Oil company shares soar to all-time highs as Middle East war turbocharges price per barrel

Shares in big oil companies have soared to all-time highs since the war in Iran began and sparked historic price rises on global oil and gas markets.The combined market value of the six stock market-listed western “super majors” has soared by more than $130bn in the two weeks since the first US-Israeli attacks on Iran.The energy supply shock caused by the conflict has resulted in record stock market valuations for London-listed Shell, Europe’s largest oil company, as well as US oil companies ExxonMobil and Chevron.The market shock is expected to deliver multibillion-dollar windfalls for the industry, even as sites in the Middle East are hit by the conflict.US oil companies can expect a $63

Beyond the strait: why attacks on Kharg Island could keep oil prices high

About 20 miles off the coast of Iran lies the source of the petrostate’s economic lifeblood and the latest target of US military aggression: an 8 sq mile coral island through which nine in every 10 barrels of Iranian crude passes each day.The US president’s decision to launch a weekend attack on Kharg Island, the home of Iran’s processing hub and the heart of its economy, is an unsurprising counterstrike to the Iranian regime’s ongoing chokehold on the oil market’s trade artery.But uncertainty over future oil production by one of the world’s largest producers, is also likely to cause further market volatility after weeks of historic price increases.Donald Trump ordered the US military attack on Iran’s most strategic economic asset on Saturday, exactly two weeks after the US-Israeli strikes which began the war and led to the blocking of the strait of Hormuz.The bombardment took aim at military assets on the island, and has so far spared oil facilities

AI could give us our lives back – if we don’t blow it

The other day I pulled into the parking lot of a client’s offices and in the spot next to me was a woman sitting in her car blasting music. She caught me looking and rolled down her window and said, “I’ll be inside in a minute … Just enjoying my last few moments of freedom!”Is this way we want to live? No, it’s not.Elon Musk recently predicted work will be optional. “It’ll be like playing sports or a video game or something like that,” he said. Sounds nice

‘Cruel hoax’ or ‘work-life balance nirvana’: whatever happened to the four-day work week?

It has been years since the four-day work week was floated as a solution to everything from traffic congestion to burnout. So why aren’t we all doing it now?Follow our Australia news live blog for latest updatesGet our weekend culture and lifestyle emailDuring the global soul-searching that followed the rupture of Covid-19 lockdowns, one idea for how we might live better suddenly seemed plausible: the four-day work week.The model is simple but somewhat counterintuitive. Employees work fewer hours for the same salary while getting the same amount of (or even more) work done. Advocates say this is made possible by reducing meeting times, streamlining workflows and prioritising work more efficiently

Stout clobber? Guinness tie-up features £1,295 ‘pub carpet’ jumper

Brand enlists JW Anderson to help brew up 17-piece range of luxury fashionwear, from ‘beer towel’ shorts to branded trousers and topsYou too can look like a pub carpet – and for the bargain price of £1,295. Such sartorial elegance – perhaps an option for anyone stepping out to celebrate St Patrick’s Day this week – is the aesthetic love-child of a partnership between Guinness and the luxury clothing brand JW Anderson.The tie-up, launched earlier this month, allows fashionistas to get their hands on a range of Guinness wear that exploits the continuing metamorphosis of the “black stuff” from unfashionable pub staple to social media status symbol.The 17-piece range features everything from elasticated shorts that look like a beer towel (£440) to an £850 Irish wool jumper, featuring the Guinness harp logo set against a cloudy cream that nods subtly to the head on a well-poured pint.The range is fronted by the actor Joe Alwyn and the rapper Little Simz, and “pulls from vintage brewery uniforms, Irish pub interiors and archival graphics, translating them into denim workwear, twisted jeans, towelling sets and knitwear”

Relief for some of Britain’s poorest lands at right moment to cushion Iran aftershocks | Heather Stewart

It doesn’t involve warships, drones or strategic oil stocks, but one of Labour’s most potent weapons for containing the economic aftershocks from the Iran war for the UK is about to be unleashed: the scrapping of the two-child limit.If the cost of essential goods spikes as a result of high oil prices it is the poorest households who will be the most exposed.The timing is purely fortuitous, but ministers are about to write to parents in more than half a million such homes to let them know they are likely to receive an average of £440 extra a month from April. These are families with three or more children, claiming universal credit.“It’s massive,” says Alex Clegg, an economist at the Resolution Foundation thinktank

One of Britain’s last major chemical plants at risk as energy prices surge

The American owner of one of Britain’s last major chemicals plants has said he will close the site if energy prices remain at their current levels for the next three months.Peter Huntsman, whose family built Huntsman Corporation into a global chemicals empire, said the recent jump in gas prices fuelled by the Iran conflict was “another nail in the coffin” for European heavy industry.“If today’s economics were to stay in place for the next three months, I would shut down my [UK] facility and I’d be importing product from China or the United States,” he said.The factory in Wilton, on Teesside, employs about 80 people and makes aniline, a chemical used in everything from car seats to aircraft components. It is one of the last surviving plants of the former Imperial Chemical Industries (ICI), Britain’s largest manufacturer for much of the 20th century

‘The chef is a metre away from you’: the cosy allure of micro-restaurants

It started with the portion sizes, as all-you-can-eat buffets were reduced to bite-size small plates. Then the menus started to decrease, with pages of dishes shrinking to an A5 sheet of paper.Now restaurants are undergoing another round of downsizing. Micro-restaurants, which usually seat fewer than 20 people, are gradually spreading across the UK.The focal point is the communal table

Rate rises, helium shortages, EV sales spikes: how is the disruption in Iran’s strait of Hormuz affecting Australia?

The Middle East conflict is causing huge disruptions to energy supplies, with knock-on effects reaching far beyond petrol prices.While the initial US-Israeli strikes on Iran drew a muted response from global markets due to expectations it would be a short conflict, there are now questions over whether the US has a clean exit strategy that would guarantee a stable resumption of trade through the crucial strait of Hormuz.Here are five ways the “largest supply disruption in history” in global oil markets is affecting Australia, from the cost of crucial imported goods to the purchasing decisions made by consumers.There was already a strong shift to electrified vehicles before the war on Iran disrupted energy markets, with new battery vehicles selling at nearly double the rate from a year ago, according to February automotive data.James Voortman, chief executive of the Australian Automotive Dealer Association, says car yards have been selling even more EVs since petrol prices started to rise

‘The sums don’t add up’: UK farmers struggle as Iran war drives up costs

The small green oilseed rape plants are buffeted by the wind on a blustery spring day. Sown last August, the crop is starting to shoot up and should be ready for harvesting in July, when it can be turned into cooking oil or biofuel.The peaceful 230-hectare (568-acre) arable farm owned by James Cox on the edge of the Cotswolds in Gloucestershire is a world away from the conflict in the Middle East. However, the consequences of US and Israeli strikes on Iran – and Tehran’s retaliation – are already rippling out to affect Cox and Britain’s other food producers.The prices of crucial farming inputs such as fuel and fertiliser have skyrocketed, just at a time when their use will increase in the coming weeks as the spring planting season gets under way and farmers use their tractors more

‘Everything is going up’: Americans struggle with affordability despite Trump’s claims

US workers are still struggling with the cost of living despite Donald Trump’s campaign promises to fix the US affordability crisis.The Guardian spoke to workers as an exclusive poll showed cross-party concerns about the Trump administration’s handling of the US economy.Dawn Levie, 61, a postal service worker in Paulden, Arizona, said she’s lost thousands in earnings over the past year due to cuts to her hours, making it more difficult for her to afford basic necessities like paying for groceries and utility bills.“It’s hard to describe how you feel when you can’t sustain your livelihood because your money is impacted,” Levie said. “You can’t pay bills, [and] creditors get mad

War prompts Europeans to switch holidays away from eastern Mediterranean

Holidaymakers who had planned to visit the eastern Mediterranean this summer are moving their trips to the west and the Caribbean because of the US-Israel war on Iran, travel companies have said.Travellers from the UK and mainland Europe are increasingly swapping their holiday destinations away from Cyprus, Turkey and Greece towards Italy, Spain, Malta and Croatia, as the region around the Middle East grapples with flight cancellations and airspace closures.Tui, Europe’s biggest holiday operator, said demand had risen sharply in recent days for holidays in Spain, Portugal, Greece and Cape Verde this summer as customers opted for “familiar, easy‑to‑reach locations”.“While we are seeing some cancellations in the affected areas, these are currently outweighed by customers choosing to amend their plans instead,” Neil Swanson, a director at Tui, said.Jonathon Woodall-Johnston, of Hays Travel, the holiday agency that took on some of the collapsed Thomas Cook high street stores, added that demand was growing particularly strongly for trips to Italy, Malta and Croatia

Mother’s Day UK recipes: three delicious ideas to make for your mum from Ravinder Bhogal

Few things say “I love you” more than an unbidden cup of tea, but if you want to show true appreciation to the maternal figure in your life this Mother’s Day, there’s nothing better than a few indulgent snacks to go with it. I love the British tradition of afternoon tea, but I find finger sandwiches in hotel lobbies a little too fussy. I would much rather a fortifying savoury sandwich, a slab of good, old-fashioned cake and buttery biscuits that crumble into a million sweet crumbs.This very simple cake can be baked in a regular cake tin, but cooking it in a bundt tin makes it much more of a showstopper. If you want to forgo the icing, serve with a dollop of creme fraiche and berries instead

Benjamina Ebuehi’s recipe for caramelised white chocolate and rhubarb cheesecake | The sweet spot

It’s often my own impatience that forces me to make no-bake cheesecakes over baked ones. They’re not at all as faffy, though it’s pretty hard to beat the lighter, silkier texture you get with a baked version plus the extra effort is worth it on a special occasion such as Mother’s Day. I’ve sweetened the filling for this one with caramelised white chocolate – it brings a beautiful, creamy, dulce de leche-type caramel flavour that even the biggest white chocolate haters should enjoy. If making your own caramelised white chocolate feels a step too far, however, just buy bars of blond chocolate instead. Top with gently poached rhubarb for a pop of colour and to cut through the richness

Noma chef resigns amid allegations of physical abuse of staff

René Redzepi, the head chef and co-founder of Noma, has announced his resignation from his internationally acclaimed Copenhagen restaurant following allegations he physically abused his staff.Redzepi had been facing protests in Los Angeles before a four-month pop-up that launched this week. His resignation on Wednesday comes after the New York Times detailed allegations of physical and psychological abuse, including claims that he “punched employees in the face, jabbed them with kitchen implements and slammed them against walls”.He wrote in an Instagram story: “I’ve decided to step away and allow our extraordinary leaders to now guide the restaurant into its next chapter.”Redzepi said the recent weeks had “brought attention and important conversations about our restaurant, industry and my past leadership”, writing: “I have worked to be a better leader and Noma has taken big steps to transform the culture over many years

Light red wines for spring drinking

Can wine ever be good for you? The question has surely occurred to most of us after a night on the chȃteau de migraine, especially if we’ve read the increasingly dire warnings on alcohol consumption. Still, as with chocolate, a lot depends on what type of alcohol you drink. After all, a 90% cocoa solids situation is probably going to do less harm than, say, a family tub of Celebrations, and, while all alcohol is, I hate to break it to you, alcohol, there are definitely better choices you can make.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link

Rachel Roddy’s recipe for risotto in bianco | A kitchen in Rome

Parmigiano reggiano, grana padano, lodigiano, trentingrana and the other members of the grana-type cheese family (there are many, and all are worth seeking out) are far from cheap. Which is why it is important to use every last bit, including the rind with the last few millimetres of cheese still attached. That functions as a sort of highly flavoured and fatty stock cube that can be added to soups and stews. The best place to keep your precious rinds is in a plastic bag or airtight container in the freezer, which also preserves flavour and stops them drying out, until they’re pulled out and added directly to whatever needs a boost, or to make one of the nicest, most delicately flavoured and cheesy broths, which in turn makes a lovely risotto.I have written about risotto many times here, with each version a new favourite, and providing lessons in a dish that, regardless of how much I learn and practise, I am always chasing: the right proportions of rice to broth, as well as a pleasing consistency and texture

‘Highly problematic behavior’: Noma residency in LA starts with PR crisis

It was always going to be an indulgence for René Redzepi, the Danish-Albanian chef of Noma fame, to bring his exacting, innovative vision of haute cuisine to Los Angeles and spend several weeks tickling the palates of well-heeled diners at a hilltop estate once dubbed “the most beautiful home in Hollywood”.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more.The timing has certainly been unfortunate, since the US is now fighting a destabilizing war in the Middle East and food prices are climbing so steeply that many ordinary Americans can no longer afford to eat at McDonald’s, much less contemplate the counterintuitive delights of tacinga cactus, bougainvillea petals, mealworms and giant tuna eyes

Before sunrise: while Sydney sleeps, suhoor meals attract a lively social scene during Ramadan

Suhoor – the pre-dawn meal – is typically shared at home. But in Sydney customers also queue outside food trucks, restaurants and cafes with extended trading hoursIt’s just after midnight in an industrial courtyard in Auburn in Sydney’s west and a glow of string lights and the constant sizzle of a grill signal one of Ramadan’s newest late-night rituals. A food truck specialising in halal steak sandwiches has attracted a small crowd and a queue begins to form.The rest of the city is largely asleep but here the courtyard hums with life as young Muslims arrive in waves after evening taraweeh prayers, chatting and checking their phones as the clock edges closer to suhoor – the pre-dawn meal eaten during Ramadan before the day’s fast begins.Inside The Meat Up, a Lebanese husband-and-wife duo move quickly over the grill

How to use up limp herbs in a flavoured butter – recipe | Waste not

Compound butter is simply butter that’s been mixed with flavourings, both sweet and savoury, and is a tasty and easy way to give a small bunch of tired herbs new life. It can be melted over vegetables, stirred through pasta, grains or pulses, basted over meat or fish, spread on toast, or frozen in slices to use a little at a time. Think of this less as a recipe and more as a framework: taste as you go and decide whether you want something bold and explosive or a more gentle experience.Long before the TikTok revival, compound butter was something most home cooks admired on restaurant plates rather than made themselves. But it’s a really simple way to save a few tired herbs and give a meal a welcome boost, adding both serious flavour and visual impact

Chefs the world over strive for a perfect score from Rate My Chives. Could I achieve one at home?

My goal: a perfect 10 from Rate My Chives, the ‘number one authority on chives worldwide’. Why is this so hard?Get our weekend culture and lifestyle emailChopping chives, I notice my weak wrists for the first time. My knife is connected to my hand which is connected to my wrist, which is flopping about like an overcooked piece of asparagus.“You’ve got to keep them more sturdy,” says chef Trisha Greentree. “Lock in that line

What’s the secret to crisp-skinned fish? | Kitchen aide

When I fry fish, the skin never goes crisp, and instead either sticks, rips or goes limp. What am I doing wrong?Emily, by email “The secret to perfectly crisp fish skin is heat,” says Mitch Tonks, founder of Rockfish in south-west England. Well, heat plus a little bit of prep. Fish are, of course, moist things, and moisture is the enemy in the quest for that golden-brown crust, so the first thing Emily is going to need to do is dry that skin out. “If the fish has any moisture on it, it will create steam while it’s being cooked, which, in turn, will make the skin go soggy and inedible, rather than crisp and delicious,” says British fish guru Nathan Outlaw, whose latest book, On Fish: A Seafood Handbook, is published next month

Thomasina Miers’ recipe for stuffed cabbage in white wine and escabeche, with buttered dill and pea rice | Sunday best

I love stuffed vegetables. When I was young, I came across a recipe for stuffed aubergines in an old book of my mother’s and must have cooked it a score of times. Later, in the early 1990s and to the echoes of nouvelle cuisine, Delia Smith showed us how we could work similar magic with peppers and tomatoes. Then the technique went deeply out of fashion, but I stayed loyal, and continued quietly stuffing tomatoes, pumpkins and courgettes, all no doubt influenced by my travels in Mexico. Thoday’s stuffed cabbage is inspired by the most delicious tongue in a tantalisingly light escabeche that I once had at Nicos in Mexico City, and also because I can’t get enough of cabbage at the moment

Georgina Hayden’s quick and easy recipe for cauliflower, lentils and chorizo | Quick and easy

The transformation that cauliflower undergoes in a very hot oven means there is now rarely a time when I don’t roast it first. Making cauliflower cheese? Roast, don’t boil – you’ll end up with a richer, potentially less watery finish. Soup? Absolutely roast it first – it is a gamechanger and almost feels insulting to boil it, because that doesn’t release its full potential. Here, roasting cauli with a few spices and paprika-laced chorizo is a dream, resulting in a salad or side that’s packed with flavour and creates its own intense dressing. It is the sort of dish I will make just for me, then proudly tub up leftovers for meals the following days