Oil prices rose after President Donald Trump called Iran’s response to a U.S. peace proposal unacceptable. This led to concerns about the supply of oil through the Strait of Hormuz, a key route for global oil and gas.
Key Facts
President Trump rejected Iran’s reply to a 14-point U.S. peace plan aimed at ending the conflict and reopening the Strait of Hormuz.
Brent crude oil prices jumped nearly 4% to $105.50 a barrel before settling at $103.50.
Iran’s counter-proposal included a shorter pause on conflict and refused to dismantle nuclear facilities.
The Strait of Hormuz remains effectively closed, impacting about 20% of the world’s oil and gas supply.
Higher oil prices contribute to inflation concerns and affect government borrowing costs, seen in rising UK bond yields.
European and Asian stock markets showed mixed reactions after the announcement, with some oil companies’ shares rising.
President Trump is set to meet China’s President Xi Jinping in Beijing to discuss trade, Taiwan, and the Middle East conflict.
This meeting will be the first U.S. presidential visit to China in nearly 10 years.
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The Brownie Bake company has recalled Nouria Banana Nut muffins that were mislabeled as blueberry muffins. The mislabeled muffins contain walnuts, a tree nut allergen, which could cause serious allergic reactions for people with nut allergies.
Key Facts
The recall was announced on May 8 by the FDA.
The muffins were incorrectly labeled, hiding the presence of walnuts.
Affected muffins were sold in packs of nine with lot code 6082 and UPC 811070033979.
The muffins were distributed nationwide on March 31, 2026.
The labeling mistake was found after a customer reported it in April.
No illnesses have been reported so far.
Tree nuts are one of nine major food allergens requiring clear labeling.
People with tree nut allergies should not eat the recalled muffins and should return or throw them away.
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Passenger numbers at London Heathrow Airport dropped by 5% in April compared to last year, mainly due to the war involving Iran affecting international travel plans. Despite fewer passengers, connecting travelers increased, and concerns about jet fuel supply and higher fuel prices are causing uncertainty in the airline industry.
Key Facts
About 6.7 million people flew through Heathrow in April, a 5% decrease from April last year.
The drop in passengers is linked to the war involving Iran and changes in travel plans.
Transfer passengers, who change planes at Heathrow, increased by 10% compared to last year.
The US-Israeli conflict with Iran has caused flight cancellations and delays worldwide.
The blockade of the Strait of Hormuz, a key oil shipping route, has raised fears of fuel shortages and higher prices.
Jet fuel prices averaged $181 a barrel in early May, about twice last year’s average.
British Airways’ owner expects to face a £1.7 billion rise in fuel costs this year and plans to raise ticket prices.
Some airlines are lowering prices for summer flights to encourage bookings despite the challenges.
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A survey shows that many UK households are worried about rising living costs due to the conflict in the Middle East. Consumer confidence has dropped sharply, and people plan to spend less on things like fuel and daily expenses. Rising prices for energy and food are expected to make this situation worse later in the year.
Key Facts
Consumer confidence in the UK fell from -1 in January to -13 in April, the lowest since autumn 2023.
Almost 90% of surveyed people said they are concerned about the cost of living.
Nearly 80% plan to reduce their spending over the next three months.
The number of people under 35 who feel financially healthy dropped by 20%.
Twice as many people (24%) now plan to drive less to save on fuel compared to January (12%).
The Bank of England expects inflation to rise due to the Middle East conflict, pushing prices for fuel, food, and energy higher.
UK job appointments fell in April amid market uncertainty from the Iran war and rising costs.
Employers are using more temporary workers as permanent hires decline.
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President Donald Trump will visit China from May 13 to 15 to meet Xi Jinping, marking the first US presidential visit to China in nearly ten years. The visit takes place amid ongoing trade tensions and tariffs between the US and China, with both countries having imposed high import taxes on each other's goods in recent years.
Key Facts
President Trump will visit China from May 13 to 15 to meet Chinese President Xi Jinping.
This is the first visit to China by a US president in nearly a decade.
Many large US companies, such as Boeing, Citigroup, and Qualcomm, are expected to join the trip.
In 2018, Trump began imposing tariffs on $250 billion of Chinese imports to make trade fairer for the US.
These tariffs led to a trade war, with China retaliating by adding tariffs to US goods.
Tariffs between the US and China were paused after Trump and Xi met in South Korea in October but threats have continued.
President Trump reinstated and increased tariffs in 2025, including a 34% levy on Chinese goods, partly due to concerns over fentanyl.
The trade war has affected both Chinese and US businesses, disrupting supply chains and impacting farmers in the US.
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North Lincolnshire Council will give £300 to households that use heating oil to help with rising energy costs. This support is because heating oil prices are not controlled like gas and electricity prices, and many people are facing higher bills.
Key Facts
The council is providing £300 to eligible households that rely on heating oil.
Heating oil prices are not capped by the regulator Ofgem, unlike gas and electricity.
The support is meant to help with sharp price increases caused partly by the Iran war.
The government announced about £50 million to help households struggling with heating oil costs.
North Lincolnshire Council aims to be generous with the funding due to pressure on rural households.
Eligible households who registered interest are being contacted by the council.
Payments will be sent directly to bank accounts.
This support focuses on helping older people and those on fixed incomes who face greater difficulty with cost rises.
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Pop singer Dua Lipa is suing Samsung for $15 million because the company used her photo on TV boxes without her permission. The lawsuit says Samsung took a picture of her from a 2024 concert and put it on packaging to help sell TVs, which Lipa claims is illegal.
Key Facts
Dua Lipa filed a $15 million lawsuit against Samsung in a U.S. court in California.
Samsung used a photo of Dua Lipa on the packaging of some TVs sold in the United States.
The photo was taken during Dua Lipa’s performance at the 2024 Austin City Limits Festival.
Lipa owns the copyright to the photo, meaning she controls how it is used.
The lawsuit accuses Samsung of copyright and trademark infringement and misusing her image.
Dua Lipa says Samsung ignored repeated requests to stop using her photo on TV boxes.
Fans noticed the photo and discussed it on social media, helping bring attention to the issue.
Dua Lipa has partnerships with several major brands like Puma and Versace, showing her image is valuable for advertising.
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Oil prices rose sharply after President Donald Trump rejected Iran’s response to U.S. efforts to end the war. Iran asked for an immediate stop to the conflict and promises that the U.S. and Israel would not attack Iran again, but President Trump called their reply “totally unacceptable.”
Key Facts
Oil prices increased by about 3% in early trading in Asia: Brent crude reached $104.50 per barrel, and U.S. crude hit $98.40.
Iran sent its response to the U.S. through Pakistan, which is acting as a mediator.
Iran wants an immediate end to the war and guarantees that the U.S. and Israel will not attack Iran again.
The U.S. demands include reopening the Strait of Hormuz for free passage and stopping Iran’s nuclear enrichment activities.
The Strait of Hormuz, a key route for global oil shipments, has been shut since the war began on February 28.
President Trump publicly said he found Iran’s reply “totally unacceptable.”
Israeli Prime Minister Benjamin Netanyahu said the war will continue until Iran’s stockpiles of enriched uranium are removed.
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A couple lost around £1,000 after their flight home from Sri Lanka was cancelled due to the conflict near Iran. Their travel insurance did not cover losses related to war, highlighting the need to carefully check insurance policies before booking holidays.
Key Facts
Debbie and Ardon Rainbird were stuck two extra weeks in Sri Lanka after their flight through Doha was cancelled because of the Iran conflict.
Their annual travel insurance did not cover war-related disruptions, causing them to lose about £1,000.
Their tour operator covered some extra hotel costs, but the couple moved to a budget hotel afterward.
Adding optional coverage for war-related issues could have covered their extra costs.
Many travel insurance policies exclude coverage for travel to areas under Foreign Office war or travel warnings.
Airlines must provide alternative flights or refunds for operational flight cancellations like jet fuel shortages.
Travelers should inform insurers if they change destinations and may face extra charges.
Buying insurance as soon as a trip is booked helps ensure coverage for cancellations or disruptions.
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A study involving 33 countries found that working longer hours is linked to higher obesity rates. Experts suggest that reducing work hours, such as adopting a four-day workweek, could help people have more time for exercise and healthy eating, potentially lowering obesity.
Key Facts
The study compared work hours and obesity rates in 33 countries from 1990 to 2022.
Countries with longer annual work hours, like the US and Mexico, had higher obesity levels.
Reducing annual work hours by 1% corresponded with a 0.16% drop in obesity rates.
Stress from long work hours can raise cortisol, a hormone that increases fat storage.
About 200 companies and some local governments in the UK have started four-day workweeks.
Over 200,000 UK workers moved to a four-day week after the Covid-19 pandemic.
Experts say more free time helps people eat better, exercise more, and sleep better.
The UK government does not plan to require a four-day workweek but supports flexible working.
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Australia's upcoming budget will include $500 million to speed up environmental approval processes for priority projects. One Nation won its first federal lower house seat in Farrer, but its leader Barnaby Joyce said the party will not join the Coalition government. The Australian government is also arranging to bring home citizens exposed to hantavirus on a cruise ship.
Key Facts
Australia will invest $500 million to make environmental approvals faster.
One Nation won a seat in the federal lower house in the Farrer by-election.
Barnaby Joyce, leader of One Nation, said the party will offer support on policies but will not join the Coalition government.
One Nation plans to influence policy without taking ministry positions or salaries.
David Farley, the new One Nation MP for Farrer, says his win was a vote for a better future, not a protest.
Farley supports continuing skilled migration programs for the region.
The government is chartering a flight to bring back Australians exposed to hantavirus on the MV Hondius cruise ship.
The returning passengers will be quarantined upon arrival as per state health regulations.
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Tradespeople in Wales are facing challenges because more customers are late paying or ask for lower prices due to the rising cost of living. Many businesses now spend a lot of time chasing debts, setting up payment plans, and sometimes taking customers to court to get paid.
Key Facts
Over half of tradespeople report more late payments compared to a year ago.
About 68% are chasing late payments, with 23% managing four or more unpaid bills at once.
The average amount tradespeople write off from unpaid invoices is about £1,646.
Rising costs like food, energy, rent, and mortgages are making it harder for customers to pay.
Some tradespeople have started asking for proof of funds or half payment upfront before starting work.
A tree surgery company keeps fixed prices but faces frequent customer requests for cheaper rates.
Tradespeople are trying new payment options like paying by the hour to help customers manage costs.
The situation is described as difficult for both customers and tradespeople, who also have fixed business costs like vans and equipment.
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“The Devil Wears Prada 2” earned $43 million in its second weekend in North America, beating “Mortal Kombat II,” which earned $40 million in its first weekend. The movie has made $433.2 million worldwide in 12 days and helped Disney pass $2 billion in global box office revenue this year.
Key Facts
“The Devil Wears Prada 2” made $43 million in its second weekend in North America.
“Mortal Kombat II” earned $40 million in its first weekend in North America.
“The Devil Wears Prada 2” has grossed $433.2 million worldwide in 12 days.
The new movie surpassed the total global earnings of the first “Devil Wears Prada” film from 2006 ($327 million).
Disney’s total global box office revenue for the year recently exceeded $2 billion.
“Mortal Kombat II” played in 3,503 theaters with 75% of ticket buyers being men.
“The Devil Wears Prada 2” had almost the opposite gender audience compared to “Mortal Kombat II.”
The Michael Jackson biopic “Michael” earned $36.5 million and has made $240.5 million in North America so far.
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The UK government is expected to announce the full nationalisation of British Steel in the King’s speech. This follows the government taking control of the company last year to prevent its closure and protect UK steelmaking jobs.
Key Facts
British Steel employs 3,500 people at its plant in Scunthorpe.
The government took over daily running of British Steel in April 2023 from its Chinese owner, Jingye.
Jingye bought British Steel out of insolvency in early 2020 but planned to shut down blast furnaces by April 2025.
Blast furnaces allow steel to be made from raw materials, and closing them would end UK primary steel production.
Government costs to keep the plant running were £377 million by January 2024, potentially rising to £1.5 billion by 2028.
Investors, including Miami-based Michael Flacks, have shown interest in buying the company.
Another UK steel company suggested merging British Steel with Speciality Steel UK to create a larger steelmaker.
The government is still negotiating with Jingye and has not made a final decision.
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A nationwide recall of chocolate bars has been expanded due to concerns about possible contamination. More chocolate products have been included to protect consumers from any health risks.
Key Facts
The recall affects chocolate bars sold across the country.
Additional chocolate bars have been added to the recall list.
The recall is due to possible contamination in the products.
The goal is to prevent consumers from eating potentially unsafe chocolate.
The recall is organized by food safety authorities.
Consumers are advised to check and avoid the recalled chocolate bars.
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Buc-ee’s, a popular travel center known for its snacks like Beaver Nuggets, is planning to open new locations in additional states. The company is expanding beyond its current areas to serve more travelers.
Key Facts
Buc-ee’s is a well-known travel center with a strong fan base.
The company is known for its snack called Beaver Nuggets.
It currently operates in a limited number of states.
Plans are underway to open new Buc-ee’s locations in other states.
The expansion aims to reach more travelers on the road.
Specific states and opening dates were not detailed in the article excerpt.
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Mike Ashley, founder of Sports Direct, admitted he arranged secret video footage that caused Peter Cowgill, former chair of JD Sports, to be removed. The footage showed Cowgill in a restricted meeting during a company takeover, leading to a regulatory investigation, fines, and Cowgill’s ousting.
Key Facts
Mike Ashley is the founder of Sports Direct and owns 73% of its parent company, Frasers Group.
In 2021, Peter Cowgill, JD Sports chair, was secretly filmed in a car with Barry Bown, Footasylum's boss.
JD Sports and Footasylum were in talks about a takeover and were not allowed to share sensitive information.
The secret video led to a regulatory investigation and fines totaling almost £5 million.
Peter Cowgill lost his position as JD Sports chair after the investigation.
Ashley admitted he arranged the video filming and wanted to remove Cowgill.
Ashley said he believed Cowgill knew the risks of the meeting but attended anyway.
JD Sports and Footasylum chose not to comment on the situation.
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The federal government is refunding tariffs that President Trump had imposed on imports, and businesses that paid these fees can claim money back. The refund process is working but requires working with the original customs broker who handled the tariff payments, and businesses should be prepared for some waiting time and costs.
Key Facts
About 330,000 importers paid over $166 billion in tariffs set by President Trump under a law called IEEPA.
Tariff refunds started being processed in late April through a government-run electronic system.
To get a refund, businesses must use the original customs broker who filed the tariff paperwork.
Importers cannot easily switch brokers for the refund process, but can work with other brokers for advice.
The refund process focuses on shipments finalized in the last 80 days, with some exceptions.
It usually takes 60 to 90 days to receive the refund after filing.
Some businesses may face fees for refund services and must consider that the refunded amount is taxable income.
Shipping companies like FedEx, UPS, and DHL have vowed to pass the tariff refunds back to their customers.
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The conflict involving Iran has caused major concerns about fuel shortages and global supply chain problems. While some regions have taken steps like energy rationing, many companies and markets have not yet shown strong reactions, relying on existing stockpiles to avoid crisis. Experts warn that if the situation continues, materials and fuel shortages could soon disrupt manufacturing and trade worldwide.
Key Facts
Iran's actions in the Strait of Hormuz since February have reduced shipping flows and raised fears of a global energy shock.
Some Asian countries are urging energy conservation or using rationing to deal with high fossil fuel prices.
European responses have been less strong, with higher fuel prices affecting consumers but supply chains still stable.
Stockpiles of oil and materials have so far helped prevent immediate major supply problems.
Lucid Motors reported disruptions to critical materials for its electric vehicle production due to the conflict.
Some carmakers see only minor impacts and expect solutions soon, while others warn of complacency and longer-term risks.
Companies are better prepared than during past crises but often lack full visibility of their supply chains at deeper supplier levels.
Analysts say current stockpiles act as a temporary buffer, but eventual shortages remain likely if the conflict continues.
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CBS News Radio, a major source of news for nearly 100 years, will stop broadcasting later this month. The company says changes in how people get news and financial challenges led to the decision.
Key Facts
CBS News Radio began in 1927 and has been a key news source for almost a century.
The network is ending after 99 years of continuous broadcasting.
CBS leaders cite that more people now get news from social media as a reason for closing the radio network.
Economic difficulties also contributed to CBS News Radio’s shutdown.
The "CBS World News Roundup" is the longest-running news program in America, starting with a live broadcast in 1938.
Edward R. Murrow was an influential CBS reporter known for live coverage from Europe before and during World War II.
The radio network brought important historical events to listeners, like World War II updates and the 9/11 attacks.
The shift away from radio reflects broader changes in how audiences consume news.
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