Oil prices rose sharply after Iran fired on ships near the Strait of Hormuz, reversing its earlier decision to reopen the waterway for commercial traffic. The tension between the U.S. and Iran, including a U.S. naval blockade, has raised concerns about a long-lasting energy crisis that is driving up fuel costs worldwide.
Key Facts
Oil prices jumped over 6% on Sunday, with U.S. crude reaching $87.88 per barrel and Brent crude hitting $96.25 per barrel.
Iran initially said it would reopen the Strait of Hormuz but reversed the decision after President Trump said the U.S. Navy blockade would continue.
Iran’s Revolutionary Guard fired on several vessels attempting to pass through the Strait of Hormuz.
President Trump reported the U.S. Navy seized an Iranian cargo ship trying to bypass the blockade.
The current conflict between the U.S. and Iran has lasted eight weeks and is contributing to a severe global energy crisis.
A gallon of regular gasoline in the U.S. averaged about $4.05, down slightly from a week earlier but much higher than before the conflict started.
U.S. Energy Secretary Chris Wright said gas prices might not drop below $3 per gallon until next year but believes prices have likely peaked.
Oil prices were around $70 per barrel before the conflict started on February 28 and have spiked above $119 at times during the crisis.
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Oil prices went up after a standoff between the U.S. and Iran blocked tankers from passing through the Strait of Hormuz, an important route for global oil supplies. The situation has caused major disruptions in fuel availability and raised prices worldwide.
Key Facts
U.S. crude oil price rose 6.4% to $87.88 per barrel; Brent crude increased 6.5% to $96.25 per barrel.
Iran first said it would reopen the Strait of Hormuz but then reversed the decision after President Trump said the U.S. naval blockade would continue.
Iran’s Revolutionary Guard fired on several vessels, and the U.S. seized an Iranian-flagged cargo ship trying to bypass the blockade.
The U.S.-Israeli war against Iran has lasted eight weeks and triggered a serious global energy crisis.
Asian and European countries that rely on Middle Eastern oil face the biggest impacts from supply disruptions and price rises.
U.S. Energy Secretary Chris Wright said fuel prices may not fall below $3 per gallon until next year.
Crude oil prices ranged from $70 per barrel before the conflict to over $119 at peak, now fluctuating around $83 for U.S. crude.
Even if the Strait reopens, it could take months for oil shipments and fuel prices to stabilize due to damage and delays.
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Lionsgate’s film group chair, Adam Fogelson, responded to criticism about the upcoming Michael Jackson movie, "Michael." He said the film aims to show an authentic view of the singer’s life and that it is culturally important to have a biopic about Michael Jackson. The movie will be released on April 24, 2026, with more films planned to continue the story.
Key Facts
The movie "Michael" is a biopic about Michael Jackson set to release in cinemas and IMAX on April 24, 2026.
Adam Fogelson of Lionsgate defended the film against criticism that it overlooks controversial parts of Jackson’s life.
The film is supported by Jackson’s estate and focuses more on celebrating his life than exploring all controversies.
Fogelson said the director Antoine Fuqua and producer Graham King aim to present an authentic story.
Fans have criticized the movie for not covering the full story of Michael Jackson.
More films about Michael Jackson’s life are planned, but further movies may not address the difficult subjects.
Jaafar Jackson stars as Michael Jackson, with other cast members playing family and industry figures.
Fogelson emphasized the cultural importance of making a biopic about one of the most influential artists in history.
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Senator David Pocock has paid for billboards in Queensland pushing for a 25% tax on gas exports to increase government revenue. Social service groups want the government to use money from taxing property investors and gas exporters to support welfare, housing, and disaster resilience. Meanwhile, a poll shows Australians’ life satisfaction is at its lowest level since the pandemic, with many struggling financially.
Key Facts
David Pocock, an independent senator from the ACT, is campaigning for a 25% tax on gas exports through changes to the petroleum resource rent tax (PRRT).
The proposed gas export tax could raise up to $17 billion for the federal budget.
Social service and charity groups want the government to use funds from taxing property investors and gas exporters to improve welfare, housing, and renewable energy projects.
The current Labor government is under pressure to reduce tax breaks for property investors, such as negative gearing and the capital gains tax discount.
The Australian Council of Social Service and 50 other organizations highlight increasing hardship among low-income Australians, with people skipping meals and delaying medical care.
A survey by the Australian National University found life satisfaction in Australia is lower than during Covid-19 lockdowns, scoring 6.22 out of 10, the lowest recorded.
About 35% of Australians report difficulty living on their income, with most having taken significant financial coping steps in the past year.
The drop in life satisfaction reflects a gradual and ongoing decline, not a sudden change like during pandemic lockdowns.
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Aer Lingus has canceled a small number of flights from its summer schedule due to required aircraft maintenance and a shortage of pilots. The airline said the changes affect about 2% of its flights, and most passengers are being rebooked on same-day alternatives.
Key Facts
Aer Lingus canceled some summer flights for mandatory aircraft maintenance and pilot shortages.
About 2% of the airline’s overall flight schedule is affected.
Flights from Dublin to cities like Amsterdam, Athens, Berlin, London Heathrow, and Manchester are among those canceled.
Most affected passengers are being booked on other flights the same day.
Rising fuel prices and concerns about jet fuel supply in Europe are pressuring airlines globally.
The International Energy Agency warned Europe may have only six weeks of jet fuel left due to supply disruptions.
Aer Lingus hedges fuel costs, so it is less affected by rising fuel prices compared to some competitors.
The Irish Transport Minister said Ireland has a strong jet fuel reserve and that airlines make their own decisions on scheduling.
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The U.S. government will open a new online system Monday for businesses to claim refunds on tariffs that the Supreme Court ruled unconstitutional earlier this year. About $127 billion in refunds will be available initially, but only certain importers can apply, and consumers will not get money directly.
Key Facts
The Supreme Court ruled on February 20 that President Donald Trump's tariffs under the IEEPA law were unconstitutional.
The tariffs affected imports from nearly every country and were based on a declared national emergency citing the U.S. trade deficit.
The government estimates $127 billion in refunds are available in the first phase for qualified importers.
Eligibility in Phase 1 is limited to importers who paid these tariffs on shipments not yet finalized or finalized within the last 80 days.
Importers must use the new CAPE system within the ACE Secure Data Portal to submit refund claims.
Refunds will be paid by electronic transfer and may take 60 to 90 days to process after claim acceptance.
Consumers will not receive direct refunds; only importers get the money back. Some delivery companies like FedEx may return refunds to customers later.
Additional phases will expand eligibility and address other shipments in the future.
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The U.S. government is investing $50 million in a South African project to extract rare earth minerals from mining waste. This effort aims to reduce reliance on China for these minerals, which are important for electronics, defense, and green technologies like electric vehicles.
Key Facts
The Phalaborwa Rare Earths Project is located at an old chemical plant in South Africa.
The U.S. International Development Finance Corporation (DFC) invested $50 million through partner company TechMet.
The project focuses on extracting rare earth elements such as neodymium, praseodymium, dysprosium, and terbium.
These minerals are used in high-tech products including wind turbines, electric vehicles, defense systems, and robotics.
The project plans to begin mineral extraction in 2028 and continue for 16 years.
The extraction process will use up to 90% renewable energy and is expected to be cost-competitive with Chinese producers.
The investment proceeds despite diplomatic tensions between the U.S. and South Africa, including a pause in financial aid ordered by President Donald Trump.
Rare earth minerals are hard to find in large, easy-to-mine deposits, making this above-ground project a potentially important new source.
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Starting Monday, businesses that paid tariffs imposed by President Donald Trump without legal authority can begin claiming refunds through an online system run by U.S. Customs and Border Protection (CBP). The Supreme Court ruled these tariffs unconstitutional, and the refund process may eventually extend to consumers who paid higher prices due to the tariffs.
Key Facts
The refund system opens at 8 a.m. Monday for importers and their brokers.
The Supreme Court ruled on February 20 that President Trump lacked authority to impose these tariffs under the International Emergency Economic Powers Act.
Over 330,000 importers paid about $166 billion on tariffs for more than 53 million shipments.
Only certain imports qualify initially: those with estimated but not finalized tariffs or finalized tariffs within the past 80 days.
As of April 14, about 56,497 importers registered and qualified for refunds totaling $127 billion including interest.
CBP expects refunds to take 60-90 days to process once claims are approved.
The refund process may face delays due to technical and procedural issues.
Importers must carefully list all documents and values for their goods to avoid rejection of their refund claims.
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The article says that raising minimum wages too much can have costs. It suggests that helping families is better done by policies that encourage economic growth and create more jobs.
Key Facts
High minimum wages can lead to challenges over time.
The article emphasizes job creation as a solution.
Pro-growth policies are seen as helpful for struggling families.
The focus is on long-term economic benefits.
The article does not discuss specific wage levels or examples.
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Researchers at Washington State University’s Breadlab are developing new types of wheat. These new wheat varieties aim to be more nutritious, taste better, and handle climate change better than current types.
Key Facts
Modern wheat has become less nutritious and less flavorful over the past 100 years.
Current wheat strains are more vulnerable to climate change.
Breadlab is a research group at Washington State University.
Their goal is to breed whole grain wheat that helps farmers and consumers.
The new wheat varieties aim to have better taste and nutrition.
They also want the wheat to withstand challenges from a changing climate.
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Independent bookstores are growing again, with 422 new stores opening in 2025, a 31% increase from 2024. Many small businesses succeed despite competition from large chains and online retailers because they serve local communities and offer unique products.
Key Facts
The American Booksellers Association reports 422 new independent bookstores opened in 2025.
This number represents a 31% increase compared to 2024.
The United States has 360 million people spread across 4 million square miles, allowing room for diverse businesses.
Between 400,000 and 500,000 new business applications are filed monthly in the U.S.
Small businesses make up half of the country’s workforce.
Employees often stay with small businesses due to less bureaucracy and more flexibility.
Independent businesses tend to have stronger community connections, which build customer loyalty.
Small businesses provide products and services that big companies often do not, focusing on local needs and less common items.
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Opera singer Andrew Hiers worked as a car salesman in Cocoa, Florida. When he posted a video of himself singing about a car, his sales increased significantly.
Key Facts
Andrew Hiers is an opera singer and car salesman.
He works in Cocoa, Florida.
Hiers created a video where he sang to promote a car.
The video helped boost his car sales.
The story was reported by CBS News.
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George Nakashima was a famous woodworker known for his furniture designs in the 20th century. His daughter, Mira Nakashima, now leads the company he started and creates both his classic designs and her own new pieces.
Key Facts
George Nakashima lived from 1905 to 1990.
He was a major figure in American furniture design and craft.
He founded Nakashima Woodworkers, a furniture company.
Mira Nakashima, his daughter, currently runs the company.
Mira continues to produce furniture using her father’s designs.
She also creates her own original furniture pieces.
The company is known for blending art and craftsmanship in wood.
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The UK chancellor, Rachel Reeves, is holding a meeting with the leaders of the country’s five largest retail banks to discuss the economic effects of the conflict involving Iran. The focus is on helping people who may face higher mortgage costs due to rising inflation and energy prices caused by the Middle East crisis.
Key Facts
The meeting includes chief executives from HSBC, Barclays, Lloyds, NatWest, and Santander.
The discussion will focus on how to protect vulnerable borrowers facing mortgage rate increases.
Banks are expected to support 1.6 million customers whose fixed-rate mortgage deals end this year, as part of a government mortgage charter.
Rising energy prices are linked to Iran’s actions, including blocking the Strait of Hormuz and attacking neighboring oil producers.
The Bank of England warns that over 1 million UK households could see mortgage payments rise.
Banks have already removed about 1,500 mortgage products and increased rates on 7,000 home loans amid uncertainty.
The Bank forecasts that around 5.2 million borrowers may face higher mortgage costs by 2028.
This meeting occurs as banks prepare their year-end financial reports, which may include new forecasts for the UK economy.
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Vodafone set targets for its security staff to collect fines from its own franchisees, sometimes charging large penalties for small mistakes. This policy led to a court case in 2024 where former franchisees claim Vodafone unfairly gained up to £85 million through these fines.
Key Facts
Vodafone encouraged staff to increase fines on its franchise stores.
Some fines were as high as £10,000 for minor errors costing Vodafone just a few pounds.
The goal was to collect about £1.5 million annually in fines from franchisees.
Vodafone reimbursed £4.9 million in fines after admitting flaws in the process.
Internal rules increased penalties if a franchisee made repeated mistakes.
Large stores could be fined heavily even though they had more customers and sales.
Franchisees faced cuts in commissions, loss of stores, or termination after multiple fines.
The case is ongoing in a high court claim where 62 former franchisees seek compensation.
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Drivers for Uber and Lyft in the US are paying much more for fuel after a rise in oil prices linked to the US-Israel war on Iran. The companies have offered some discounts and rewards, but drivers say these do not cover the increased costs, forcing many to work longer hours or drive less.
Key Facts
Oil prices rose sharply after the US-Israel conflict involving Iran, pushing US fuel prices from about $3 to over $4 per gallon.
Uber and Lyft drivers must pay for their own fuel, car maintenance, and leasing costs because they are independent contractors.
Drivers report spending hundreds of extra dollars monthly on fuel, reducing their earnings despite working longer hours.
Some drivers say the companies’ discounts and reward programs on fuel are not helpful and sometimes more expensive in practice.
Drivers feel they are paid less per ride each year, requiring them to drive more to earn the same money.
Several drivers shared they are cutting back on driving or waiting longer without rides to avoid wasting gas.
Drivers are concerned that rising fuel costs make it harder to support themselves with rideshare jobs.
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The largest planned data center in the world, named after President Donald Trump and backed by his allies, is facing big delays and challenges. The CEO recently left, and the project struggles without a confirmed main tenant, which is needed to move forward, especially for key parts like the cooling systems.
Key Facts
The project is called the President Donald Trump Advanced Energy and Intelligence Campus, or Project Matador.
It is located in the Texas Panhandle and aims to be half the size of Manhattan.
The data center would demand three times the power of New York City, planning to generate 17 gigawatts from natural gas, nuclear, and solar energy.
The CEO, Toby Neugebarger, left suddenly amid growing issues with the project.
The project lacks a confirmed major tenant, often called an “anchor tenant,” who helps finalize details like cooling systems essential for the center.
A key tenant pulled out in December, leading to a class-action lawsuit from investors.
The first buildings are now expected to be ready about a year later than planned, around May 2027 instead of 2026.
The company’s stock has dropped 75% in six months after an initial public offering (IPO) last fall.
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Richard Tice, deputy leader of Reform UK, is reported to have failed to pay nearly £100,000 in corporation tax through companies linked to his investments. The money was then donated to Reform UK, and Tice has said he will correct any mistakes if needed.
Key Facts
Richard Tice allegedly did not pay about £100,000 in corporation tax between 2020 and 2022.
The unpaid tax was related to four shell companies connected to his investment business.
These companies funneled money to Tice’s parent company, which then donated over £1 million to Reform UK.
Tice said errors can happen in a long business career and said he will pay what is owed after review.
He accused the Sunday Times of trying to find minor issues and claimed the report was part of a smear campaign with the Labour party.
The Labour party criticized Tice and called the issue a major scandal.
Tice had previously asked others to resign over smaller tax errors.
Reform UK referred to Tice’s public statement when asked for comment.
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Many British people are choosing to take holidays in the UK this summer due to worries about possible flight cancellations linked to the war in Iran and rising jet fuel prices. Holiday companies in the UK report a big increase in bookings, while travel spending on airlines and abroad has dropped.
Key Facts
UK holiday companies say bookings for summer breaks are up by over 30% this year.
The conflict in Iran has raised concerns about jet fuel shortages, which may cause flight cancellations in Europe.
People are booking UK holidays closer to the time, with last-minute bookings roughly double the usual amount.
Many travelers prefer destinations reachable by car or public transport to avoid uncertainties in air travel.
Inflation and rising energy costs are causing some people to shorten their holidays or stay closer to home.
Spending on travel agents, airlines, and public transport fell in March compared to before.
Research shows 52% of Britons plan to holiday in the UK, while 49% plan to travel abroad.
Experts warn Europe has only about six weeks of jet fuel supply left, risking more flight cancellations soon.
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Carmakers in the UK need to quickly find £3 billion to pay victims of a motor finance scandal because they underestimated the cost of a government compensation plan. This plan will help drivers who were overcharged on car loans between 2007 and 2024.
Key Facts
The UK’s Financial Conduct Authority (FCA) created a £9.1 billion compensation plan for the motor finance scandal.
Carmakers’ finance divisions are responsible for £3.8 billion of the total compensation, but have only set aside £803 million.
Carmakers must raise about £3 billion more to cover their share of the payouts.
The compensation is for customers who were overcharged due to commission payments between lenders and car dealers.
Banks like Lloyds, Santander, and Barclays are responsible for 57% of the compensation and have already set aside £3.9 billion.
Mercedes-Benz has saved the most money for payouts among carmakers, followed by BMW, Renault, Ford, and Stellantis.
The compensation scheme includes about £7.5 billion for customers and £1.6 billion for administrative costs.
The FCA allows lenders and consumer groups to challenge the compensation plan until April 27, which may delay payments.
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