperity across the Taiwan Strait. During the trip Cheng also expressed hopes to meet Chinese President Xi Jinping, framing the potential encounter as a diplomatic test that could demonstrate the effectiveness of dialogue over deterrence. The timing of the trip is notable. It comes amid heightened friction between Taipei and Beijing, with China continuing to assert sovereignty over Taiwan while refusing to engage with President William Lai Ching‑te, whom it labels a “separatist”. Amid concerns that a distracted United States may be less able to guarantee Taiwan’s security, some Taiwanese voters view a thaw in relations as attractive. Wen‑ti Sung, a non‑resident fellow at the Atlantic Council’s Global China Hub, told Al Jazeera that a cordial photo‑op between Cheng and Xi could bolster the KMT’s argument that dialogue is more effective than military deterrence. Domestically, Cheng’s outreach occurs as Taiwan’s opposition‑controlled parliament has stalled a proposed $40 billion increase in defence spending. She acknowledged Taiwan’s democratic evolution, referencing the legacy of the “White Terror” period, while also praising China’s recent development achievements. The governing Democratic Progressive Party (DPP) sharply criticized the trip, accusing the KMT of undermining national security. Party spokesperson Wu Cheng argued that if the opposition truly seeks stability, it should stop blocking the defence budget increase. Neither Beijing nor Taipei formally recognises the other’s government, leaving any dialogue fragile and heavily politicised. Cheng’s visit therefore represents both a symbolic gesture toward historic ties and a contested move within Taiwan’s polarized political landscape.

The United Kingdom’s cyber‑defence agency has issued a stark warning: Russian‑affiliated hackers are targeting everyday internet routers to conduct espionage operations. By compromising these edge devices, attackers can steal user credentials, redirect traffic to fraudulent sites, and potentially infiltrate other connected gadgets such as smartphones and computers. According to the National Cyber Security Centre (NCSC), the campaign appears opportunistic, casting a wide net before filtering for high‑value intelligence targets. This mirrors a broader trend where threat actors focus on hardware that bridges users to the cloud, often overlooking the security of routers and network cameras. Professor Alan Woodward of the University of Surrey emphasized that routers are frequently forgotten, becoming weak points in home and small‑business networks. "If a router is compromised, attackers can reroute users to fake banking sites, establish persistence on the network, and probe connected devices for further vulnerabilities," he explained. The NCSC attributes the activity to the notorious group APT28, also known as Fancy Bear, which is almost certainly linked to Russian intelligence services. APT28 previously orchestrated high‑profile attacks, including the 2015 breach of the German parliament that exposed confidential emails and legislators' schedules. In a parallel move, the U.S. Federal Communications Commission has prohibited the sale of all consumer‑grade routers manufactured outside the United States, citing "unacceptable risks to national security." The FCC warned that foreign‑made routers have been exploited to facilitate espionage, disrupt networks, and steal intellectual property. While most routers are produced in China or Taiwan, exceptions like Elon Musk’s Texas‑made Starlink devices are unaffected. Privacy specialists caution that a blanket ban will not resolve existing vulnerabilities, especially for legacy routers that no longer receive security patches. Woodward urged small businesses and individuals to keep firmware up to date and monitor network activity for anomalies. The article also revisits the 2016 Bangladesh central bank heist, where hackers siphoned $80 million by exploiting cheap, second‑hand routers that were exposed to the internet. Investigators believe a North Korean state‑linked group was behind that attack, illustrating how compromised routers can serve as gateways to critical financial systems. Overall, the NCSC’s alert underscores a growing geopolitical cyber‑threat landscape, where state‑sponsored actors leverage everyday hardware to gather intelligence and disrupt adversaries.

Lin Yu-ting, the 30‑year‑old Taiwanese Olympic champion, secured a bronze medal at the Asian Boxing Elite Championships in Mongolia, marking her return to competition after a gender‑eligibility controversy that clouded her 2024 Paris Olympic triumph.Competing in the 60kg division for the first time, Lin was defeated in the semifinals by North Korea’s Won Un Gyong, resulting in a third‑place finish.Her coach, Tseng Tzu‑chiang, told Taiwan’s Central News Agency that the shift to a higher weight class presented “new opponents’ skills, strategies and styles,” and that the tournament served as a valuable learning opportunity.Lin had opted out of last year’s World Championships after World Boxing announced mandatory sex testing for female athletes, a policy introduced following the high‑profile gender disputes involving Lin and Algerian boxer Imane Khelif after their gold medals in Paris.Following an appeal by Taiwan’s boxing federation, World Boxing cleared Lin to compete in the female category last month, enabling her participation in the Asian championships.Looking ahead, Tseng indicated that Lin aims to compete at the Asian Games in Nagoya, Japan later this year, noting that while her physical condition was not yet optimal, the experience provides “room for improvement and a clear path forward.”In parallel, the International Olympic Committee has introduced a new eligibility policy that excludes transgender female athletes from women’s events, aligning with a U.S. executive order. The IOC stated that eligibility will be determined by a mandatory gene test, limiting participation to “biological females.”

Several readers have voiced alarm over the unfolding US‑Israel war on Iran, describing it as a chaotic and unjustified conflict that threatens regional stability and global order.One contributor likens the situation to a “spectacle of two rogue nations armed with nuclear weapons fighting to prevent a third from acquiring similar capabilities,” warning that the resulting chaos could embolden other territorial disputes, from China’s claim on Taiwan to Argentina’s claim on the Falklands. The writer urges individuals to emulate the anti‑apartheid boycott campaign, suggesting a coordinated boycott of US and Israeli products and a disengagement from the upcoming FIFA World Cup as potential levers to pressure the belligerents.Another letter critiques the tone of the original editorial, arguing that the war’s justification—purported nuclear compliance and regime change—was merely “grist to throw into the media mill.” The author characterises President Trump’s approach as a personal crusade, describing it as a “hyperbolic truth” that seeks to vent anger and claim divine credit, with the war ending only when Trump’s interest wanes.A third commentator questions the UK’s role, noting that despite initial resistance, British bases have quietly accommodated US and Israeli forces, mirroring the pattern seen in Gaza. The writer warns that the conflict could inflict a “disaster for our economy and that of Europe” that may last for years, calling the war both “immoral” and “illegal” and urging a policy reversal.Concern is also expressed about China’s silence. Citing a recent Guardian editorial, a reader points out that Beijing’s proclaimed “major‑country diplomacy” has not translated into constructive mediation, similar to its restrained stance on the Ukraine war. The letter argues that the global benefits of peace outweigh any short‑term advantage China might gain from allowing two wars to continue, and calls on allies of China to press the government into action.Collectively, these letters highlight a growing perception that the war in Iran is driven more by political posturing than by clear strategic objectives, and they advocate for a combination of economic pressure, public dissent, and diplomatic engagement to halt the escalation.

Oil prices experienced a significant surge, rising more than $5, after President Donald Trump stated that the United States would continue its military operations against Iran. This development has heightened investor concerns about potential sustained disruptions to global oil supplies.Brent crude futures saw a notable increase, rising $6.33, or 6.3%, to $107.49 per barrel early on Thursday. Similarly, US West Texas Intermediate crude futures were up $5.28, or 5.3%, to $105.40 per barrel. These gains followed an earlier decline of more than $1 in both benchmarks prior to Trump's televised address to the nation.The recent escalation in tensions between the US and Iran has led to the closure of the Strait of Hormuz by Iran, in retaliation for the US-Israeli attacks. This strategic move has disrupted approximately one-fifth of global oil and liquefied natural gas (LNG) supplies, precipitating the world's most significant energy crisis in decades.Trump emphasized that the US military is nearing its objectives in the conflict, which he expects to conclude within two to three weeks. His remarks have contributed to increased uncertainty in financial markets.Asian stocks were severely impacted following Trump's speech. Most Southeast Asian countries, which heavily rely on oil imports, are particularly vulnerable to the sharp rise in oil prices triggered by the Middle East conflict. The MSCI gauge of EM Asia equities experienced a 2.3% decline, while regional currencies weakened by 0.2%.Notably, South Korea's main stock market, the Korea Composite Stock Price Index (KOSPI), plummeted by 4.2% after initially gaining nearly 2%. South Korean President Lee Jae Myung urged parliament to promptly pass a 26.2 trillion won ($17.3bn) supplementary budget to bolster the economy during what he described as the worst energy security threat caused by the Middle East crisis.Other Asian markets also saw significant declines, with Singapore's main stock market, the Singapore Exchange (SGX), slipping 0.8%, and Malaysia's benchmark index falling 1%. Markets in Indonesia and Taiwan declined by about 1% and 1.4%, respectively. Stocks in China and Hong Kong also fell, with the benchmark Shanghai Composite index dropping 0.53% and China's blue-chip CSI300 Index losing 0.74%.

The 2026 International Booker Prize shortlist has been unveiled, marking the award's 10th anniversary. Daniel Kehlmann, Marie NDiaye, and Yáng Shuāng-zǐ are among the six authors competing for the top honor.The annual prize celebrates the best works of fiction translated into English, with the winning author-translator pair receiving £50,000, split equally.The shortlisted authors and their works are:Daniel Kehlmann - 'The Director', translated by Ross BenjaminMarie NDiaye - 'The Witch', translated by Jordan StumpYáng Shuāng-zǐ - 'Taiwan Travelogue', translated by Lin KingRene Karabash - 'She Who Remains', translated by Izidora AngelShida Bazyar - 'The Nights Are Quiet in Tehran', translated by Ruth MartinAna Paula Maia - 'On Earth As It Is Beneath', translated by Padma ViswanathanThe judging panel, chaired by author Natasha Brown, praised the shortlisted books for capturing moments from across the past century, saying they 'reverberate with history' and offer 'hope, insight and burning humanity.'The winner will be announced on May 19, with each shortlisted title receiving £5,000.

South African Olympic champion Caster Semenya has expressed her strong disapproval of the International Olympic Committee's (IOC) decision to reinstate gender verification tests for the 2028 Los Angeles Games. Semenya, a two-time Olympic 800-metres champion, described the move as 'a disrespect for women'.The IOC's new policy, announced under President Kirsty Coventry, will limit eligibility for women's events to 'biological females' determined through a one-time SRY gene screening. This decision comes after the organization previously abandoned chromosomal sex testing in 1999 due to scientific concerns and athlete backlash.Semenya, who has been a symbol of the struggle for hyperandrogenic athletes' rights, emphasized that such measures 'cause harm' and are unnecessary. She pointed out that the policy seems to imply that women need to prove their worthiness to participate in sports, which she finds disrespectful.The IOC's policy shift aligns with US President Donald Trump's executive order banning transgender athletes from women's sports. Trump took credit for the IOC's decision, stating it was influenced by his order.The new policy follows a gender row at the 2024 Paris Olympics, where Algerian fighter Imane Khelif and Lin Yu-ting of Taiwan were allowed to compete despite failing eligibility tests. The IOC's decision aims to create a unified approach across all Olympic sports regarding athlete eligibility.