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Oil recovers losses after Strait of Hormuz closed again
The oil prices rose more than 6% Monday after falling more than 9% on Friday. This was due to the news that the Strait of Hormuz has been closed once again. Both the U.S. Brent crude futures rose $6.11 or 6.76% to $96.49 per barrel at 2327 GMT. U.S. West Texas Intermediate is now $90.38 per barrel, an increase of $6.53 or 7.79%. U.S. president Donald Trump said on Sunday that the U.S. military had seized an Iranian ship which tried to break its blockade. Iran, however, refused to participate in the second round of talks despite Trump’s threat of resuming airstrikes. The United States maintains a blockade on Iranian ports.?Iran lifted its blockade and then reimposed it, affecting the Strait which, before the start of the war, handled about one-fifth the world's supply of oil. Saul Kavonic is the head of research at MST Marquee. He said that oil markets are gyrating in response to the fluctuating social media posts from the U.S. The two contracts experienced their biggest daily declines on Friday since April 18, after Iran announced that passage for all commercial vessels through the Strait of Hormuz would be open during the remaining ceasefire period. Trump also said Iran had agreed to never again close the strait. Kavonic stated that the announcement of opening the Strait was premature. "Ship owners won't be as confident about announcing a passage through the Strait to ship owners again." Kpler data revealed that more than 20 ships crossed the strait Saturday, carrying metals, liquefied gas, and fertilizers. This was the most vessels to cross the waterway since the beginning of March.
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Sales of electric vehicles soar on major European markets as drivers avoid expensive petrol
In the first quarter of 2026 sales of electric cars jumped almost a third on the main European auto markets, as consumers sought alternatives to combustion engines after the war in Iran caused the highest spike in petrol prices for years. Data collected by the trade association E-Mobility Europe, and research firm, New Automotive, on Monday showed that new battery-electric vehicle registrations (BEVs), a proxy of sales, increased 29.4% in comparison to a year earlier, reaching almost 560,000 during the first quarter. They were also up 51.3% in March, with over 240,000 vehicles registered in 15 European markets. The ACEA auto lobby has revealed that last year, these markets accounted 94% of BEV'sales? in the European Union, and the European Free Trade Association. These countries are aligned with EU laws regulating CO2 emissions. In a recent statement, E-Mobility Europe secretary general Chris Heron stated that "March's surge in electric car sales is one of Europe's largest recent gains in energy safety in a time when oil dependency has become a vulnerability." According to a joint statement by the two organisations, the half-million BEVs that were registered in the quarter would be enough to reduce oil usage by 2,000,000 barrels per annum. It said that the five biggest EV'markets' in Europe - Germany France Spain Italy and Poland -- have seen BEV sales grow by more than 40% this year. The report estimated that 21,2% of new 'cars' registered in EU and EFTA were electric. New Automotive, in an earlier report, published in April, said that BEV registrations in Britain, Europe's largest BEV market, after Germany, increased 12.8% during the first quarter. This was also helped by the rising price of petrol, and represented 22.5% new car sales.
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Exit polls show that Bulgaria's pro Russian former president is leading in the election.
Exit polls indicate that the 'party' of Bulgaria's pro Russian former President Rumen Radev is likely to win Sunday's parliament vote. He has campaigned to stamp out corruption, and to end a spiral weak, short-lived government. However, as it stands, he'll need coalition partners in order to run a majoritarian government. Radev is a eurosceptic ex-fighter pilot who opposes the military support of Ukraine's war against Moscow. He stepped down as president in January in order to run for the election. This comes after mass demonstrations forced the previous government out in December. The Balkan nation of approximately 6.5 million voters held its eighth election in just five years. Voters are tired of a small grouping of experienced politicians who are widely perceived as corrupt. However, no single party has managed to gain enough support. Alpha Research, a Sofia-based firm, conducted the final exit poll. It showed Radev’s?Progressive Bulgaria at 38.1%. This was far in front of the GERB, led by Boyko Borissov as former Prime Minister, which came in second with 15.9%. Other exit polls showed different percentages, but all indicated a Radev victory. If confirmed, this would be one of the best results in recent years for a single political party. "We will not allow (again) to have elections. Radev said to reporters after the exit polls were released, "It is ruinous for Bulgaria." He said he was 'willing to work' with the reformist We Continue the Change-Democratic Bulgaria coalition (PP-DB), which came third with 14.1% in the Alpha Research Exit Polls, on judicial Reform, but that a minor government is also an option. He said, "We are willing to consider other options so that Bulgaria has a stable and regular government." The final results of the election are expected to be announced on Monday. The promises of RADEV are a reality for many Radev's campaign called for improved relations with Moscow, and the return of free Russian oil and gas to Europe. There is no way to know how this will affect the foreign policy of Bulgaria. Bulgaria, which is a NATO member and a European Union member that joined the eurozone last January, has not yet made definite statements about the impact. A coalition with reformist PPDB could moderate any Kremlin friendly leanings. Radev's participation and support was boosted by a slick social media campaign and deep coffers, as well as a promise of stability and a promise of stability. Alpha Research estimated that turnout was 47% after one hour, compared to 39% in the October 2024 election. Winner Will Have Work to Do Bulgaria has grown rapidly since 1989, when communism fell. It joined the European Union. Since joining the Eurozone in January, the life expectancy of Bulgarians has increased dramatically, the unemployment rate is the lowest in the EU and the economy is better protected. It lags behind other EU countries on many metrics and corruption is still endemic. This includes vote-buying at elections. Since Bulgaria adopted the Euro, cost of living has become a major issue. The previous government was overthrown amid protests about a budget that proposed tax increases and higher social insurance contributions. "Politicians must come together to make decisions, not to have constant arguments and conflicts, and to go from one election after another without getting any work done," said Bogomil Bárdarski, 72, a metalworker in Sofia. (Writing and editing by Edward McAllister, Jacqueline Wong, Christina Fincher and Mark Potter)
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India's Gold Festival sees tepid Demand despite Price Surge
The gold demand at one of India's most important?buying festival remained muted as record prices curbed jewellery sales, offsetting an increase in investment demand. Indians celebrated Akshaya?Tritiya as the second biggest gold-buying holiday?after Dhanteras. The sharp rise in jewellery prices has curbed demand. "The sharp rise in prices curbed jewellery demand." Gold prices have fallen to a level of $4,861 from a high of $5594.82 on January 29, and now trade at around $4,861. Gold futures for 10 grams in India, which is the second largest gold consumer in the world, closed Friday at 154 609 rupees, or $1 670, a figure that was nearly 63% more than the previous Akshaya Tritiya festival. Surendra Mehta is the national secretary of the India Bullion and Jewellers Association. He said that demand in the rest the country was lower than usual, except for a few southern Indian states. Jewellers in Mumbai have offered discounts on fees to create jewellery as a way to attract customers. According to data compiled by World Gold Council, India's jewellery consumption in 2025 will be down 24% from the previous year. However, investment demand is expected to rise 17% and reach its highest level since 2013. A Mumbai-based dealer of gold bullion with a private bank said that the buying patterns for gold in India have changed. Purchases are no longer only made during festivals, as price-sensitive customers make purchases throughout the year when prices drop. India published an order?Friday that listed banks authorized to import 'gold and silver. This is a relief to banks who were forced to stop imports due to the delay in publication. $1 = 92.5980 Indian Rupees
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US Energy Chief says Gas Prices Could Stay Above $3 Per Gallon Until Next Year
Chris Wright, the U.S. Energy secretary, said that he believes gas prices are at their peak but predicts they may remain above $3 a gallon for next year. The U.S. and Israeli war against Iran, and the?Iranian attacks on neighboring countries have caused gas prices to rise, creating political pressure for Donald Trump in advance of the midterm elections where his Republican Party is expected to defend a slim majority in the Senate, and the House of Representatives. Gas prices below $3 per gallon could happen this year. It might not be until next year. He told CNN's "State of the Union," that prices had likely peaked and would start to fall. Prices will drop when this conflict is resolved. Officials from the Trump administration have expressed differing opinions on gas prices. Treasury Secretary Scott Bessent predicted last week that gas prices would drop to $3 per gallon this summer. However,?Wright stated on Sunday that it will take a longer time to get to that price. Trump has stated that the gas prices could remain high until November. They all said that gasoline would eventually become cheaper after the Iran War ends. Wright stated that "under $3 per gallon, inflation adjusted, is a pretty incredible price." "We will get there, for sure." According to AAA estimates, the average price of a gallon regular gas was $4.05 on Sunday, up from $3.16 one year earlier. The?U.S. Iran and the United States agreed on a 10-day truce on Thursday, but Trump accused Iran of violating that agreement with its attacks this weekend on ships in Strait of Hormuz. Trump said in a post on social media that U.S. officials would arrive in Pakistan?on Monday for further negotiations. He posted, revisiting the threat he made before the ceasefire.
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Fuel prices in Bangladesh rise as a result of the Iran war
The Bangladeshi energy ministry announced late Saturday that retail fuel prices have been raised by 10 to 15%. They cited a sharp rise in crude oil prices globally and tightening supply due to the ongoing Middle East conflict. According to an official announcement, the new prices for petrol, diesel and kerosene are 135 taka per litre ($1.10), up from 116. The increase in import costs was unavoidable, officials said, as rising crude oil prices, supply-chain disruptions, and higher freight and Insurance costs have all contributed to the rise. This is especially true after the price of oil has risen during the seven-week Iran 'war. The rising cost of fuel in Bangladesh, where the nation relies heavily on imported fuels, is putting pressure on its already strained reserves of foreign currency. The government tried to cushion consumers initially through subsides, delayed price adjustments and tighter stock control. However, authorities stated that these measures were becoming increasingly difficult to maintain as global prices continued their upward trend. Dhaka already has more than 2? billion in foreign financing for energy imports. Fuel shortages have caused long queues at gas stations. Officials blame panic buying and hoarding as the cause of this. This latest price increase is expected to add to inflationary pressures in areas such as transport and agriculture where diesel is commonly used. It could also potentially raise food prices and overall living costs. Bangladesh has joined a growing number of countries that have adjusted their domestic fuel prices to respond to the soaring oil prices on global markets.
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Motor racing: Six injured and one dead in Nuerburgring race crash, officials
Organisers said that racing driver Juha Miettinen was killed and six drivers were injured in an accident at the 'ADAC 24h Nuerburgring qualifiers on Saturday. The race officials confirmed that Miettinen died following the early-race crash. All the other drivers who were injured were treated in hospital for injuries that were not serious. In the early stages of the first race of the ADAC 24-hour Nurburgring Qualifier, seven drivers were involved in a serious accident. The emergency medics, despite the arrival of the emergency services, were unable to save Juha Miettinen, after he was removed from the vehicle. The driver died in the Medical Centre, after all attempts at resuscitation failed. The race will not be resumed on Saturday evening and there will be a minute's silence during Sunday's grid formation. (Reporting and editing by Clare Fallon; Karolos Grohmann)
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Police in Kyiv kill a shooter who opened up fire
Ihor Klymenko, the Ukrainian Interior Minister, said that police killed a man on Saturday who had opened fire in a city district and barricaded himself inside a supermarket. Klymenko stated that the number of casualties?in this incident in the city’s?Holosiivskyi District was still being clarified. Mayor Vitali Klitschko confirmed that there were also victims inside the store. He had earlier stated the suspect killed two people. Klymenko posted on Telegram, a messaging app? that Klymenko uses to communicate with his friends and family: "The shooter was liquidated when he was arrested." Special forces from the...national police stormed a store where the attacker was. He took people hostage and fired at a policeman while he was being held. Negotiators had tried to reach him before that. Klitschko stated that 10 people were being treated in hospital. Five others were injured. (Reporting and editing by Louise Heavens, Chizu Nomiyama, and Ron Popeski)
Oil prices jump and stock futures fall as Iran tensions unnerve markets
Investors were dealing with contradictory messages about the Iran war, and the news that the Strait of Hormuz had been closed again.
Early Asian trading saw Brent crude futures jump about 7%, to $96.85 per barrel. S&P futures fell about 0.9%.
The dollar weakened around 0.2% and the yen slipped to 158.95 per euro.
Iran's state news agency reported that it rejected new peace negotiations with the United States on Sunday. This was hours after U.S. president Donald Trump announced he would send envoys to Pakistan for talks and launch new attacks on Iran if they did not accept his terms.
The tensions increased after the U.S. announced that it had seized a cargo ship from Iran which was trying to circumvent its blockade. The dollar has risen from the lows that it reached on Friday, when Iran announced it would open up the Strait of Hormuz. Oil prices and stocks tumbled.
"While the news of the Strait?of Hormuz re-closing is clearly not good; ships being attacked, and Trump's threats against Iranian infrastructure are not good either, the market is very much looking this as a situation where, when it comes down to it, both sides are still speaking," said Michael Brown. Senior research strategist at the Pepperstone?in London.
"From a equity perspective, I would probably say that we unwinded a good chunk of the gains we saw on Friday, which was in hindsight the?market getting ahead of itself."
Stocks and bonds surged on Friday as Iran announced it would open up the Strait. Oil prices also fell, as investors betted on the end of a seven-week conflict that had closed the Strait of Hormuz – a vital artery of global crude and natural gas shipments.
Brown said: "Now that Hormuz has been closed again, after being open for about 12 hours, you would probably expect the majority of the moves that we saw Friday (in bonds), to be unwinded."
If it's confirmed that Iran won't be attending (the talks), we'll see a more risk-averse response than what we're currently seeing.
The markets rallied last week
Wall Street indexes reached'record highs' on Friday, while bonds - which, unlike stocks, are still far away from recovering from their losses from the war - surged as oil prices fell and investors reduced bets about rate hikes by the European Central Bank (ECB) and Bank of England.
U.S. stock prices have been supported by the expectation of robust first quarter earnings, with the majority of them coming this week.
On Friday, the benchmark 10-year Treasury yield in the United States reached its lowest level since mid-March.
Dollar index fell to its lowest level in seven weeks as safe-haven assets lost their shine late last week. The index measures the greenback versus a basket including the yen and euro. The dollar index was 0.2% higher in Asian trading on Monday morning.
"The market may be getting ahead of themselves." The Nasdaq's 13-day rally is extreme. "The dollar index has declined for nine out of the last 10 sessions," Marc Chandler, of Bannockburn Capital Markets, said in a Sunday note.
(source: Reuters)