Prices

The factories, which buy cheap crude and turn it into fuel, are struggling as higher oil prices threaten their razor-sharp margins The towns that are the bulwark of China’s energy security can, at a moment of global crisis, appear deceptively quiet. Trucks carrying oil trundle along wide-open highways that have little traffic, while a few boarded-up shops in crumbling low-rise buildings hint at a long-forgotten local buzz.A ramshackle noodle shop serving hand-pulled ribbons of dough was empty at lunchtime, save for a few construction workers and a teacher watching videos on Douyin, the social media platform, with his meal. Continue reading...

• Crude oil prices have climbed to their highest levels since 2022, driven by geopolitical tensions from the ongoing Iran war and uncertainty over shipping through the Strait of Hormuz. • President Trump extended his self-imposed deadline to "obliterate" Iran's power plants to April 6, contingent on Iran allowing oil tankers to freely exit the Persian Gulf through the Strait of Hormuz. • The elevated oil prices are contributing to market volatility, with Wall Street experiencing daily fluctuations as investor sentiment shifts between hopes for war resolution and renewed concerns.

• Netflix announced its second price increase in just over a year, with the standard plan without ads rising to $19.99 and the premium plan climbing to $26.99, both increases of $2 per month. • The ad-supported standard plan will cost $8.99, up $1 from its previous price, reflecting the company's monetization strategy across its tier offerings. • These price changes were reflected on Netflix's website Thursday as the streaming service continues expanding its content library amid ongoing subscriber growth.

Higher blend has been prohibited in warm weather because of concerns it could worsen smogThe US Environmental Protection Agency said Wednesday that it would temporarily allow widespread sales of a higher ethanol gas blend in a move that they hope will tamp down consumer prices that have soared since the Iran war began.The higher blend has been prohibited in warm weather because of concerns it could worsen smog. Continue reading...

UK clothing and homeware retailer working on assumption that war could last three monthsBusiness live – latest updatesNext has warned that the war in the Middle East will add £15m to its costs on the assumption it will last three months, adding that prices will have to go up if the conflict persists beyond that.The UK clothing and homeware retailer said it was currently offsetting the additional costs on fuel and air freight with savings elsewhere and it did not expect any affect on profits for the year ahead. Continue reading...

Iran conflict could see shortages not just in fuel, but fertiliser and fossil fuel resins – used to make milk bottlesGet our breaking news email, free app or daily news podcastFarmers say Australian consumers could pay more for everyday staples for the next year at least as a result of the US-Israel war on Iran.But the CEO of dairy farmer cooperative Norco, Michael Hampson, says a six to 12 month disruption to food supply is likely a best-case scenario, depending on the strait of Hormuz reopening soon and global petrochemical supply chains beginning to stabilise. Continue reading...

Fuel stocks at same level as when US and Israel launched their war on Iran a month ago, energy minister saysFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe federal government is preparing for scenarios where global oil prices spike above US$120 a barrel, as diesel prices nationwide go past $3 a litre and the prime minister, Anthony Albanese, plans another national cabinet meeting to plan petrol supply.The treasurer, Jim Chalmers, said one option under consideration was expanding ethanol mandates across the country, after Guardian Australia revealed the government was analysing increasing the biofuel’s supply. Continue reading...