Oil price jumps and markets slide after Trump warning to Iran

Oil prices have soared after Donald Trump vowed in a televised speech to hit Iran “extremely hard” over the coming weeks, knocking hopes of a near-term end to the conflict in the Middle East.Brent crude prices jumped by as much as 8% on Thursday to $109.74 a barrel, reversing Wednesday’s drop when hopes of a de-escalation in the Iran war pushed the international benchmark below the $100-a-barrel mark at one point.The cost of oil produced in the US also jumped, with a barrel of West Texas Intermediate – crude that is drilled and processed in the US – rising by 11% to $111.60 a barrel, over the $110 mark for the first time since 9 March

Stellantis recalls 44,000 UK vehicles over fault that could cause fires

The European carmaker Stellantis has issued a recall for 44,000 UK vehicles after discovering a fault that could result in its cars catching fire.The fault has been found in certain models across its Peugeot, Citroën, DS Automobiles, Vauxhall, Lancia, Alfa Romeo, Jeep and Fiat brands, produced between 2023 and 2026. Key vehicles affected by the recall include the Citroën C3, Peugeot 208 and Vauxhall Mokka.The manufacturer said the issue related to a lack of clearance between the gas filter pipe and a component of the belt starter generator, which could cause water to leak into the engine bay during wet driving conditions. That created a “potential risk of fire” in the engine, in the worst-case scenario

‘From high flyer to dead parrot’: former billion-dollar eco-shoe brand Allbirds sold for $39m

Allbirds, the San Francisco sustainable trainer brand once valued at more than $4bn, is being sold for just $39m (£29.6m) after global demand for its wool-based footwear failed to materialise.American Exchange Group, the owner of a string of brands including the fashion label Ed Hardy and the accessories maker Born, is snapping up the struggling company once touted as the future of footwear.Allbirds listed on the US stock market in 2021, but its shares have since tumbled by more than 99%, leaving it valued at just over $20m.In its early years, the brand enjoyed rapid success, and in the first two years since its official launch in March 2016, Allbirds sold more than 1m pairs of its original merino wool trainers

Secondhand clothes sales forecast to hit $289bn as AI helps shoppers find deals

Secondhand clothing sales are forecast to surge 12% this year to $289bn (£217bn) and continue to step up, as AI and social media influencers help shoppers find the items they want.The rise of sites such as Vinted, Depop, Vestige and ThredUp is expected to power an average 9% annual growth over the next five years to reach $393bn, twice the pace of the overall clothing market.The prediction came in ThredUp’s annual resale report, which uses research from market analysts GlobalData. In 2021 the market was worth just $141bn, less than half this year’s expected total.Brands such as Dr Martens, Zara and Mulberry have begun selling their own secondhand items or repairing and reviving used items as demand booms

Polymarket and other prediction platforms driving oil market, traders say

Online betting platforms are directly driving the global oil market as they increasingly rely on anonymous prediction markets to determine multimillion-dollar trades, energy traders have warned.Market experts have said that datafeeds from prediction platforms such as Polymarket are being used to create the algorithms that influence trading in the global Brent crude futures market.The “widespread” use of Polymarket in oil futures trading has emerged amid concerns that anonymous account holders may be using insider knowledge to place bets.Energy traders have raised concerns that the platform could also be used to influence pricing in the global oil market.One energy trader said Polymarket had become the best predictor of the oil market’s direction since the US-Israel war with Iran triggered a global oil crisis, making it an essential part of the algorithms used to determine trades

Would more North Sea drilling mean lower energy prices for UK consumers?

Oil prices hit $100 a barrel soon after the US and Israel launched their attack on Iran, and though prices have wobbled since, ongoing supply issues from the partial closure of the strait of Hormuz mean they could leap higher, to $150 a barrel or more, by some estimates.The impacts could be severe – not just increases in the price of petrol, and oil for home heating, but also in the cost of gas, with knock-on inflationary pressures on food, consumer goods and industrial components.Kemi Badenoch, leader of the Conservative party, this week laid out a plan to “get Britain drilling”, which would involve opening new oil and gasfields in the North Sea, to maximise production, alongside measures to cut energy bills. Here we look at this plan and whether it would work.No

US crude oil hits $110 a barrel and markets drop as Trump dashes Iran de-escalation hopes – as it happened

US crude has surged over $110 a barrel today, for the first time in over three weeks.The price of a barrel of West Texas Intermediate has jumped by 10% today, after US President Donald Trump vowed to hit Iran “extremely hard” for the next few weeks, dashing hopes of de-escalation and an early end to the conflict.US crude is trading at $111 a barrel, the highest level since 9 March.This puts a barrel of WTI above the international benchmark, Brent crude, which has jumped more than 8% to $109.32 a barrel

‘If he’d stayed on the golf course, we’d be in a better place’: experts on Trump’s tariffs, one year on

Before Donald Trump declared “liberation day” on 2 April 2025 and shocked the world by raising import tariffs on nearly every country the US did business with, he had spent almost three months causing chaos in Washington.The wholesale slashing of government jobs under Doge (the “department of government efficiency”) and the defunding of US aid agencies had shown White House watchers that the US president was in a hurry to upset institutions he considered profligate or useless.Investors quickly understood that chaos was an essential tool in Trump’s armoury. Almost as soon as he was inaugurated, there was a steady decline in the value of the dollar against other currencies. Investors sold assets denominated in dollars and bought assets elsewhere: Europe, Asia, South America

Thames Water ‘close to deal that would spare it new Ofwat fines until 2030’

Thames Water is said to be close to a deal with its regulator that would allow the company to avoid new fines for four years, as long as it commits to investing in the business.The controversial offer, reported by the Financial Times, has been put forward by creditors who are hoping to save the struggling utility from being temporarily renationalised.Thames has been trying to stave off financial collapse for more than two years, after building up a £17.6bn debt pile in the decades after its privatisation. Bosses tried to sell the company last year but faced embarrassment when their preferred bidder, KKR, pulled out of the deal at the last minute

Larva lamped: Colin the Caterpillar loses to eight lookalikes in cake taste test

After a busy 35 years as a British party favourite, not to mention a bruising court battle with an alleged copycat, you might think Colin the Caterpillar had earned his place at the top.But the “original” chocolate caterpillar cake has now been labelled the worst, bested by lookalikes in a taste test.In a contest against eight supermarket rivals including Cecil, Charlie and Wiggles, Colin came bottom with a score of 64%.Almost half (44%) of the 75-strong panel of cake-testers assembled by the consumer champion Which? complained Colin’s sponge was “too dry”. By contrast, the Waitrose progeny Cecil triumphed with 78% and was awarded a coveted “best buy” gong

Oil tumbles and UK’s FTSE 100 posts biggest daily rise in a year on hopes Middle East war will end soon – as it happened

As the clocks ring noon in the City of London, here’s the situation.European and Asia-Pacific stock markets have rallied sharply, after Donald Trump signalled that the Iran was could end soon.The UK’s FTSE 100 share index is up 1.9% now at 10,369 points, up 192 points to a two-week high.The pan-European Stoxx 600 index is up 2%, with gains in Frankfurt, Paris, Madrid and Milan

BP is operating in a world of ‘significant complexity’, new boss tells staff

The new boss of BP has told staff that the oil company is operating in a world of “significant complexity” as it attempts to rebuild its strategy under a fresh leadership team.In her first message to staff as BP’s chief executive, Meg O’Neill promised a “clear direction and consistency” after a tumultuous period for the 117-year-old fossil fuel company, in which it has pivoted away from a failing green strategy.BP’s third chief executive in under five years has stepped into the top job during the fifth week of the Iran war, a conflict that has triggered the global industry’s biggest supply shock.In a staff memo seen by the Guardian, O’Neill said: “Right now, we’re operating in an environment of significant complexity: geopolitical tension; conflict; rapid technological change; and shifting global energy demand.”“I believe that we, as a company, have a clear job to do: delivering energy to the world, today and tomorrow – safely, reliably and efficiently,” she added

Ways to use mint sauce without having to roast a lamb

My wife adores roast lamb with mint sauce. However, after an online purchasing blunder, my larder now contains six jars. How can I make use of them apart from serving roast lamb every Sunday from now until the crack of doom?John, by emailAs is so often the case, it all starts with a shift in mindset. “When you see a jar of sauce, there’s a real tendency to think, ‘I must use this as a sauce,’” says Kate Young, author of Dinner at Mine? Start treating that surplus mint sauce as an ingredient instead, however, and your life will be a whole lot easier. “If John is planning on using chopped fresh mint with, say, meat, cheese or veg, then consider how you might use mint sauce in its place,” Young adds

Five Guys CEO says he gave a $1.5m bonus to his workers so he wouldn’t get shot in the back

Five Guys’ chief executive officer, Jerry Murrell, said he gave a $1.5m bonus to employees of his US-based burger restaurant chain because “I didn’t want anybody shooting me” after the company recently “screwed … up” a buy-one-get-one-free promotion.Murrell did not elaborate on the comment, which he gave to Fortune in an interview published on Wednesday – but it came a little more than a year after the UnitedHealthcare CEO Brian Thompson was shot dead on a midtown Manhattan street in what was widely considered a murderous rebuke of the US health insurance industry’s profit-driven practices.Fortune’s conversation with Murrell revisited a two-for-one promotion that Five Guys organized in February to celebrate its 40th anniversary that proved to be much more popular than the chain expected. Five Guys’ app crashed as customers sought to take advantage of the promotion, and many overwhelmed chain locations discontinued the offer early, inviting backlash on social media

Ready to order? 10 rules for UK’s restaurant diners

Hospitality is in a right state at the moment, what with the seemingly never-ending shitshow of rising rents and rates, extortionate VAT, higher staffing, produce and utility costs, and all those other well-documented socioeconomic pressures (don’t mention the Bre*it word, please). So the last thing those of us who work in this beleaguered industry need right now is to be kicked in the proverbials by the very people we rely on perhaps more than anyone. And, yes, by that I mean you, our lovely customers. So here is some advice on how to avoid infuriating your serving staff.Turn up … Pre-Covid, most restaurants didn’t have the balls to take card details or charge for late cancellations and no-shows, but that’s all changed now (thank God)

Anything but eggs – the best chocolate for Easter

If you like chocolate and nut butter, Radek’s Chocolate is doing wonderful things with both, and its dairy free Silky Almond Chocolate Rabbit is magically creamy. Looking more like subservient mice than bunnies, NearyNógs’ dark chocolate bunnies, stuffed with salted caramel, were my favourite. A superb, successful marriage of very good Ecuadorian chocolate and caramel: worthy of a royal telegram.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link

Four knockout bakes and tips from the master: Edd Kimber’s recipes for cooking with chocolate

From a white chocolate cheesecake tart and flourless chocolate cake to double chocolate olive oil and marbled matcha cookies, explore chocolate’s endless versatilityChocolate is a truly magical ingredient. Not only is it a powerhouse of flavour, it also pairs beautifully with other ingredients to make something incredible. Chocolate isn’t one note, mind; from the heady richness of an intense dark chocolate to the nostalgic creaminess of milk chocolate and the often maligned simplicity of white chocolate, it can be the star of the show or simply the supporting act. Chocolate can do it all.This is my go-to dinner party dessert

Rachel Roddy’s recipe for potato, aubergine and herb tortino alla fiorentina

The sky is the same shade as old Tupperware, our tortoise appears to have gone back into hibernation, the flat upstairs has builders in, but the kitchen smells gorgeous, thanks to this week’s recipe. It is one of the variations suggested by Anna Gosetti Della Salda for her aubergine and egg tortino alla fiorentina in the Tuscany chapter of Le Ricette Regionali Italiane, an indispensable book that I would save from a fire. The addition of potato to the aubergine makes it an even more substantial, velvet-like and better-tasting dish, I think: a layered vegetable bake crossed with a frittata that fancies itself as having a touch of baked eggs (although don’t expect any puffing up).Instead of the aubergine, you could use artichoke hearts (trimmed and cut into slim wedges), courgettes or cardoon, and, if you fancy, you could also add a crumbled sausage or a handful of diced pancetta. Whatever you use, however, a fundamental stage in terms of both flavour and texture is the initial cooking of the vegetables: frying the potatoes, then covering the pan so they fry-steam into tenderness; the aubergine by simply frying

How to turn a leftover roast lamb bone into Wales’ national dish – recipe | Waste not

Cawl is Wales’ gift to the world of thrifty, slow-cooked broths and, like all great peasant dishes, it’s seasonal, versatile and immensely practical. A few years ago, Food & Drink Wales invited me to create two food sustainability toolkits, one for hospitality and one for the public, with both celebrating Welsh produce and recipes. This led me to explore Wales’ national dishes and discover cawl (or lobscows, the northern Welsh name for the dish) properly for the first time. Inspired by Welsh culinary legends Dudley Newbery and Tomos Parry’s recipes, it’s the perfect way to turn lamb leftovers, or even just a bone, into a hearty meal.The magic of cawl lies in its sheer simplicity

Carrot crumble and sprouting broccoli with almond butter: Chantelle Nicholson’s vegetable recipes for Easter

The intense sweetness that comes from roasting carrots should not be underestimated. And, when that’s topped with a savoury, nutty crumble, it’s a great combination. Add the wonderfully seasonal purple sprouting broccoli on the side, and it’s a luscious Easter celebration. A few low-waste tips, too: always use the parsley stalks, and try pickling the shallots in leftover gherkin brine. Trust me! And it wouldn’t be a spring recipe without our beloved wild garlic, so make the most of that while it’s about

How we can improve food security in Britain | Letters

Although I agree with George Monbiot’s analysis of the serious risks that we face from a breakdown in the UK food supply chain, there are two important points we need to recognise (We’re letting big corporations gamble with our lives. Act now, or the food could run out, 25 March). First, we must seek to increase food production on UK farms because this has been falling for several decades.Food self-sufficiency in the UK fell from 78% in 1984 to 62% in 2024. The decline is largely due to the loss of farmland to non-farming use: buildings, roads and railways, conservation and wildlife schemes, solar farms and recreation

Aperitivo or dinner? Portuguese whites are always right

Portuguese wines have been making steady advances on British drinkers in recent years, and for good reason. The country is home to many delightful indigenous grapes (bom dia baga, encantado encruzado), as well as the sort of varied maritime, mountainous terrain that encourages personality. Its winemakers tend to be forward-thinking and climate-conscious, too, and there are lots of bottles of interest at the “midweek” price point – that is, £8-£13. Case in point: the “yellow tram wine”, AKA Porta 6 Lisboa, is now a ubiquitous presence on our high streets.The Guardian’s journalism is independent

Sauces, spreads, sprinkles – and cocktail in a can: whose fridge is this?

Amba sauce “I’m very jar orientated; a lot of my cooking is about combining big flavours. I’m also a sucker for a sour ingredient, and this Iraqi pickled mango condiment is really sour – more so than tamarind. If I’m garnishing a dish with tahini, then I’ll use amba to cut through the richness, otherwise I’ll use it in lieu of citrus.”Stem ginger in syrup “My grandpa always gave me this when I was a kid, and I thought it was disgusting. However, now it’s essential; I often make a (chopped) stem ginger and spring onion salsa – it’s sweet and spicy

Fresh start: Hetty Lui McKinnon’s recipes to celebrate spring

Vegetables are in my blood. I grew up surrounded by them; boxes upon boxes scattered around my childhood home, a perk from my father’s job as a wholesale purveyor (of bananas, specifically) at Sydney’s Flemington Markets (now known as Sydney Markets). Our family enjoyed an embarrassment of nature’s riches; an endless supply of succulent Asian greens, rotund cauliflowers, glossy aubergine, perky spring onions, and bulging cabbages that overflowed from crates in and around the kitchen and dining room. We needed to step over trays of stone fruit and cartons of oranges to get to the bathroom. In the summer, I gorged on apricots and cherries until I was sick (true story) – I had no self-control when it came to the fresh stuff