War Energy

Brussels will relax state aid rules to allow member countries to offer ‘targeted and temporary’ supportEurope live – latest updatesThe EU will cut electricity taxes and provide consumers with fresh incentives to ditch fuel-burning cars and boilers, the European Commission has announced, as the Iran war energy crisis speeds a shift to a clean economy.The plan, which foresees tweaking rules so that electricity is taxed less than oil and gas, aims to bring down bills while encouraging the move away from polluting devices that prolong reliance on foreign fuels. Continue reading...

Climate leaders say Democrats need to extol clean energy as a way to cut costs for Americans as war roils oil marketsDemocrats should get louder in championing clean energy’s affordability and resilience from global shocks, according to some of the party’s leading voices on the climate.As the Iran war roils economies by raising the cost of oil and gas, countries are aiming to accelerate their shift to cleaner energy. But in the US, Donald Trump has sought to kill off any alternative to fossil fuels while opposing Democrats have been reluctant to tie the conflict to any action on the climate crisis. Continue reading...

There will be flight cancellations ‘soon’ if oil supplies are not restored in coming weeks, says head of IEABusiness live – latest updatesMiddle East crisis – live updatesEurope has only six weeks’ supply of jet fuel left before shortages will hit because of the Iran war, according to the head of a global energy watchdog.Fatih Birol, the executive director of the International Energy Agency (IEA), said there would be flight cancellations “soon” if oil supplies from the Middle East were not restored within the coming weeks. Continue reading...

Scheme cutting bills by up to 25% expanded to cover 10,000 firms, but they will not be paid until next yearRachel Reeves has announced an expansion of support for the most energy-intensive UK businesses, as they face soaring bills as a result of the Middle East conflict.The chancellor said the long-promised British Industrial Competitiveness Scheme (BICS) would be expanded to cover 10,000 companies, up from the 7,000 originally announced. Continue reading...

As treasurer Jim Chalmers weighs ‘extreme uncertainty’, one economic scenario sees global growth plunging to just 2% in 2026Get our breaking news email, free app or daily news podcastThe International Monetary Fund has warned the US-Israel war on Iran risks creating an “energy crisis of an unprecedented scale” that could tip the global economy towards recession.The grim warning contained in the IMF’s latest World Economic Outlook comes as Jim Chalmers prepares to attend the organisation’s spring meetings in Washington DC this week, where he said he would be “joining with other countries continuing to call for an enduring end to the war”. Continue reading...

Companies using heating oil have already begun rationing their fuel use, says Federation of Small BusinessesMiddle East crisis – live updatesThousands of independent businesses across the UK are braced for their energy bills to more than double owing to the sharp rise in heating oil costs as the war in Iran pushed Europe’s fuel market prices to fresh record highs.About 7% of all small and medium-sized companies warm their properties and provide hot water using heating oil, which in some cases has more than doubled in recent weeks. Continue reading...

Even if cargo route of strait of Hormuz reopens soon, Food and Drink Federation almost triples earlier forecastBusiness live – latest updatesFood inflation could hit 9% in the UK this year, even if the strait of Hormuz opens within the next few weeks, figures suggest, as the war in Iran pushes up energy prices.The Food and Drink Federation (FDF), which represents 12,000 food and drink manufacturers, has predicted that prices will rise by “at least” 9% the end of 2026, almost tripling a forecast made before the conflict of 3.2%. 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...

Critics say president is locking into 20th century energy systems even as his ‘bet’ on oil and gas ‘isn’t going so well’By attacking Iran and threatening to seize its oil while taking extraordinary measures to block clean energy back in the US, Donald Trump has inadvertently highlighted the dangerous volatility of the fossil fuel era, critics say.The US and Israel’s bombardment of Iran and southern Lebanon has caused a humanitarian and environmental toll, with threats of further escalation set to add to these casualties as well as add more planet-heating emissions and destroy drinking water supplies. Continue reading...

President says he is open to scaling back strikes on oil and wider energy industry if Moscow reciprocates. What we know on day 1,496 Continue reading...

February annual rate in line with analysts’ expectations but outlook has shifted because of effects of conflictThe UK inflation rate was unchanged at 3% in February, before Donald Trump’s Iran war drove up global energy costs, threatening a renewed price jump.Official figures showed the consumer prices index (CPI) remained at 3%, in line with economists’ expectations but still well above the government’s 2% target. Continue reading...

President’s declaration allows officials to tackle fuel hoarding or profiteering, while energy secretary says country will lean more heavily on coalMiddle East crisis – live updates Philippine President Ferdinand Marcos has declared a state of “national energy emergency” as a result of the Middle East war, which his administration said posed “an imminent danger of a critically low energy supply”.The state of emergency, which will initially last for a year, was declared just hours after the country’s energy secretary said the Philippines planned to boost the output of its coal-fired power plants to keep electricity costs down as the war wreaks havoc with gas shipments. Continue reading...

Fintech company’s profits leap to £1.7bn as it gears up for US push after getting UK banking licence this month Business live – latest updatesThe UK banking app Revolut has said it could face a backlash over its support for energy-intensive sectors such as crypto and AI, as it posted a 57% increase in annual profits.The fintech, which can now launch as a fully fledged UK bank after a five-year wait for regulatory approval, warned in its 2025 results that such activities posed a “reputational risk”. Continue reading...

• The National Science Foundation awarded $45 million over three years to the NSF Energy Storage Engine, led by Binghamton University, entering its second phase on March 24, 2026. • The Upstate New York initiative, partnering with Cornell, RIT, Syracuse, and others, aims to make the region America's battery tech capital. • Phase one funded over 15 battery startups, securing $20 million in follow-on funding and national awards like Battery Manufacturer of the Year.

Fatih Birol says effects on energy markets from Iran bombings and closure of strait of Hormuz not initially understood by world leaders. Plus, feminist magazine reclaims Charlie Kirk-style campus toursGood morning.The global energy crisis caused by the war in Iran is equivalent to the combined force of the twin oil shocks of the 1970s and the fallout from Russia’s invasion of Ukraine, the head of the International Energy Agency has said.Why is the ex-CIA chief Leon Panetta in the news? He has spoken out about Donald Trump’s attack on Iran, telling the Guardian the US president is “sending a message of weakness” to the world.What’s the latest in Iran? Its government is threatening to lay mines across entire Gulf if its coasts are attacked.This is a developing story. Follow our liveblog here.What happened? The aircraft hit the fire truck while travelling at about 24mph, according to the flight-tracking website Flightradar24. In the moments before the crash, an air traffic controller could be heard giving clearance to a fire vehicle to cross part of the runway, then trying to stop it. The controller can then be heard quickly diverting incoming aircraft from landing. Continue reading...

Fatih Birol says effect on energy markets of Iran bombings and closure of Hormuz strait not initially understood by world leadersMiddle East crisis live – latest updatesThe global energy crisis caused by the war in Iran is equivalent to the combined force of the twin oil shocks of the 1970s and the fallout of Russia’s invasion of Ukraine, the head of the International Energy Agency has warned.Fatih Birol, the IEA’s executive director, said the growing fallout could be seriously compounded through interuptions to the “vital arteries of the global economy”, including petrochemicals, fertilisers, sulfur and helium. Continue reading...

Fatih Birol says world is losing 11m barrels of oil per day, more than the 1973 and 1979 energy shocks combined; IRGC threatens to completely close strait of Hormuz if Trump acts on infrastructure threatsIran vows to destroy Middle East water and energy facilities if US attacks power plantsAFP is reporting that stocks have fallen while oil prices rose after Donald Trump and Iranian leaders traded threats over the key strait of Hormuz and Israel said the Middle East war could last several more weeks.The escalation hammered stock markets, with Seoul and Tokyo – which had been the standout performers before the war started – taking the brunt of the selling, shedding as much as six and five percent, respectively, at one point.Iranian president Masoud Pezeshkian said “threats and terror” are strengthening Iranian unity, after Donald Trump yesterday warned he would “obliterate” Iranian power plants if the strait of Hormuz is not opened within 48 hours.The price of oil increased early on Monday after Trump’s 48-hour ultimatum for Iran to open the strait of Hormuz or face decimation of its energy infrastructure – and Israel warned the war would continue for several more weeks. Shortly after the 2200 GMT open, the price of West Texas Intermediate – the US benchmark crude – for May delivery was up 1.8% to just over $100 a barrel, before retreating slightly.The US treasury secretary, Scott Bessent, gave an interview to NBC News earlier today. When asked if Trump was “winding” down the war or “escalating” it, Bessent said: “They are not mutually exclusive. Sometimes you have to escalate to de-escalate.”In the same NBC interview, Bessent said the US government has “plenty of money” to fund the war against Iran, but is requesting supplemental funding from Congress to ensure the military is well supplied in the future.Lebanon’s health ministry said Sunday that 118 children and 79 women are among those killed, and at least 2,786 others have been wounded, according to the Associated Press. The country’s death toll as of Saturday was 1,024 people.The director general of the International Atomic Energy Agency (IAEA), Rafael Grossi, said he hopes to “re-establish” talks between Iran and the US about Tehran’s nuclear program despite the escalating nature of the conflict. “I’ve been having important conversations here at the White House, and also with Iran. There are some contacts, and we hope to be able to reestablish that line,” Grossi told CBS News.UK prime minister Keir Starmer and US president Trump spoke by phone Sunday evening, according to a statement from the UK government. “The leaders discussed the current situation in the Middle East, and in particular, the need to reopen the Strait of Hormuz to resume global shipping.”Pope Leo on Sunday said death and suffering caused by the war in the Middle East are a “scandal to the whole human family”, as he once again pleaded for an immediate ceasefire. “We cannot remain silent in the face of the suffering of so many people, the defenseless victims of these conflicts. What hurts them hurts the whole of humanity,” Leo said at his weekly Angelus prayer in St. Peter’s Square. Continue reading...

Consultancy’s forecast of £1,972 annual dual fuel bill follows conflict pushing UK’s gas market past three-year highsBusiness live – latest updatesHousehold energy bills in Great Britain could soar by more than £330 a year to almost £2,000 from this summer after the war in Iran pushed the UK’s gas market past three-year highs.A typical combined household gas and electricity bill is now forecast to reach £1,972 a year from July under the UK government’s quarterly price cap, according to analysis by Cornwall Insight, an energy consultancy. Continue reading...

• Energy Secretary Chris Wright told NBC News that gasoline prices could decline by summer despite ongoing disruptions from the Iran war and threats to global oil supplies. • The forecast suggests potential relief from elevated energy costs that have accompanied the three-week conflict, though oil markets remain volatile due to Iranian actions in the Strait of Hormuz and retaliatory attacks on regional infrastructure. • The projection reflects administration confidence in energy supply alternatives and market stabilization even as the conflict continues to create supply-chain uncertainties.

• US Energy Secretary Chris Wright told NBC News that gasoline prices could decline by summer despite current elevations caused by Iran war-related supply disruptions and Strait of Hormuz tensions. • The projection offers some relief to consumers facing inflationary pressures from energy markets, contingent on conflict de-escalation or resolution within the coming months.

From fuel caps to four-day work weeks, the Middle East conflict has left the world’s top crude oil importing region desperate to shore up suppliesDonald Trump has scrambled in recent days to reassure the world that the economic impact of his war on Iran can be contained.Sure, one of the most important waterways in global trade has, in effect, been shut for almost two weeks – but it might reopen before long. In the meantime, US oil-related sanctions on “some countries” will be lifted. And besides, the entire conflict could be over soon. Continue reading...