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Energy prices ease amid hopes Trump will soon call halt to Iran war | Money News

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Attacks on energy infrastructure, including this facility in Bahrain, stoked pressure on oil prices. Pic: Reuters

Oil prices have fallen and stock markets are clawing back some lost ground after Donald Trump raised hopes that Iran war disruption to the global economy would soon be over.

Brent crude oil, the international benchmark, tumbled below $90 a barrel at one stage early on Tuesday after climbing above $118 – a six-year high – in the previous session.

The key worry is the effective closure of the narrow Strait of Hormuz shipping lane just off the Iranian coast.

Iran latest: Trump’s key messages on war’s objectives

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It’s currently off limits due to the threat of attack by Tehran’s forces in retaliation for the US-Israeli airstrikes that targeted its leadership and key infrastructure.

President Trump gave mixed messages on the status of the war on Monday evening, after describing US objectives as “complete” and declaring that it “could be over soon”.

He added: “I will not allow a terrorist regime to hold the world hostage and attempt to stop the globe’s oil supply, and if Iran does anything to do that, they’ll get hit at a much, much harder level.”

The strait usually accounts for about a fifth of global oil and natural gas deliveries, but they have almost ground to a halt over the past 10 days.

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It has stoked market fears that a new wave of energy-led inflation is on the way – a surge in the pace of price increases globally brought on by higher oil and gas costs that will affect everything from filling up at the petrol pumps and home heating, to the manufacturing industry and even fresh food production.

For the UK and wider Europe, it is already being seen through a leap in fuel prices, especially diesel.

Average pump costs have risen by more than 9p a litre since the start of the hostilities in the Middle East but some forecourts have passed on prices that are double that figure.

The government and competition regulator warned the industry that any profiteering will be called out.

The G7 advanced economies, including Britain, plan to release reserves if needed to ease the squeeze from the loss of Middle East output and deliveries.

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Brent was trading on Tuesday at $90 a barrel in volatile trading in Asia.

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How will Iran war impact the economy?

The FTSE 100 opened 0.5% higher at 10,300, recovering all the ground lost yesterday following the 1.8% decline seen at Monday’s open.

The energy price declines were hurting the oil majors while mining and banking stocks were recovering some lost ground.

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The UK’s top flight index remains almost 5% up on the year despite a 4.6% hit to values this month caused by war uncertainty.

Miners have suffered due to the likelihood of negative effects for the global economy while banks have felt pain over fears central bank interest rates may have to rise to help counter upwards pressure on the pace of price rises from the lift in energy costs.

UK natural gas prices are down 20% today but remain 60% higher this month.

Stock markets in other parts of Europe and in the US had ended Monday’s session in positive territory after also starting the day with steep losses.

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Read more:
MPs vote down social media ban for under-16s
Iran’s women footballers granted Australian visas

Sentiment remained stronger in both Asia and in continental Europe on Tuesday, but market analysts widely described the mood as cautious.

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Nigel Green, chief executive of the asset manager and consultancy deVere Group, said of the shifts: “Markets are beginning to trade the end of the conflict before it has actually happened.

“Oil dropping back below $90 and equities pushing higher tells us investors are already pricing a scenario in which tensions cool and supply disruptions remain limited.

“Financial markets are extremely forward-looking but, in situations like this, they can move ahead of geopolitical reality.”

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Uefa fears impact of new Premier League spending rules

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This photograph shows the draw balls bearing the Champions League logo

While profit and sustainability rules (PSR) were about a club’s balance sheet of all revenues over a three-year period, SCR is just about team costs on a seasonal basis.

The new rules will operate a dual system, with clubs in European competition having to adhere to Uefa’s SCR limit of 70% – so a club could be sanctioned by Uefa but be compliant in the Premier League.

The higher limit is intended to protect the Premier League’s competitive balance, given the increased income that will be received by those clubs competing in Europe.

Chelsea and Aston Villa were both given heavy fines by Uefa for breaches in the 2024-25 campaign, and that is when the limit in Europe was 80%.

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The Premier League has added some wriggle room, too, with a multi-year rolling allowance of 30% that permits clubs to spend beyond the limit. It allows clubs to invest ahead of revenue and variance or sporting underperformance.

An assessment is made each March, and the allowance is crucial to determine possible sporting sanctions applied in the same season.

The 85% marker is known as the Green Threshold. Spend above that and you get a financial penalty, although this will be far less punitive than Uefa.

The Red Threshold is 85% plus the allowance. Go beyond that, and it is a fixed six-point deduction which increases by one point for every £6.5m spent over the Red Threshold.

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Think of it this way – every club will start next season on 85% + 30% allowance, so effectively 115%.

Any clubs that spend above 85% will face a fine, but they would need to be in excess of 115% to lose points.

But those percentages will change for 2027-28.

If a club spends 105% on their squad next season, it means they have used 20% of their allowance, and for 2027-28 their maximum spend before potential sporting sanction is 95%.

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If a club spend less that 85%, they can increase the allowance again to the maximum of 30%.

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England rugby international in court charged with rape as club suspend him

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England rugby international in court charged with rape as club suspend him

The 26-year-old has denied the charge and will now stand trial

Gallagher PREM side Bristol Bears have suspended hooker Will Capon after the former England U20s player was charged with rape.

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The 26-year-old appeared in court on Friday, having been accused of the assault in Exeter in September 2021. Capon, who has spent 12 years at Bristol after joining the club’s academy in 2014, denied the charge when he appeared at Exeter Crown Court last week and he will now stand trial at the same court in September next year after being granted unconditional bail.

Bristol have confirmed that the front rower was suspended from “all club activities” after being charged.

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However, he has not played since May last year, having undergone surgery on a knee injury suffered during the Bears’ pre-season training camp in Portugal ahead of the current campaign.

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Capon made his senior debut for Bristol in 2018 as they secured promotion to the Gallagher PREM, and made 13 appearances for them last season, scoring four tries.

He was also part of the England squad at the World Rugby U20s Championship in 2019, while he was called up by Eddie Jones to train with the senior side two years later.

In a statement issued to The Telegraph, Bristol said: “Bristol Bears can confirm that Will Capon is suspended from all club activities pending the outcome of an ongoing legal matter.

“The club will not be making any further comment while legal proceedings are active.”

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A brief statement from the Crown Prosecution Service read: “Will Capon is charged with one count of rape.

“Next hearing is a case management hearing scheduled for 26 July, 2027 at Exeter Crown Court.”

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F1 Q&A: Can McLaren compete or will they be best of the rest?

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Outrageous

It looked a pretty sobering weekend for McLaren to be so far off the pace after being the best car the last couple of years. Is it realistic to hope they can compete this year or is being best of the rest, as Lando Norris was in Melbourne, the best they will be able to do? – Tom

The fastest McLaren in Australia qualified more than 0.8 seconds slower than George Russell’s pole time, and Norris finished the race 51 seconds behind Russell.

McLaren – world champions for the past two years – admitted their car was not quite on the level of the Mercedes. As team principal Andrea Stella put it: “When we look at the GPS overlays, we see that Mercedes is faster in some of the corners.”

But the vast majority of McLaren’s deficit was down to usage of the power unit and the energy recovery system.

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It’s clear the works team has more knowledge of how to get the most out of the engine, and it’s equally clear that, with software systems so complex, more information and knowledge translates into a significant advantage on track.

In Melbourne, the Mercedes cars were able to deploy a significant amount more energy on the long run from Turn Six to Turn Nine, where much of the lap time was being lost by McLaren.

F1 rules dictate that manufacturers must supply engines of exactly the same specification to all their teams – works or customer. However, they don’t say they have to share all the information about how to exploit them fully.

After the race, Stella came quite close to expressing frustration with the lack of information McLaren had from Mercedes and their engine company HPP.

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“We remain a little puzzled by the difference we see in the data between the speed of our car and the speed of other cars using the same power unit,” Stella said.

“The discussion with HPP about having more information has been going on for weeks because even in testing, we were pretty much going on track, run the car, look at the data, ‘oh, that’s what we have’, good, now we react to what we have.

“That’s not how you work in Formula 1. In F1, what happens on track, you simulate [beforehand]. You know what is happening. You know what you are programming. You know how the car is going to behave.

“You also have your plans as to how you evolve it that you have figured out before because you know what you are expecting from the car.

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“This is the first time since we have been a customer team that we feel we are on the back foot even when it comes to the ability to predict how the car will behave and to anticipate how we can improve the car.”

Mercedes’ argument would be that, as a customer, McLaren can’t expect as close a relationship with the engine department as the works team has.

McLaren would probably counter that they accept that, but they feel they should be a lot better informed than they are.

The McLaren car is believed to be a little overweight, so there is lap time to be gained there – even without aerodynamic upgrades, which are in the pipeline.

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In theory, the knowledge of how to exploit the engine will come.

The key questions are how long it will take to learn it, and whether starting with extra knowledge is an advantage that keeps on giving.

The systems in the cars keep learning and improving. It’s yet to be seen whether this is a virtuous circle that never stops, or whether Mercedes will reach diminishing returns and McLaren can catch up.

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Newcastle told to sign former Chelsea target to replace Nick Woltemade | Football

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Newcastle told to sign former Chelsea target to replace Nick Woltemade | Football
Nick Woltemade only joined Newcastle United last summer (Picture: Getty)

Dietmar Hamann has described Nick Woltemade’s struggles at Newcastle United as ‘remarkable’ and says it has presented Eddie Howe with a ‘really tricky situation’.

Newcastle completed a £69m move for Germany international Woltemade after begrudgingly selling Alexander Isak to Liverpool for over £120m.

Woltemade had a decent record for his former club Wolfsburg – scoring 18 goals in 36 games – but it was suggested in Germany that Newcastle had overpaid for the striker.

The 24-year-old enjoyed a bright start to his St James’ Park career, however, scoring six goals before the start of November and impressing with his all-round play.

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But Woltemade’s contributions began to fall away over the winter period and the German has now scored just once in his last 20 appearances in all competitions.

The towering forward has even been used slightly deeper by an increasingly desperate Howe but Newcastle legend Alan Shearer has dismissed the notion he can play in midfield.

Hamann insists his compatriot’s drop-off is ‘very strange’ and has raised the possibility that Woltemade will now be sold after just one season.

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Woltemade enjoyed a bright start to his Newcastle career (Picture: Getty)

‘I couldn’t believe the developments in the last few weeks and months regarding Nick Woltemade,’ Hamann told BoyleSports.

‘There was a story in one of the German papers that he hasn’t settled in the North-east, which I personally think is a paradise for a footballer, because if you’ve got a bit of success, they treat you as a hero. 

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‘He had a great start and was adored by the faithful, adored by the fans. It’s obviously a very strange situation because if you had told me this after six or eight weeks, where he scored a few goals, I would have said he’s going places and he’ll be one who might be there for a few years, who is loved and adored by the people.

Newcastle United FC Training Session And Press Conference - UEFA Champions League 2025/26 Round of 16 First Leg
Eddie Howe is faced with a ‘really tricky situation’ (Picture: Getty)

‘To have the turnaround now in a short space of time is really remarkable. What you hear and what you see probably makes me think that there might be a summer exit, which is obviously not a good situation for the club because they paid an awful lot of money.

‘Do you force him to stay here? Is that a good solution? And who’s going to pay the money for him now?

‘So, yeah, I think it’s a really tricky situation for both of them, for both parties, but especially for the club.’

If Newcastle do end up selling Woltemade, Hamann believes former Manchester United and Chelsea transfer target Victor Osimhen would be the ‘perfect’ replacement.

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Besiktas v Galatasaray Trendyol - Super Lig
Victor Osimhen has long been linked with a Premier League move (Picture: Getty)

Osimhen has scored an impressive 55 goals in 67 games since joining Galatasaray in 2024 and helped Napoli win the Serie A title before his move to Turkey.

‘I think Victor Osimhen is one of the top five centre forwards in Europe,’ ex-Newcastle, Liverpool, Manchester City and Bayern Munich midfielder Hamann added.

‘I couldn’t believe that he ended up in Turkey. Obviously, Napoli paid an awful lot of money for him, but I’m very surprised that none of the English teams signed him, because they all struggled for centre forwards in the summer.

‘They tried for players like Benjamin Sesko, and other players who have come in are only just starting to adapt now because they obviously needed some time.

‘I think he’s an outstanding player and I think he’s probably the reason why Galatasaray is doing well in the league and also in the Champions League.

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‘I love watching him and I think, if he were to play in the Premier League, there are teams he would make much better.

‘Obviously, Liverpool have got two players there now, so he won’t end up there, but he’s an outstanding player. He’s got pace, he’s got power, he can finish, a wonderful player.

‘If Newcastle do sell Nick Woltemade, he could be the perfect fit.’

For more stories like this, check our sport page.

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What mums really want this Mother’s Day revealed – and it’s surprisingly inexpensive

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What mums really want this Mother’s Day revealed - and it’s surprisingly inexpensive

Despite millennials’ reputation for avoiding phone calls and opting for texts instead, new research has found there is one conversation they are always willing to have – with their mum.

Half of Brits (53%) call their mum more often than they did 10 years ago – with the average call lasting over an hour, new research has found.

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Brits in their early 30s speak to their mum five times a week, with two-fifths calling at least once a day according to Three UK, while data also showed that 10am was the preferred time for “calling home”.

And the calls are very welcome, with four in five mums saying they would rather receive a phone call or coffee catch-up than an expensive gift ahead of Mother’s Day.

While the national average call lasts just over an hour, where you live can make a dramatic difference. In Wolverhampton, conversations last just 34 minutes on average, while in Middlesbrough they stretch to the length of a feature film – at 101 minutes.

In honour of the maternal figures in our lives, Three has unveiled some special Mother’s Day treats on the Three+ rewards app, including cards, cakes, flowers and beauty bundles.

Unsurprisingly, many of us rely on our phones to organise special moments for our mum, such as sending a card digitally (36%) and ordering flowers (34%).

This year, Three is helping customers turn everyday conversations into meaningful gestures with its Three+ rewards app, making it easier to celebrate the maternal figures who are always at the end of the phone.

  • A free Mother’s Day (or Easter) card from TGJones, worth up to £4.99 (available until March 15)
  • Say it with flowers – 40% off selected Mother’s Day bouquets from Appleyard London (available until March 15)
  • Cake and a catch-up? Two-for-one sweet treats at Caffe Nero (available until March 15)
  • Luxury beauty bundle for £29.99 (inc. p&p, worth over £66) from Real Beauty Bargain (available until April 30)
  • Gruum spring skin & hair bundle for £XX (worth up to £34) (available until March 29)
  • Plus, £3 weekend cinema tickets, £1 coffees and £5 off at thousands of restaurants and takeaways.

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Death Valley blanketed in wildflowers in best bloom since 2016

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A man and a boy are standing in a field full of yellow flowers. Dry, brown hillsides are behind them

Death Valley in California – the hottest place on Earth and the driest place in North America – is currently carpeted in wildflowers in what is shaping up to be the best bloom in a decade.

The National Park Service (NPS) officially categorised this as an above-average bloom year on 22 February, with low-elevation flowers blooming throughout the park.

It is the best event the site has seen since 2016, with swathes of the desert transformed and covered in golden and violet flora.

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The Chase star Paul Sinha to headline Bury Hospice Comedy Festival

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The Chase star Paul Sinha to headline Bury Hospice Comedy Festival

He will join the funniest doctor in medicine, Dr Kevin Jones, for the annual Bury Hospice Comedy Festival.

Dr Jones, recently retired as a consultant physician at the Royal Bolton Hospital, and still lives in Bolton, will compere the festival, which over the years has attracted some big name comedians, including Mick Miller, Scott Bennett, Nina Gilligan and Justin Moorhouse.

Dr Kevin Jones Image: Dr Kevin Jones

And this year is no exception. Performing on both nights are Big Lou (Lewis Jones) and Rod Woodward.

Big Lou is a local lad from Prestwich who is a great favourite in the area with a comedy style which is a mixture of Les Dawson and Jimmy Carr.

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Rod Woodward is from Cardiff and has the almost unique distinction of being invited not once but twice to entertain in front of royalty at the Royal Variety Performance.

On Friday night, Martin Gold will appear who was voted Comedian of the Year for two years running by the Variety Club of Great Britain.

Paul Sinha is also known as The Sinnerman on The Chase Image: ITV

On Saturday, the Sinnerman from the Chase is headlining.

Dr Jones is a Trustee at Bury Hospice and has been dubbed Britain’s funniest doctor.

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He said: “ I am delighted to be able to help with the Comedy Festival. I have worked with all the comedians previously and was very keen to get them to come to Bury to perform. The comedians at the previous shows have all loved the experience and so have the crowds. There is a wonderful atmosphere and of course it is all for a very important cause.”

The festival will take place Festival will take place at the Polish Social Centre in Back East Street BL9 0RU Friday, March 20th and Saturday, March 21st.

It is being sponsored by JD Sports.

Tickets for the shows can be bought from the Bury Hospice website

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www.buryhospice.org.uk/events/comedy-festival

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Winter Paralympics 2026: Neil Simpson and guide Rob Poth win alpine combined silver

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Neil Simpson skiing at the Winter Paralympics

Neil Simpson and his guide Rob Poth won Great Britain’s first medal of the Milan-Cortina Winter Paralympics with silver in the alpine combined.

It is a third Paralympic medal overall for the visually impaired skier, who had recorded two fourth-place finishes earlier in these Games.

In the alpine combined, skiers complete a run of both the super G and slalom, with their factored times combined to determine the final standings.

Simpson and Poth had sat in fourth after the morning’s super G, 0.57 seconds short of third place.

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But in the slalom, they recorded the fastest time of the day to move up two places as Canada’s Kalle Ericsson and his guide Sierra Smith fell out of contention.

Italy’s Giacomo Bertagnolli and guide Andrea Ravelli won gold, finishing 0.65 seconds ahead of Simpson and Poth overall, while Austria’s Johannes Aigner and Nico Haberl won bronze.

“I’m really chuffed with the performance, some good skiing on the second run and we carried out the plan we had,” said Simpson, 23.

“The visually impaired men’s [category] is really strong, there are lots of really quick guys in there so I’m pleased to get on the podium.”

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Four years ago, Simpson, guided by his brother Andrew, won GB’s only gold of the Beijing Games with victory in the super G, a win that cemented him as the first British man to win gold at a Winter Paralympics.

His medal at Milan-Cortina adds to the bronze he won in the alpine combined at the last Games, while it improves on the fourth-place finishes he recorded in both the downhill with his brother and super G with Poth in recent days.

For Poth, 28, it is a first Paralympic medal at his maiden Games.

“I’m buzzing. For me it was a little bit of a relief, but our slalom is in a great place,” he said.

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Simpson and Poth have two further chances of medals at these Games, in Friday’s giant slalom and Sunday’s slalom.

That they set the fastest time in the slalom run of the alpine combined, crossing the line in 42.52 seconds, one-tenth of a second quicker than the next fastest run, bodes well for both events.

“With the giant slalom, we feel pretty ready for that, and for the slalom, we’re feeling really good and hopefully we can do well,” said Simpson.

Poth added: “Run by run, we are building up the confidence, that has definitely taken it up a notch and we’re getting closer to that top step.

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“We’re on a high and hopefully we can continue on that trajectory.”

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‘Ticking timebomb’ on energy bills facing households in Britain, warns money expert Martin Lewis on Trump’s Iran war

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‘Ticking timebomb’ on energy bills facing households in Britain, warns money expert Martin Lewis on Trump's Iran war

Alternatively, if there were still high gas and oil costs from the war, he stressed: “If in May, we are still in this position and it looks like the October, so the winter price cap, is going to stay high and there are no cheap fixes because wholesale rates haven’t come down, that is where we start to get talking about intervention points when it comes to energy bills.”

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Former Newcastle midfielder Barton arrested for ‘attack’

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Former Newcastle midfielder Barton arrested for 'attack'

Merseyside Police said the 43-year-old, from Widnes, is accused of section 18 wounding with intent, along with a second man, Gary O’Grady, 50, from Huyton, Merseyside.

Emergency services were called at around 9pm on Sunday after a man suffered serious injuries to his face and body near Huyton and Prescot Golf Club.

He is in a serious but stable condition in hospital.

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Barton and O’Grady, who appear on England Golf lists as members of the Huyton and Prescot Golf Club, are due to appear at Liverpool Magistrates’ Court on Tuesday afternoon.

Earlier, at a High Court hearing on Tuesday over a libel claim involving Barton, Gervase de Wilde, representing former England footballer Eni Aluko, said his instructing solicitor had “received a call from a duty solicitor in a police station in Liverpool” shortly before the hearing.

Mr de Wilde told the court on Tuesday that Barton, who has managed Fleetwood Town and Bristol Rovers, “was arrested yesterday and is currently being held in custody”.

Former Manchester City and QPR midfielder Barton has one England cap and also played for Rangers, Burnley and Marseille.

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He now hosts podcast Common Sense With Joey Barton, which is described as an “unfiltered” look at issues in sport, society, politics and more.

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