NEW YORK — World oil prices tumbled sharply Wednesday, with benchmark crude falling more than 10% in early trading as markets bet on a potential diplomatic breakthrough between the United States and Iran that could end weeks of conflict and restore flows through the critical Strait of Hormuz.

West Texas Intermediate crude for June delivery dropped below $93 per barrel at one point, trading around $92-$96 in morning action on the New York Mercantile Exchange. Brent crude, the global benchmark, fell below $100 to trade near $98-$103. The declines extended heavy losses from Tuesday and marked one of the biggest single-day drops in recent months.

The sell-off accelerated after reports that Iran is reviewing a concise U.S. one-page ceasefire proposal mediated by Pakistan, with President Donald Trump signaling progress while warning of stronger military action if no deal materializes. Trump also paused elements of “Project Freedom,” the U.S. naval escort operation in the strait.

Geopolitical Relief Drives Market Reversal

Oil had surged dramatically earlier in 2026 amid escalating U.S.-Iran tensions, with Brent briefly topping $118 per barrel in March and April as shipping disruptions and production shut-ins gripped the region. The Strait of Hormuz, through which about 20% of global oil passes, saw reduced traffic, forcing rerouting and higher insurance costs.

Analysts said the latest price plunge reflects trader optimism that a framework agreement could quickly normalize tanker traffic and ease supply fears. However, caution remains high given the history of fragile talks in the region. “Markets are pricing in de-escalation, but any setback could send prices rebounding fast,” one commodities trader noted.

Saudi Arabia adjusted June official selling prices downward but less aggressively than some expected, signaling lingering concerns over Hormuz risks even as diplomacy advances. Other OPEC+ members have also navigated production challenges amid the conflict.

Supply, Demand and Economic Ripple Effects

The price volatility has wide-reaching implications. Higher energy costs earlier in the year fueled inflation worries and slowed economic activity in import-dependent nations. A sustained drop could provide relief to consumers at the pump and help central banks manage interest rate policies.

U.S. gasoline prices, which climbed in recent weeks, may begin easing if the ceasefire holds. Airlines and shipping companies, burdened by elevated fuel surcharges, stand to benefit from lower crude costs. Yet analysts warn against premature celebration, as full normalization of Middle East oil flows could take weeks or months.

Global inventories have been drawn down amid disruptions, but U.S. Strategic Petroleum Reserve releases and strong domestic production provided some buffer. EIA forecasts project Brent averaging around $115 in Q2 2026 before easing later in the year, though those numbers are highly sensitive to conflict duration.

Market Reaction and Technical Outlook

Futures markets showed extreme volatility, with intraday swings exceeding $10 per barrel at times. Energy stocks tumbled alongside crude, while broader equity markets gained on reduced inflation fears. The U.S. dollar weakened modestly as risk sentiment improved.

Technically, WTI broke key support levels, opening the door for further downside toward the $80s if diplomacy succeeds. Conversely, failure of talks could propel prices back above $110 rapidly. Options markets reflected heightened uncertainty, with implied volatility spiking on geopolitical headlines.

Broader Context in 2026 Energy Landscape

This year’s oil drama underscores the commodity’s sensitivity to geopolitics. The U.S.-Iran flare-up compounded existing pressures from OPEC+ production quotas, Russian supply dynamics and surging demand in Asia. Renewable energy transitions continue in the background, but oil remains central to global transport and industry.

Longer-term forecasts vary widely. Some analysts see prices settling in the $70-$90 range by 2027 as new supply comes online and demand growth moderates. Others warn of structural risks, including underinvestment in traditional fields and potential renewed conflicts.

For now, traders are glued to diplomatic updates. Pakistani mediators continue shuttling proposals, with Iran expected to respond soon on the U.S. framework. Key sticking points include sanctions relief, nuclear verification and security guarantees for shipping lanes.

What to Watch Next

• Ceasefire Developments: Any confirmation of a signed one-page memo could trigger another leg lower in prices.
• OPEC+ Response: Producers may adjust output to stabilize markets.
• Inventory Data: Upcoming EIA and API reports will reveal the true extent of recent disruptions.
• Demand Indicators: China’s economic data and global manufacturing PMI readings will influence the demand side.

As of midday Wednesday, May 7, 2026, the oil market remains in flux. Prices that climbed over 80% year-to-date have given back significant ground in just days, highlighting the thin line between geopolitical premium and relief rally. Whether this drop marks the beginning of normalization or a temporary pause depends on negotiators in coming hours.

Consumers, businesses and governments worldwide will feel the effects. For an industry long accustomed to boom-and-bust cycles, today’s plunge serves as another reminder of oil’s enduring volatility in an uncertain world.

SYDNEY — Australia is grappling with its most severe fuel crisis in decades as disruptions from the U.S.-Iran conflict continue to throttle oil supplies through the Strait of Hormuz, driving up prices, emptying service stations and threatening supply chains for food, transport and farming.

As of early May 2026, national average unleaded petrol prices hover around $1.90 to $2.20 per litre after recent relief, while diesel remains elevated near $2.70 to $3.00 per litre in many areas — still well above pre-crisis levels of around $1.60-$1.80 for petrol and $1.80 for diesel. Hundreds of service stations have reported running dry on diesel or unleaded at various points, sparking panic buying in March and April.

The crisis erupted in late February when escalating hostilities disrupted roughly 20% of global oil shipments through the narrow Strait of Hormuz. Australia, which imports about 90% of its liquid fuel needs, found itself exposed after years of declining domestic refining capacity and reliance on Asian imports.

Government Response and Temporary Relief

The Albanese government has taken aggressive steps to stabilize supplies. Fuel excise was halved by 26.3 cents per litre from April 1, providing immediate relief at the bowser but set to expire at the end of June unless extended. The government has underwritten shipments, secured dozens of tankers carrying billions of litres through May and beyond, and relaxed fuel quality standards.

Energy Minister Chris Bowen reported in early April that 53 to 57 ships carrying over 4 billion litres were en route or secured, with additional cargoes from South Korea, Brunei, Malaysia, the U.S. and other sources. National Cabinet meetings have coordinated responses, including tapping reserves and diplomatic pushes in Asia.

Prime Minister Anthony Albanese has warned of “real uncertainty,” stating the worst of the crisis may still lie ahead despite some easing in petrol prices. He has not committed to extending the excise cut in the upcoming federal budget.

Impact on Daily Life and Economy

The crisis has hit hardest in regional and rural areas, where diesel powers trucks, farms and mines. The National Farmers’ Federation has warned of potential food price increases up to 50% as transport and fertiliser costs soar. Truck drivers face margin squeezes, with calls to extend zero road user charges for heavy vehicles.

Inflation jumped to 4.6% in March, driven largely by fuel, raising fears of further Reserve Bank interest rate hikes and even recession risks if shortages persist. Households are feeling the pinch at grocery stores and petrol pumps, while businesses pass on higher logistics costs.

Panic buying in March led to empty pumps at more than 500 stations nationwide at peak times. While numbers have improved, distribution bottlenecks remain. Airlines and mining operations have also faced jet fuel and diesel pressures.

Long-Term Vulnerabilities Exposed

Experts say the crisis highlights decades of underinvestment in fuel security. Australia once had eight refineries producing nearly all its needs; now only two remain, and domestic oil production is at historic lows. Reliance on just-in-time imports from Asia left the nation vulnerable when Hormuz shipments slowed.

Defence and energy analysts have long warned of this exposure. The International Energy Agency has engaged with Canberra, coordinating global stockpile releases, but Australia’s stockpiles — around 30-39 days for key fuels — provide limited buffer.

Opposition figures and commentators have criticized the government for inadequate preparation, while calls grow for strategic reserves, more domestic refining and diversified sources. Some have even suggested exploring alternative suppliers, though geopolitics complicates options.

Signs of Easing and Lingering Risks

Recent weeks have brought cautious optimism. Petrol prices in major cities have fallen toward pre-war levels in some spots thanks to the excise cut and arriving shipments. However, diesel prices remain stubbornly high, and analysts predict renewed spikes if Hormuz tensions flare or new shipments delay.

Regional oil benchmarks like Tapis crude have hit wartime highs near $125 per barrel. Global competition for Asian refinery output has intensified, with Singapore and others prioritizing their own needs.

The government continues bilateral talks with trading partners and monitors the fragile ceasefire in the Middle East. Any breakdown could rapidly worsen shortages.

Broader Implications for Australia

The fuel crisis has exposed deeper economic vulnerabilities in a nation heavily dependent on imports for energy security. It threatens cost-of-living pressures already straining households and could slow post-pandemic recovery. Farmers, truckers and logistics firms are particularly vocal about the need for longer-term policy shifts.

As the May 2026 budget approaches, pressure mounts on Treasurer Jim Chalmers to address fuel relief, inflation and energy resilience. Environmental advocates see an opportunity to accelerate renewables and reduce oil dependence, while industry groups push for investment in refining and storage.

For ordinary Australians, the crisis means higher grocery bills, more expensive road trips and uncertainty at the pump. Many have adjusted by carpooling, using public transport or cutting non-essential travel. Yet the underlying fragility remains: without sustained global stability or major domestic reforms, similar shocks could recur.

As shipments continue arriving and diplomats work behind the scenes, Australians are watching closely. The coming weeks will determine whether current relief holds or if tighter supplies and higher prices return, testing the government’s crisis management and the nation’s energy resilience in an increasingly volatile world.

Soccer fans can now represent their countries in the ultimate style.

With the World Cup quickly approaching, global hat retailer Lids is tapping into the energy, identity and global passion surrounding the world’s biggest sporting event, blending culture, fashion and sports.

New York Giants quarterback Jameis Winston helped Lids kick off its “Wear Many Caps” campaign, which celebrates the multicultural spirit of the World Cup, honoring the heritage, pride and personal style that set fans apart, while also spotlighting the shared love of the game that brings people together.

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Jameis Winston partnered with Lids for its new World Cup campaign. (Lids / Fox News)

“I couldn’t have dreamed that I would be collaborating with a brand like Lids for one of the most iconic sporting events ever. I’m very grateful for it,” Winston told FOX Business in an exclusive interview. 

“And my history of being a baseball player — wearing a cap and how much a cap has meant to me and know that I get to promote and encourage and invite others to join together and and put on their cap to support their country for something that is bigger than I can even have dreamed of — man, it’s pretty cool.”

With a wide assortment of World Cup gear, including host city T-shirts, national jerseys and, of course, hats, Lids is positioning itself as the go-to destination for fans to rep their country, their city and their soccer fandom all in one place.

Team caps used to be strictly for baseball, but as fashion has evolved, this year’s World Cup caps are part of the ongoing evolution of fandom and style.

An exterior view of MetLife Stadium July 22, 2023, in East Rutherford, N.J. (Matthew Ashton/AMA/Getty Images / Getty Images)

PATRICK MAHOMES SO OBSESSIVE ABOUT KNEE REHAB HE TAKES A TRAINER WITH HIM WHEN HE LEAVES TOWN

“Growing up in the South, there are so many different ways to wear a hat. It’s like a thousand ways to skin a cat,” Winston recalled of his past. “You know, people used to wear hats sideways, backwards, barely on top of their head, barely can see their eyes, you know. So, it’s a lot of different ways to swag it.

“But I couldn’t imagine anything more monumental than repping your country,” he continued. “I just think how proud I was of, like, my kids. They’re in baseball right now, and when they got their hats for their uniform, they were like, ‘Oh, that’s so cool.’ 

“One of my kids has an afro. The other one, you know, he got a haircut, but even the uniqueness of the way that you wear a hat and the uniqueness of each and every individual country, man, for Lids to give people, invite people to have pride and have a sense of integrity in what they’re representing is amazing.

“And I know that when we are able to come together and do something that we all love, we all love representing. But it gives us that nostalgic feeling. For me, it’s putting on that baseball cap of representing what I love. Man, it’s pretty cool.”

The FIFA World Cup Winner’s Trophy at a FIFA World Cup 2026 match schedule announcement Feb. 4, 2024, in Miami, Fla. (Eva Marie Uzcategui/FIFA/FIFA via Getty Images / Getty Images)

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And best believe the quarterback will use his Giants pull to try to get out to MetLife Stadium this summer.

“I got to go and represent, man,” Winston added.

Operator

Good day. My name is Chloe, and I will be your conference facilitator. I would like to welcome everyone to Aeva Technologies First Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, today’s conference call is being recorded and simultaneously webcast.

I would now like to turn the call over to Andrew Fung, Senior Director of Investor Relations and Corporate Development. Andrew, please go ahead.

Andrew Fung
Senior Director of Investor Relations & Corporate Development

Thank you, and welcome, everyone, to Aeva’s first quarter 2026 earnings conference call.

Joining on the call today are Soroush Salehian, Aeva’s Co-Founder and CEO; and Saurabh Sinha, Aeva’s CFO.

Ahead of this call, we issued our first quarter 2026 press release and presentation, which we will refer to today and can be found on our Investor Relations website at investors.aeva.com. Please note that on this call, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today and should not be relied upon as representative of our views as of any subsequent date.

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a further discussion of the material risks and other important factors that could affect

The way homeowners approach their outdoor living areas has undergone a dramatic transformation in recent years.

What were once simple backyards with basic patios have evolved into sophisticated extensions of indoor living spaces, complete with climate control, entertainment systems, and designer furnishings. This shift reflects a broader cultural movement toward maximizing usable square footage and creating versatile environments that blur the lines between inside and outside.

The Rise of Outdoor Rooms

Contemporary outdoor design increasingly focuses on creating distinct “rooms” rather than generic patio spaces. Homeowners are dividing their yards into functional zones—outdoor kitchens, dining areas, lounge spaces, and even dedicated work-from-home pods. According to the American Society of Landscape Architects, outdoor living spaces ranked as the number one requested design feature for the fifth consecutive year in their residential landscape architecture survey, with 88% of designers reporting client demand for these areas.

This trend toward compartmentalization allows families to use their outdoor spaces more intentionally throughout the day. A covered breakfast nook might transition to a shaded workspace by afternoon, then serve as an evening cocktail area. The key is creating architectural definition through pergolas, partial walls, outdoor curtains, or strategic plantings that establish boundaries without completely closing off spaces.

Climate Control Solutions Expand Outdoor Season

One of the most significant developments in outdoor living involves extending the usable season through sophisticated climate control. While fire pits and patio heaters have been popular for years, homeowners are now investing in more permanent heating and cooling solutions. Outdoor fireplaces, heated floors, and misting systems allow comfortable use of patios even during temperature extremes.

Interestingly, cooling solutions are gaining particular traction. In regions with hot summers, homeowners are installing ceiling fans specifically designed for outdoor use in covered areas. Some are even adding climate control to transitional spaces like three-season rooms or converted garages, where installing a garage ceiling fan can make the space comfortable year-round for hobbies, exercise, or entertaining.

Sustainable and Native Landscaping

Environmental consciousness has fundamentally reshaped outdoor design philosophy. Rather than water-intensive lawns requiring constant maintenance, homeowners are embracing native plant species that thrive naturally in their local climate. The National Wildlife Federation reports that native plant landscaping has increased by 35% over the past three years, driven by both environmental concerns and the desire for lower-maintenance yards.

This approach creates ecosystems that support local pollinators, birds, and beneficial insects while requiring less water, fertilizer, and pesticide. Xeriscaping—landscaping designed to minimize water use—has moved beyond desert regions into mainstream design across the country. Rain gardens that capture and filter stormwater runoff serve both ecological and aesthetic purposes, creating focal points while managing water sustainably.

Outdoor Kitchens Become Culinary Command Centers

The outdoor kitchen has evolved far beyond a simple grill station. Today’s outdoor cooking spaces rival indoor kitchens in functionality and sophistication. The Hearth, Patio & Barbecue Association found that outdoor kitchen sales increased by 40% between 2020 and 2023, with average project costs exceeding fifteen thousand dollars for high-end installations.

These spaces now commonly include built-in refrigeration, pizza ovens, smokers, warming drawers, and ample prep surfaces with weatherproof cabinetry. Some homeowners are installing outdoor dishwashers and even wine refrigerators. The emphasis is on creating self-sufficient cooking environments that eliminate the need to shuttle back and forth to the indoor kitchen during meal preparation and entertaining.

Biophilic Design Principles

Biophilic design—the concept of increasing human connectivity to nature within built environments—has become a guiding principle in outdoor space planning. This approach goes beyond simply adding plants to incorporate natural materials, water features, and designs that encourage interaction with the natural world.

Living walls covered in vertical gardens bring nature to eye level and can serve as privacy screens or artistic focal points. Natural stone pathways, wooden pergolas, and furniture made from sustainable materials reinforce the connection to organic elements. Water features ranging from simple fountains to elaborate ponds with natural filtration systems provide both visual interest and soothing ambient sound.

Multi-Functional Furniture and Storage

Space efficiency drives the popularity of convertible outdoor furniture. Coffee tables that lift to dining height, benches with hidden storage compartments, and modular seating that reconfigures for different gatherings maximize flexibility in outdoor rooms. Weather-resistant storage solutions disguised as decorative elements keep cushions, toys, and entertaining supplies accessible yet protected.

This trend particularly benefits homeowners with smaller yards who need every element to earn its place. A storage ottoman might hold gardening tools while providing extra seating during parties. A dining table could fold down when not in use, freeing up space for children’s play or yoga practice.

Technology Integration

Smart home technology has seamlessly extended outdoors, with app-controlled lighting, irrigation systems, and even outdoor speakers becoming standard features. Weatherproof televisions and projection systems turn patios into open-air theaters, while Wi-Fi extenders ensure connectivity throughout the property.

These technological additions transform outdoor spaces into venues equally suited for productive work, active entertainment, or peaceful relaxation—all controlled from smartphones with the same ease as indoor environments.

More than 80 facilities have been hit since the US and Israel launched strikes on Iran on 28 February, with over a third severely damaged, according to the International Energy Agency. Along with Qatar, damage has also been reported in Bahrain, Kuwait, Saudi Arabia and the United Arab Emirates.

TUCSON, Ariz. — Nearly 95 days after 84-year-old Nancy Guthrie vanished from her Catalina Foothills home in a suspected abduction, investigators remain locked in a complex case with few public breakthroughs, while criminal experts float a disturbing new theory: the masked “Porch Guy” captured on her doorbell camera may himself have been killed to silence him.

Pima County Sheriff’s Office and the FBI continue to describe the investigation as active and ongoing, with DNA analysis, surveillance review and public tips still driving the probe. No suspect has been publicly named, and Nancy Guthrie’s whereabouts remain unknown despite a $1 million family reward and extensive searches.

Guthrie, mother of NBC’s “Today” co-anchor Savannah Guthrie, was last seen Jan. 31, 2026. She was reported missing Feb. 1 after family members could not reach her. Authorities found blood on the front porch, a back door propped open and chilling footage of an armed, masked individual tampering with her doorbell camera around 2 a.m. Her pacemaker lost connection shortly afterward.

Disturbing New Theory From Experts

In a NewsNation special hosted by senior correspondent Brian Entin, forensic and profiling experts raised the possibility that the suspect seen on camera — often dubbed “Porch Guy” — may no longer be alive. Dr. Ann Burgess, a pioneering criminal profiler who worked with the FBI’s Behavioral Analysis Unit, suggested the operation appeared professional yet contained amateur elements consistent with a hired operative later eliminated by a “boss” to cover tracks.

“The person we see at the front door could be dead … killed by someone else … killed by the boss,” Entin summarized during the expert roundtable. Burgess noted the planning involved but pointed to the lack of further communication or demands as unusual for a standard ransom kidnapping.

Other experts, including criminal psychologist Dr. Gary Brucato, have speculated about multiple perpetrators working under a lead organizer. The theory aligns with earlier neighbor accounts suggesting at least two or three people may have been involved, possibly using the front-door distraction while accessing the property another way.

Investigation Updates and Challenges

As the case passed the three-month mark on May 1, the Pima County Sheriff’s Office reiterated its commitment. “This is an active and ongoing investigation, and we continue to work closely with our partners at the FBI,” a spokesperson said. DNA evidence recovered from the scene, including hairs and other items, has been sent for advanced FBI laboratory analysis.

FBI Director Kash Patel recently commented on early handling of the case, noting the bureau was reportedly kept out for several days, which delayed advanced forensic work. Local officials have pushed back, saying cooperation improved quickly. Brian Entin reported that coordination between agencies has since strengthened.

Ransom-style notes have surfaced, with Savannah Guthrie publicly stating in March she believes at least some were genuine. However, no verified proof of life has emerged, leading some experts to question whether the notes were opportunistic or part of the original plan.

Recent surveillance footage from a nearby home showing a masked individual stealing plants has circulated but authorities say it is not believed connected to the abduction.

Family’s Ongoing Agony

Savannah Guthrie returned to “Today” in early April, describing the emotional toll while expressing gratitude for public support. The family has cooperated fully and been cleared as suspects. They continue to urge anyone with information to come forward.

The $1 million reward remains active. Tips have poured in, but sifting through them has proven challenging amid false leads and conspiracy theories that have added to the family’s pain.

Possible Motives Under Scrutiny

Profilers have explored several angles: financial gain, retribution possibly linked to Savannah Guthrie’s public profile, or a targeted operation involving someone with indirect familiarity. Dr. Burgess and others have noted the case’s unique elements, describing it as a “type of case that we’ve never seen before.”

Speculation has included possible links to Mexico, though unverified. Nancy Guthrie’s age, pacemaker and need for medication raise urgent concerns about her survival if still alive.

Community and National Attention

The affluent Catalina Foothills neighborhood remains on edge. Residents have installed additional security and shared footage. The case has drawn national fascination, with true crime enthusiasts and media outlets dissecting every detail.

As the search nears 100 days, experts warn that time works against resolution in abduction cases. Yet authorities stress that cold cases can break with a single tip or forensic match. Advanced DNA techniques offer hope even months later.

Public appeals continue for any video, sightings or information from late January and early February in the Tucson area. The FBI and sheriff’s office maintain dedicated tip lines.

The disappearance of Nancy Guthrie has become one of 2026’s most haunting mysteries — a case blending high-profile family ties, sophisticated surveillance evidence and deepening questions about what really happened that night. While theories multiply, the central plea remains unchanged: bring Nancy home.