Oil price tops $120 a barrel after Trump warns Iran blockade could last ‘months’

• The United Arab Emirates withdrew from OPEC yesterday, marking a historic split from Saudi Arabia during the escalating regional crisis. • This decision coincides with the Strait of Hormuz being almost entirely shut down due to a US naval blockade aimed at halting Iranian oil exports. • The US is threatening to cut off major Chinese banks from its financial system to prevent processing of Iranian oil, intensifying global energy tensions.

• The United States deployed a third aircraft carrier strike group with thousands of elite troops to the Middle East on April 24, marking the largest military buildup since the 2003 Iraq invasion, as the two-month Iran conflict escalates despite a ceasefire agreement. • President Trump warned the American military was "ready to go" if peace efforts fail, stating the US used the April 8 ceasefire to "restock" military capabilities while Washington and Tehran accuse each other of violations. • The US bombing campaign launched February 28 has devastated Iran's military infrastructure and leadership, but Tehran maintains control of the Strait of Hormuz, a critical global oil and gas supply route, prompting a US naval blockade imposed April 13.

Sotheby’s said collection of billionaire Spurs’ owner Joe Lewis and daughter Vivienne expected to fetch more than £150m in June saleA major group of masterpieces by some of modern art’s biggest names is to be auctioned by Sotheby’s in what is expected to be the most valuable collection ever offered in London.The works, consigned by Joe Lewis and his daughter Vivienne – whose family owns Tottenham Hotspur – include paintings by Gustav Klimt, Egon Schiele, Amedeo Modigliani, Francis Bacon, Henri Matisse, Chaïm Soutine, Lucian Freud, and Gustave Caillebotte. Sotheby’s said the group is expected to realise more than £150m. Continue reading...

Robert Hayward predicts Reform will be big winner, taking seats from both Labour and the ConservativesGood morning. We are now into the final week of campaigning for the Scottish parliament, Welsh Senedd and English local elections. Keir Starmer had been planning a big speech today, but he, and other political leaders, are today focusing on their response to the Golders Green stabbing and the antisemitism threat facing Britain’s Jewish community – described as a “national security emergency” by Jonathan Hall KC, the government’s independent reviewer of terror legislation. Here is our overnight story. And here is our live blog by Taz Ali.Taz will be covering most of the political reaction to that story, and so that won’t be something I will be covering here. (And because criminal proceedings are active, comments relating to the attack won’t be allowed below the line, I’m afraid.) Continue reading...

US president’s statement follows comments by German chancellor that the US was being ‘humiliated’ in conflictUS president Donald Trump threatened to reduce the number of troops deployed in Germany last night, after chancellor Friedrich Merz said this week that the US was being “humilitated” by Iran.Trump said the US was “studying and reviewing the possible reduction of troops in Germany, with a determination to be made over the next short period of time.”“The Chancellor of Germany, Friedrich Merz, thinks it’s OK for Iran to have a Nuclear Weapon. He doesn’t know what he’s talking about! If Iran had a Nuclear Weapon, the whole World would be held hostage. I am doing something with Iran, right now, that other Nations, or Presidents, should have done long ago. No wonder Germany is doing so poorly, both Economically, and otherwise! President DONALD J. TRUMP” Continue reading...

Mother of Kumanjayi Little Baby, whose body was found after five-day search near Alice Springs, says ‘it’s going to be so hard to live the rest of our lives without you’• Warning: This article contains references to Indigenous Australians who have diedFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastPolice in the Northern Territory are searching for a man they suspect of murder after finding a body believed to be that of a five-year-old girl who went missing from Alice Springs on Saturday.The NT police commissioner, Martin Dole, told reporters the tragic discovery was made just before noon local time on Thursday. The girl’s family requested she be referred to as Kumanjayi Little Baby, in line with cultural protocols. Continue reading...

Home secretary pledges to ‘do everything in my power’ to keep British Jews safe as police say suspect is Somalia-born UK nationalShabana Mahmood has promised to “do everything in my power” to keep British Jews safe, as police said the suspect in the stabbing of two men in Golders Green, north London, on Wednesday was a 45-year-old British national born in Somalia.Ministers said a further £25m would be invested to increase security for Jewish communities after the suspected terrorist attack in north London. Continue reading...

Former deputy PM has walked a line between loyalty and interventionism since resigning last SeptemberIt is nearly eight months since Angela Rayner quit the cabinet because of her tax arrangements, but some might argue her influence on the government has not gone away. And soon she might return, whether as Keir Starmer’s saviour or, perhaps, his usurper.There is increasing speculation that the prime minister could carry out a small-scale reshuffle, primarily to bring back Rayner, his former deputy and one of Labour’s political heavyweights. Continue reading...

Media tycoon honoured in absentia as critics decry his 20-year sentence under national security lawThe jailed media entrepreneur Jimmy Lai has been awarded Deutsche Welle’s freedom of speech award for his contribution to Hong Kong’s pro-democracy movement.The German public broadcaster said on Thursday that Lai would be presented in absentia with the 12th iteration of the award on 23 June at the DW Global Media Forum in Bonn. Continue reading...

Syrian officials say a group of Australians are ‘awaiting a solution’ as Albanese government refuses to repatriate themThe Trump administration says it is in “active communication” with countries, urging them to repatriate citizens stranded in Syria, while the Australian government maintains its hardline stance towards Australian women and children detained since the fall of Islamic State.A group of four women, their nine children and grandchildren left al-Roj camp, in Syria’s north-east, last Friday in a bid to return to Australia, with reports on Thursday morning that the Albanese government’s refusal to help them has left them stuck in Damascus. Continue reading...

The government has announced £25m to increase security for Jewish communitiesMorning. The home secretary, Shabana Mahmood, said she understands the fears faced by the Jewish community in the UK as the government announced extra funding to boost police patrols and protections around synagogues, schools and community centres.Speaking on BBC Breakfast, she was pressed on comments made by the chief rabbi, Ephraim Mirvis, that people in the UK who are visibly Jewish are no longer safe, after two Jewish men were stabbed in an attack in Golders Green in north-west London. Continue reading...

The earnings from the tournament in the US, Mexico and Canada will make it the most lucrative competition in the history of sport, even if some of the 48 competing countries say they are struggling to make ends meetA World Cup that Fifa’s president, Gianni Infantino, billed at the draw last December as “the greatest event that humanity has ever seen” will certainly be the most lucrative competition in sporting history.Fifa has spent the last few years upgrading its revenue projections, with the most recent financial report stating that the world governing body will make $13bn (£9.6bn) from the four-year cycle culminating in this summer’s tournament, almost $9bn of which will be brought in this year. Continue reading...