Fuel

• Wealthy Asian investors have committed $24.3 billion to AI in 2025, spurred by OpenAI's $122 billion funding round and SpaceX's IPO. • South Korean chipmakers Samsung and SK Hynix have reportedly secured supply agreements to support OpenAI’s "Stargate" infrastructure project. • AI startup funding in Asia reached a record $11.2 billion in Q1 2026, with a heavy concentration of investment flowing into Chinese firms.

Energy specialists say abandoning net zero and increasing oil and gas drilling would cause more instability for BritonsAbandoning net zero and drilling for more oil and gas in the North Sea would be a massive setback for the UK and would not help the economy, leading experts have said in response to claims by the former prime minister Tony Blair.“This is a bizarre intervention to make during the worst May heatwave on record and when the Iran crisis is providing yet more evidence of the enormous costs of oil and gas,” said Ed Matthew, the UK programme director at the E3G thinktank. “Clean energy is cheaper energy - it protects our bills from prices skyrocketing, its running costs are virtually zero, and it doesn’t cause climate change which threatens economic collapse ... The government should ignore Blair’s ideological nonsense and focus on what works.” Continue reading...

Jerome Laxale breaks ranks to publicly back reforms that would also wind back the diesel fuel rebateFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe Labor MP Jerome Laxale says it’s “reasonable to expect more” from mining giants, breaking ranks to publicly back changes to the generous tax concessions blamed for holding back decarbonisation after revelations BHP delayed major projects to cut emissions.Labor’s grassroots environment action group has also renewed calls to wind back the diesel fuel rebate following an exclusive investigation by the Guardian and the ABC, which revealed BHP scrapped a project to significantly reduce global emissions, delayed vast renewables projects in the Pilbara and war-gamed options to push the electrification of its polluting diesel truck and train fleets into the next two decades. Continue reading...

• Japan's Nikkei 225 index surged over 2.8% to surpass the 65,000 mark for the first time in history. • The record rally was driven by strong technology sector earnings and growing optimism surrounding U.S.-Iran peace negotiations. • This surge reflects a broader improvement in global risk sentiment, with positive gains also seen in China's Shanghai Composite and Australia's S&P/ASX 200.

Prewar US gas prices averaged about $3 a gallon nationally – kiss that number goodbye for 2026Sorry, US drivers, but don’t expect pump prices to return to prewar levels any time soon, even if the US and Iran agree to a lasting peace deal tomorrow.As the war with Iran enters its third month, drivers have become infuriated by rising gas prices – and inflation – and Donald Trump is facing a historic backlash in the polls. The president promised recently that relief will be swift once the war ends. “I see it going down very substantially when this is over, I think very rapidly too, at levels that you’ve never seen,” he said. Continue reading...

Exclusive: With warnings world oil supplies are expected to hit ‘red zone’ by August, the Albanese government has outlined its powers to enforce daily purchase limits for motoristsGet our breaking news email, free app or daily news podcastThe federal government has outlined plans for retail fuel rationing, documents reveal, as the International Energy Agency warned on Friday that oil markets would enter the “red zone” by August.Contained in documents obtained by Guardian Australian under freedom of information, one option the government has outlined to arrest a local fuel supply shortage is to impose a “maximum transaction value per vehicle per day” – a rationing rule limiting how much fuel a single vehicle can buy at a service station over a 24-hour period. Continue reading...

• Nvidia reported first-quarter earnings that exceeded Wall Street expectations, with quarterly revenue surging 85% year-over-year to $81.6 billion. • Despite the explosive growth, analysts and investors are questioning whether infrastructure bottlenecks will eventually limit the pace of AI chip demand. • The situation highlights a critical tension between Nvidia's current market dominance and the physical constraints of scaling AI hardware.