Markets Rally as Iran Signals Conditional Readiness to End War with US

• President Donald Trump stated on March 31 that the US military campaign against Iran could conclude within two to three weeks, saying 'We'll be leaving very soon' from the Oval Office. • Trump emphasized no diplomatic deal with Tehran is required, insisting the goal is to render Iran unable to develop nuclear weapons and 'put into the stone ages' before withdrawal. • The announcement signals an extension beyond the initial four-to-six week timeline amid reordered Middle East dynamics, disrupted global energy markets, and impacts on Trump's presidency.

Potential challengers given only 36 hours to prepare for a rerun after the winner was deemed ineligibleFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastMoira Deeming could secure the top spot on a Victorian Liberal ticket – if she still wants it – after potential challengers were given only 36 hours to prepare nominations for a rerun preselection ballot, in what some insiders call a “stitch up”.It came after Deeming was on Sunday ousted from the number one spot for the western metropolitan region by Dinesh Gourisetty. But by Monday night, the Victorian Liberal party executive resolved to hold a fresh preselection, after Gourisetty was deemed ineligible to stand as a candidate at the November state election due to a character reference he provided for a friend convicted of sexually assaulting a child. Continue reading...

Government keen to avoid panic as oil price surges, but perhaps households need advice on reducing consumptionLabour ministers sent out in recent days to respond to the looming energy crisis sparked by the Iran war have essentially stuck to that reassuring wartime slogan: keep calm and carry on.“I think people should go about their lives as normal, knowing that the government is taking action to bring energy bills down,” James Murray, the chief secretary to the Treasury, told BBC Radio 4’s Today programme on Tuesday. Continue reading...

Track the latest data on fuel prices, outages and oil tanker deliveriesFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastHundreds of service stations across Australia have run empty, fuel prices are elevated and oil shipments have been cancelled.Australia is battling a fuel crises as Iran’s closure of the strait of Hormuz continues to bite. The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan. Continue reading...

In today’s newsletter: As conflict engulfs Iran, shifting ​global alliances and soaring energy prices are reshaping ​the existing power balances​ that could redefine the next stage of international security Good morning. So far, there is only one clear winner from the war in Iran: Russia. Before the US and Israel attacked Tehran in late February, Moscow was preparing deep budget cuts to education and healthcare funding to pay for its invasion of Ukraine, which has now entered its fifth year.In just over a month of the fighting in Iran, Vladimir Putin’s Russia has experienced a dramatic reversal in fortunes. The global oil price has shot up from a prewar average of $72 to well over $100 per barrel, providing a financial boost of multi-billions for Moscow that shows little sign of ending.Middle East | Donald Trump has launched a tirade against European countries that refused to join his war against Iran, calling out the UK and France.Military | The UK is sending more military support to the Gulf, taking the total deployment to 1,000 troops.NHS England | Some medicines could run out in weeks or even days, NHS England head warns, after supply line shocks.UK politics | Nigel Farage to ‘steer well clear’ of UK CPAC event in July being led by the short-lived former prime minister Liz Truss.UK news | King Charles’s state visit to US to go ahead in late April despite Iran war concerns. Continue reading...

Review finds no ‘meaningful impact’ five years after race action plan launched, amid calls for government to step inPromises by police chiefs to tackle racial bias failed owing to “a lack of clear national leadership”, an independent police report has found.The promises were made five years ago in the wake of the Black Lives Matter movement and led police bosses in England and Wales to launch a race action plan promising to tackle the “stigmatising and humiliating” experiences of Black people at the hands of officers. Continue reading...

South Korea will delay the shutdown of coal-fired plants, while the Philippines also plans to boost the output of its coal-burning plantsGovernments across Asia are ramping up their use of coal, the dirtiest fossil fuel, as they try to cover huge energy shortfalls triggered by the US-Israel war on Iran.The move has triggered warnings from climate experts who point to coal’s devastating environmental impact, and say the energy crisis should be a wake up call for governments to invest in renewables, which can offer a more stable supply that is not exposed to price shocks. Continue reading...

From medieval church wall paintings to Liam Gallagher’s viral X post, charity has catalogued more than 6,600 piecesSome of the UK’s smallest public murals are on bollards in Shrewsbury while one of the biggest is on a 1960s 16-storey block of flats in Gosport.Perhaps the funniest though is in Cardiff. Ahead of last summer’s Oasis concerts it was a straightforward copy of Liam Gallagher’s viral post on X declaring: “Because Cardiff is the bollox.” Continue reading...

Exmouth local says devastating impact on wildlife along the coastline is ‘hard to put into words’Follow our Australia news live blog for latest updatesSign up for climate and environment editor Adam Morton’s free Clear Air newsletter hereAs the flooding from Tropical Cyclone Narelle’s violent visit to Exmouth subsided and the winds dropped, Brinkley Davies headed to Graveyards beach.The beach, at least according to some Exmouth locals, got its name because of the tendency for turtles to get stuck on the dunes. Continue reading...

US president says responsibility for reopening strait of Hormuz rests on countries relying on it; secretary of state says Washington must review whether Nato alliance is still serving the US well‘Get your own oil’: Trump launches tirade against Europe for not joining Iran warAustralia’s Treasurer Jim Chalmers has unveiled a suite of Covid-era support measures for businesses struggling with soaring fuel prices, while Australian prime minister Anthony Albanese is set to address the nation in the latest sign the government is preparing for a more severe economic downturn from the war.“The war in the Middle East is having an extreme impact on the global economy. Australians and Australian small businesses are paying the price for that,” the treasurer told reporters on Wednesday.Two-thirds of Americans believe that the US should work to end its involvement in the Iran war quickly, even if that means not achieving the goals set out by the Trump administration, a Reuters/Ipsos poll has found.Asian markets rose sharply early on Wednesday after US stocks soared to their best day in almost a year on renewed hopes that the Iran war could soon end. South Korea’s Kospi surged 6.4% in early trading, while Tokyo’s Nikkei 225 rose 4%. Hong Kong’s Hang Seng was up 1.9%, while the Shanghai Composite index was trading 1.4% higher.Thousands of additional US troops are heading to the Middle East. The aircraft carrier USS George HW Bush deployed on Tuesday and is slated to travel to the region along with three destroyers, two US officials said. The carrier strike group consists of more than 6,000 personnel.The Israeli military said on Wednesday it had identified the launch of a missile from Yemen towards Israel. It said defence systems were operating to intercept the missile.Iran’s state broadcaster IRIB said areas in northern, eastern and central Tehran were under attack on Wednesday morning. The broadcaster said on Telegram that explosions were heard in the capital’s north, east and centre, reporting “attacks on Tehran” without immediately providing more details.A drone attack has sparked a large fire at Kuwait international airport, according to its state news agency, which said no casualties had been reported, while in the last few hours Saudi Arabia has said it intercepted and destroyed two drones. Bahrain also said early on Wednesday that it was working to extinguish a fire at a business facility that resulted from an Iranian attack. A tanker also came under attack off the coast of Qatar early on Wednesday, according to the British military’s United Kingdom Maritime Trade Operations centre.Israeli strikes in southern Beirut and a nearby area have killed seven people, according to Lebanon’s health ministry.An American journalist has been kidnapped in Baghdad by a suspected Iranian-backed Iraqi armed group, the US said. The journalist was identified as Shelly Kittleson, a freelancer, by media advocacy groups as well as Al-Monitor, one of the news outlets for which she worked.The Wall Street Journal is reporting that the United Arab Emirates is preparing to help the US open the strait of Hormuz by force. Citing Arab officials, the newspaper reported the UAE is lobbying for a UN security council resolution that would authorise such action. Continue reading...

Adelaide has the biggest price decline, with unleaded down 24.9 cents and diesel down 21.3 centsFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastFuel prices have started falling immediately across Australia in the wake of the government’s fuel excise cut, unexpectedly accelerating the delivery of the Albanese government’s cost-of-living relief.Prices in capital cities paused then plummeted on Wednesday, after the prime minister announced the tax on petrol and diesel would be halved to 26.3 cents a litre. Continue reading...