Business
Brent crude tops $100/bbl as Iran attacks on shipping worsen supply concerns
Oil prices shot more than 9% higher as supply concerns worsened with Iranian attacks on commercial shipping around the Strait of Hormuz.
U.S. benchmark crude oil jumped to about $95 a barrel.
The latest attacks marked an escalation in Iran’s campaign aimed at generating enough global economic pain to pressure the United States and Israel to end the war that started 12 days ago. But there were no signs that the conflict was subsiding.
Iran has targeted oil fields and refineries in Gulf Arab nations and effectively stopped cargo traffic through the narrow Strait of Hormuz, through which a fifth of all traded oil passes.
In response, the International Energy Agency agreed Wednesday to release 400 million barrels of oil, the largest volume of emergency oil reserves in its history, in a bid to counter the war’s effects on energy markets. The U.S. planned to release 172 million barrels of oil next week from its Strategic Petroleum Reserve to combat steep prices.
Also Read | Explained: Why crude prices rose 9% despite IEA announcing largest release since 1970s
The IEA’s announcement came a day after energy ministers from the Group of Seven — the leading industrialized nations of Canada, the United States, France, Italy, Japan, Germany and Britain — met in Paris to look at ways to bring down prices.
But the continued strife and uncertainty have fueled speculation prices could push still higher.
Markets in Asia fell back, with Tokyo’s Nikkei 225 losing 1.5% to 54,177.15. In South Korea, the Kospi lost 1% to 5,552.01, while Hong Kong’s Hang Seng gave up 1.2% to 25,577.71.
The Shanghai Composite index shed 0.5% to 4,110.20 and in Australia, the S&P/ASX 200 dropped 1.6% to 8,601.70.
U.S. futures lost more than 1% and the dollar climbed to 159 Japanese yen while the euro fell to $1.1538.
On Wednesday, U.S. stocks were little changed as the S&P 500 edged 0.1% lower, to 6,775.80, for a second day of modest moves following a wild stretch caused by the war with Iran. The Dow Jones Industrial Average dropped 0.6% to 47,417.27, and the Nasdaq composite rose 0.1% to 22,716.13.
Since the start of the war, sharp moves for oil prices have triggered swings up and down for financial markets worldwide, sometimes by the hour. Oil prices briefly spiked to their highest levels since 2022 this week because of the possibility that production in the Middle East could be blocked for a long time, which in turn raised worries about a surge of debilitating inflation for the global economy.
A report released Wednesday showed U.S. consumers paid prices for groceries, gasoline and other costs of living that were 2.4% higher in February than a year earlier.
That’s the same level as the month before and better than the 2.5% that economists expected, but it remains above the Federal Reserve’s 2% target and doesn’t include the spike in gasoline prices this month due to the war.
High inflation combined with a stagnating economy would create a worst-case scenario called “stagflation” that the Federal Reserve has no good tools to fix. Stagflation fears are rising not just because of higher oil prices but also because of weakness in hiring by U.S. employers.
Because of the spike for oil prices, traders have pushed back forecasts for when the Fed could resume its cuts to interest rates. President Donald Trump has been angrily calling for such cuts, which would give the economy and job market a boost but also potentially worsen inflation.
Business
Jake Paul Faces Extended Hiatus After Double Jaw Surgery; Eyes MMA Transition and Political Future
LOS ANGELES, Calif. — Controversial social media personality and professional boxer Jake Paul is facing an unexpected, extended recovery period following a severe double-broken jaw sustained during his knockout loss to Anthony Joshua in December 2025. The injury has necessitated multiple surgeries, delaying his return to the boxing ring until at least late 2026, and casting a spotlight on his potential pivot towards mixed martial arts (MMA) and even a nascent political career endorsed by former President Donald Trump.

Paul, 29, underwent a second jaw surgery recently after the initial titanium plates and screws began to loosen, a complication that has prolonged his rehabilitation. Doctors have advised a recovery period of four to six months before he can even resume sparring, pushing any potential fight dates to late this year or early next year. This latest setback follows a brutal sixth-round knockout by Anthony Joshua in Miami, where Paul’s jaw was shattered in two places, an event that marked his first professional knockout loss.
Despite the physical toll, Paul remains a prominent figure in combat sports, actively engaging in verbal sparring and promotional efforts. He recently traded heated words with former UFC heavyweight champion Francis Ngannou at a press conference for the Ronda Rousey vs. Gina Carano MMA event, set for May 16 on Netflix. Paul challenged Ngannou, accusing him of “running like a duck” from a potential fight before Paul’s bout with Joshua, and asserted that he lasted longer against Joshua than Ngannou did. Ngannou, in turn, expressed a newfound desire to fight Paul, stating, “I want to kick your a*** now”.
Paul’s promotional company, Most Valuable Promotions (MVP), is also making significant moves in the MMA world. MVP and Netflix announced that Francis Ngannou will face Philipe Lins in an MMA bout on the May 16 card. Paul has openly expressed his ambition to transition to MMA, citing his wrestling background and his interest in challenging veteran UFC fighter Nate Diaz, whom he called “the perfect fight for me in MMA”. He has even made public overtures to UFC champion Jon Jones, offering to sign him to MVP if he were released from his UFC contract, promising “to get you paid what you deserve”.
Beyond combat sports, Paul has also ventured into the political arena. On March 11, Paul attended a rally for former President Donald Trump in Hebron, Kentucky, where Trump offered Paul his “complete and total endorsement” should Paul decide to run for political office. Paul, who grew up in Ohio, praised Trump’s leadership, stating that Trump taught him “courage” and to “never back down from a fight”. The two were even seen performing Trump’s signature dance in a TikTok video posted by Paul. This foray into politics comes amidst ongoing public debate about influencers aligning with political figures, sparking a range of reactions from support to criticism within social media communities.
Paul’s professional boxing record currently stands at 12 wins and 2 losses, with 7 knockouts. His recent fights include a unanimous decision win over Mike Tyson in November 2024, and a subsequent unanimous decision victory against Julio Cesar Chavez Jr. in June 2025. His only other loss was a split decision against Tommy Fury in February 2023. After his heavyweight loss to Anthony Joshua, Paul has indicated he will return to the cruiserweight division, stating, “That’s where I’m best at, for sure, and where I want to continue to climb in the rankings”.
Paul’s next confirmed boxing match is scheduled for June 28, 2025, against Julio César Chávez Jr. at the Honda Center in Anaheim, California, which will be streamed on DAZN Pay-Per-View. However, his current jaw injury will likely impact this timeline, pushing his actual return to the ring further into the future
Business
Caesars Entertainment: Betting On The House To Win
Caesars Entertainment: Betting On The House To Win
Business
Stocks Are Rising. Wall Street Is Piling Back Into Risk.
Stocks Are Rising. Wall Street Is Piling Back Into Risk.
Business
Tax refunds may be delayed this filing season in several states
Social Security Administration Commissioner Frank Bisignano joins ‘Mornings with Maria’ to discuss record-high tax refunds, new tax breaks for working families and seniors and the federal government’s crackdown on fraud and scams ahead of Tax Day.
Taxpayers in several states may face delays in receiving their tax refunds this filing season amid changes in tax policies as well as the processes for filing returns.
Tax refunds are issued to taxpayers when the amount of taxes they paid over the course of the year is greater than the amount of liability based on their return after deductions or credits are applied. Refunds are issued by the IRS at the federal level, while state revenue agencies distribute refunds based on their policies.
This tax season’s refunds have been larger following the enactment of the One Big Beautiful Bill Act (OBBBA) at the federal level, which extended lower tax rates that were set to expire and also created new deductions that required the IRS and Treasury Department to implement new rules for handling them.
Several states have informed taxpayers that their state-level tax refunds may be delayed this tax season for a variety of reasons, including the need to update tax forms and systems to account for OBBBA’s changes at the federal level. Many taxpayers rely on the financial boost of a tax refund check to help shore up household budgets or for special expenses.
HOW TO AVOID TAX SCAMS THIS FILING SEASON

A couple works on their tax forms as tax season officially opens. (Getty Images)
Taxpayers in New York who filed early this tax season may face processing delays due to the timing of software updates that were installed in early February, which could leave some taxpayers in a “processing loop” according to a report by Kiplinger.
Federal tax policy shifts and the state of New York’s inflation refund checks that were disbursed late last year may not have been accounted for prior to the software update.
Idaho’s budget office announced last month that tax refunds may be delayed up to six weeks this filing season due to several factors.
The agency noted that Idaho cut the budgets of most state agencies in the last two years, which has left the state government with fewer temporary workers who can assist with processing tax returns. Idaho also enacted a law last month that retroactively added similar tax breaks from OBBBA to the state tax code, including the deductions for tipped income and interest on new car loans.
AMERICANS SEE BIGGER TAX REFUNDS SO FAR THIS YEAR AS FILING SEASON BEGINS AT A SLOWER PACE

Tax forms and filing software had to be updated after the OBBBA was enacted, as well as to account for state-level changes. (iStock)
Oregon announced that taxpayers who filed paper returns won’t see their refunds until early April because the state Department of Revenue won’t begin processing paper returns until the latter part of this month.
The agency said there was a delay in receiving tax forms from the IRS that pertained to tax law changes under OBBBA, while it also adopted some of the law’s policies at the state level, such as a larger standard deduction and a deduction for overtime pay.
Those changes have prompted changes to tax forms and the agency’s tax return processing systems for paper returns. Oregon’s Department of Revenue is encouraging taxpayers to file electronically this season to avoid delays.
HERE’S WHEN TAXPAYERS WILL GET THEIR REFUNDS

President Donald Trump signed the One Big Beautiful Bill Act into law on July 4, 2025. (Tom Brenner For The Washington Post via Getty Images)
South Carolina taxpayers are facing complications after the legislature didn’t update some of its state-level tax provisions to account for the OBBBA, meaning some federal provisions are accounted for at the state level.
The discrepancy created issues with tax software programs trying to correctly calculate manual “add backs” of federal tax breaks on returns, which led to delays and may require some filers to submit an amended return.
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Taxpayers in the District of Columbia may face refund delays due to Congress overturning a D.C. tax law that had created a divergence from OBBBA provisions in federal law. Those changes prompted a software update in February, which could require some filers to re-file their returns after forms have been revised.
Business
Which Aussie City Snagged the Top Place?
Time Out has released its annual 50 Best Cities in the World list, and for 2026, three cities in Australia made the cut.
In fact, one of these three Aussie cities has been declared the best city on the world. Can you guess what it is?
Melbourne is Time Out’s Best City in the World for 2026
Yes, you read that right. Melbourne is this year’s best city in the world, according to Time Out. It climbed up from its fourth-place finish last year.
“Melbourne’s coolest streets and neighbourhoods are filled with gems, from indie cinemas and rooftop bars to vinyl shops and quirky galleries,” said Time Out.
“And don’t let anyone tell you Melbourne is all personality over looks – we’ve got grand, heritage-listed buildings, laneways lined with colourful murals, world-class gardens and a river (the Yarra) that holds deep spiritual and cultural significance for local Indigenous communities,” it added.
Sydney Places 21st
Joining Melbourne on the list is Sydney, which ranks 21st on the list this year.
“Sydney is renowned for its natural beauty, but if you peel back the layers that make it one of the prettiest cities in the world – the harbour, beaches, bushwalks – you’ll find a trove of qualities that cement Sydney as one of the most exciting places, too,” Time Out said of the city.
Armed with green spaces and great food, Time Out says that any time is the best time to visit Sydney.
Adelaide Places 29th
Last and definitely not the least, Adelaide likewise made it to this year’s 50 Best Cities in the World list.
Time Out points out that Adelaide has been hailed as a “UNESCO City of Music” as well as a foodie destination thanks to its Central Market.
“Tucked between vine-laced hills and a wild stretch of coastline, this compact capital delivers big on dining, culture and pretty landscapes,” Time Out said.
Business
Former Boss chief Duncan Craib sues HotCopper for defamation
Former Boss Energy chief Duncan Craib has sued HotCopper after the forum operator allegedly refused to take down defamatory posts.
Business
Rupee hits record low of 92.35 vs dollar as oil surge pummels Asian assets
Brent crude oil prices climbed to $100 per barrel as Iran stepped up attacks on oil and transport facilities across the Middle East, warning the world to brace for oil at $200 a barrel.
The rupee fell 0.3% to 92.3575, eclipsing its previous lifetime low of 92.3475 hit earlier in the week.
India’s benchmark equity index Nifty 50 fell about 1%, the yield on the benchmark 10-year bond rose 4 bps, and the rupee averted a fresh record low largely on the back of central bank intervention, traders said.
Asian currencies weakened across the board, while MSCI’s gauge of regional stocks fell more than 1.5%.
“We expect the RBI to intervene in 92.30-92.35. However if Brent continues to remain elevated for a couple of sessions, the RBI may have to let the rupee go,” said Abhishek Goenka, chief executive at FX advisory firm IFA Global.
Business
Analysis-Airline hedging strategies fall short as jet fuel price surges

Analysis-Airline hedging strategies fall short as jet fuel price surges
Business
Air New Zealand to cut flights as fuel price surge wreaks havoc on travel

Air New Zealand to cut flights as fuel price surge wreaks havoc on travel
Business
Dow: Turnaround Is Taking Shape, But Much Of The Optimism Is Priced In
Dow: Turnaround Is Taking Shape, But Much Of The Optimism Is Priced In
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