Oil prices fall and stocks rebound after Trump says Iran war could end ‘very soon’

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Oil prices have tumbled from four-year highs, capping an extraordinary 24 hours in global markets and prompting global stocks to rebound after Donald Trump suggested the US-Israel war on Iran could end “very soon”.Brent crude, the international benchmark, surged as high as $119.50 a barrel on Monday as the Middle East conflict intensified fears of a deepening energy supply crisis.Trump sought to play down this remarkable increase, claiming that oil prices had risen “probably less than I thought they’d go up”, while moving swiftly to reassure investors.Brent fell to about $91.

70 a barrel after the US president described the war on Iran as “very complete, pretty much” in an interview with CBS News on Monday evening.The FTSE 100 opened higher on Tuesday, about 1.4% up in early trading, in response to the update, as traders’ concerns over the potential for a longer-term conflict in the region were eased.European markets also rose, with the Stoxx Europe 600, which tracks the biggest companies across the continent, up 1.5%.

Matt Britzman, a senior equity analyst at Hargreaves Lansdown, said: “What initially looked like a one-way surge in energy costs and the inflation headaches that come with it has started to stabilise, offering some much-needed breathing room.”The rebound followed an overnight rally in Asia, which has been one of the most exposed regions to higher energy prices.Japan’s Nikkei 225 share index rose by 2.5%, while South Korea’s Kospi jumped 6%.Hong Kong’s Hang Seng index closed up by 2%.

While markets responded positively to Trump’s speech, the president also made some remarks that suggesting the conflict would continue.“We have won in many ways,” he said.“But not enough.”He wrote on social media: “If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far.”About a fifth of global oil and seaborne gas tankers typically pass through the strait, which has already in effect been closed for a week, heightening concerns over energy supplies that have propelled prices higher.

Tehran declared that it would not allow “one litre of oil” to be exported from the region if US and Israeli attacks continued, Iranian state media reported on Tuesday, citing a spokesperson for the regime’s Revolutionary Guards,The French president, Emmanuel Macron, indicated on Monday that several countries could deploy ships to “escort” container ships and tankers in a bid to shore up the vital trade route once “the most intense phase of the conflict” was over,Trump also said Washington would waive some oil-related sanctions in a bid to ease shortages,While he did not mention Russia by name, the disclosure was made shortly after Trump spoke with Vladimir Putin, the country’s president,Such a move would risk complicating US efforts to punish Moscow for its war on Ukraine.

“We have sanctions on some countries,” Trump told reporters,“We’re going to take those sanctions off until the strait is up,”The Trump administration last week permitted Indian refiners to temporarily buy Russian oil for 30 days – a month after Trump claimed India had agreed to stop purchasing it, in a shift that he said would “help END THE WAR in Ukraine” by cutting off a viital source of funds for Russia,While global oil prices have dropped from Monday’s peaks, they continue to trade at about 25% higher than levels of a few weeks ago before the conflict began,Susannah Streeter, the chief investment strategist at Wealth Club, said the picture for financial markets remained unclear and that “worry is still percolating”.

“Until a longer‑term resolution is found, companies and consumers are still set to pay the price for the attack by the US and Israel on Iran,”Apprehension over elevated fuel costs, and uncertainty over supplies, prompted governments across Europe and Asia to take action,Croatia, Hungary, South Korea and Thailand have imposed price caps on fuel in recent days to mitigate the threat of shortages,The Philippines last week ordered public officials to cut back on air conditioning usage and reduce travel,Bangladesh also moved to close all universities, bringing forward the Eid al-Fitr holidays as part of emergency measures to conserve ​electricity and fuel.

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How to make salt and pepper squid – recipe | Felicity Cloake's Masterclass

This crisp, salty, pungently aromatic dish is a strong contender to kick off my fantasy final meal – it wouldn’t really go with the steak frites and trifle to follow, but I find the combination of hot, crunchy batter and soft, creamy squid utterly irresistible. Happily, there’s no need to save it for the end times when it’s so easy to make for dinner tonight.Prep 10 min Cook 15 min Serves 2350g small sustainably-sourced squid, cleaned and defrosted, if necessary¾ tsp black or white peppercorns ¾ tsp Sichuan peppercorns ¼ tsp fine salt 50g potato starch, or cornflour 1 generous pinch MSG (optional)1 egg, beatenNeutral oil, to deep fry1 red chilli, stalk, pith and seeds discarded, flesh finely sliced2 spring onions, trimmed, white and green parts finely sliced1 garlic clove, peeled and slicedIf you’re not a fan of the cephalopod, this recipe can be easily adapted to suit anything from small pieces of chicken or fish to whole prawns or mushrooms (king oysters seem to be the most popular, if you can get hold of them; as with anything with a high water content, however, you’ll need to blanch and drain them first).I prefer to use smallish rather than baby squid for this, but it will work with all sizes. Ask your fishmonger to clean them for you, if they’re not already done (those sold frozen generally are), or look at a guide online to help if you’re unsure of how to do this

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Trillium, Birmingham B4: ‘There’s a general feeling of people – gasp! – actually enjoying life’ – restaurant review | Grace Dent on restaurants

Trillium, the latest Birmingham restaurant by Glyn Purnell, is absolutely not one of those po-faced, sedate, mumbly kind of places where some Ludovico Einaudi is piped plinky-plonkily throughout the dining room while guests stiffly eat six teensy courses. In fact, it’s quite the opposite, even if Purnell, via the likes of Purnell’s and Plates, is pretty much synonymous throughout the Midlands with fancy, special-occasion, Michelin star-winning refinement. Yet on a recent Saturday night, in this brand new, glass-fronted, multicoloured mock birdcage, the talk is loud, the music is roaring and the plates of battered potato scallop with soured cream are appearing thick and fast.Trillium is a genuine attempt by a Michelin-starred restaurateur to translate some of their best bits into a semi-rowdier yet still upmarket stage. It’s been attempted many times by other chefs (see Corenucopia and Bar Valette for details), but, miraculously, Purnell seems to have pulled it off

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Has dinner been served with a side of romance? | Brief letters

I can’t be the only person wondering if Dining across the divide (1 March) is possibly resulting in more romantic liaisons than Blind date? Some of them are heartwarming.Ed ClarkeManchester Why all the excitement about a cricket ground within the boundaries of a World Heritage Site (Letters, 27 February)? Derwent Valley Mills has five (viz Cromford Meadows, Ambergate, Belper Meadows, Duffield Meadows and Darley Abbey).Paul EnglishBelper, Derbyshire My anorak has a “funnel” neck (Hiding in plain sight: everyone from Meghan to the Beckhams wants a funnel neck, 27 February). Fortunately, it doesn’t allow rain to cascade through it.Theresa GrahamClevedon, Somerset I was surprised and pleased to see Felicity Cloake’s reference to Farmhouse Fare (How to make the perfect bara brith – recipe, 1 March)

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Helen Goh’s recipe for lemon curd layer cake | The sweet spot

This is both simple and celebratory, which in my book makes it just right for Mother’s Day next weekend. It has a fine, tender crumb, which pairs beautifully with the soft, creamy tang of lemon mascarpone, and I use lemon curd in the batter (shop-bought for ease) to bring a particular smoothness and depth of lemon flavour. Finished with a little extra curd and a scattering of edible flowers, it is pretty and unfussy and will hopefully make your own mother’s day.Prep 5 min Cook 1 hr Serves 8-10330g plain flour 2½ tsp baking powder ½ tsp fine sea salt 225g room-temperature unsalted butter225g caster sugar Finely grated zest of 2 lemons 3 large eggs, at room temperature160g lemon curd 250ml whole milk Small edible flowers, to decorateFor the lemon mascarpone 250g lemon curd, plus extra to decorate250g mascarponeHeat the oven to 180C (160C fan)/350F/gas 4 and line the base and sides of two 20cm round cake tins with baking paper.Sift the flour, baking powder and salt into a medium bowl

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Women ​built​, and still shape, our culinary culture every day

On 8 March each year, the calendar lights up: dinners celebrating women, panel talks, articles and online events amplifying female voices. The mood on International Women’s Day is joyful, the conversations energised and it feels as if the world is finally paying attention. But then 9 March arrives. Do the celebrations stop? Do we tuck away the banners with the last of the desserts? When the events conclude, are women no longer worth celebrating? The sad truth is that many International Women’s Day events can feel like lip service.Less so in the food world – or at least in our corner of it

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The future is rosy for English red wines

When did you last buy a bottle of English red wine? Chances are, you never have. Though increasingly available on the high street – Ocado and Waitrose Cellar both stock a couple – reds grown in Blighty have struggled to shift a reputation for being overpriced: the vast majority still cost £15-25 a bottle, which is well outside what most people might consider “everyday drinking”.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more