The average price of a gallon of gasoline in the United States is down slightly from yesterday and remains well over a dollar higher than this time last year.
It’s one of the most prominent ways Americans have felt the economic impact of the war with Iran. Consumer sentiment continued to decline this month, reaching a fresh record low in the absence of a deal to end the conflict.
Global oil stocks plunge by nearly 270 million barrels amid US-Israel war 🚨
Global oil reserves are depleting at an unprecedented pace as the US-Israel war on Iran disrupts flows from the Gulf, eroding a key buffer against supply shocks, according to a Bloomberg report.
Morgan Stanley estimates that global stockpiles fell by nearly 270 million barrels between March 1 and April 25.
The sharp drawdown means that governments and industries lose room to absorb the impact of more than a billion barrels of disrupted oil supply since the conflict started on February 28.
The UAE’s Sheikh Mohammed bin Zayed Al Nahyan and Turkiye’s Recep Tayyip Erdogan have exchanged views on ways to further strengthen cooperation within the framework of the two countries’ Comprehensive Economic Partnership Agreement, according to the UAE’s official WAM news agency.
The two also reviewed a number of issues of mutual interest, particularly developments in the Middle East and their serious implications for regional and international security and stability, the statement added.
The call also addressed the UAE’s participation in SAHA Expo 2026, the international defence and aerospace exhibition being held in Istanbul, and the exhibition’s role in advancing international cooperation in these sectors.
Israel has forcefully displaced nearly 40,000 in West Bank since beginning of 2025: UN 🚨
Israel has forced nearly 40,000 Palestinians from their homes across the occupied West Bank since the beginning of last year, according to the United Nations.
Farhan Haq, deputy spokesperson for the UN chief, cited figures drawn from the Office for the Coordination of Humanitarian Affairs during a briefing at UN headquarters in New York.
He said Israeli actions, including ongoing demolitions, continue to drive displacement. In the first week of May alone, demolitions carried out by Israeli settlers displaced 42 Palestinians, including 24 children.
Israeli forces and armed settlers are carrying out sustained attacks across West Bank cities under military protection, targeting civilians, their homes, and driving displacement.
Kuwait has expressed solidarity with Bahrain and voiced support after Manama’s “uncovering [of] an organization linked to the Iranian Revolutionary Guard”, the Kuwaiti Ministry of Foreign Affairs says in a statement posted on X.
The ministry commended “the efficiency of the Bahraini security apparatus and its vigilance in confronting the plots targeting the Kingdom’s security”.
The statement came after Bahrain’s Interior Ministry announced earlier on Saturday the arrest of 41 people accused of belonging to a group linked to the Iranian forces.
Israeli forces attack occupied West Bank, settlers storm village 🚨
Israeli forces attacked multiple locations in the occupied West Bank on Saturday. They included the town of Deir Jarir and the Jalazone refugee camp north of Ramallah, while settlers stormed the village of Khirbet Samra in the Jordan Valley, our correspondent reported.
The raid on Deir Jarir came after settlers attacked a home in the village, according to our colleagues on the ground.
Israeli strikes continue to hit southern Lebanon 🚨
We are in the city of Tyre right now, and we are hearing the sounds of explosions around us. A few minutes ago, there was a very large explosion, quite a distance away, but very loud where we are.
Reports are coming in that it was on the town of Bydas, near Abbassiyeh. As we speak, a fighter jet is flying over the city of Tyre, and multiple drones have been flying over the city for most of today.
There have been multiple strikes across southern Lebanon, causing a large number of casualties. The strike on Saksakieh on a building housing displaced people is still being responded to by the Lebanese civil defence, who are continuing to recover people from the rubble. The death toll from that strike appears to be continuing to rise.
We have also seen Israel carry out multiple strikes on moving vehicles today. One struck a motorcycle in the Nabatieh district, killing a father and his daughter. Two other vehicles were struck on the main highway in the area of Saadiyat, on the road leading from the north to the south of the country, killing at least three people. And those strikes continue as we speak.
The US naval blockade against Iran continues, the country’s military says, claiming forces have redirected 58 commercial vessels and disabled four since April 13 to prevent the ships from entering or leaving Iranian ports.
The blockade, first announced in early April, is part of US efforts to pressure Iran to make a peace settlement and engage in talks over its nuclear programme, amid the ongoing US-Israeli war on the country.
‘No justification’: EU crisis chief condemns Israeli attacks on hospitals and journalists 🚨
European Union crisis management chief Hadja Lahbib has called for increased humanitarian access in southern Lebanon, where Israel has continued strikes and Hezbollah has launched retaliatory attacks despite a “ceasefire” currently in effect.
“Humanitarian aid is ready, but too often it cannot reach those who need it most,” Lahbib told a news conference on the second day of her visit to Lebanon, in advance of an expected EU aid delivery.
“We need humanitarian access in full respect of international humanitarian law. Aid cannot save lives if it cannot reach people,” said Lahbib.
“Hospitals and ambulances targeted and journalists attacked [by Israel] for simply doing their job. There is no justification for this. International humanitarian law must be respected,” she added.
A US-brokered ceasefire came into effect on April 17, but Israel has continued its strikes. Its troops occupy up to 10 kilometres (6.2 miles) inside Lebanon along the border, warning civilians not to return.
🚨🇨🇳 China exports smash records despite Hormuz chaos
While major economies struggle with supply chain disruptions, Chinese exports surged 14.1% YoY, crushing forecasts of 6.9% and hitting a record $359.4 billion in April, customs data shows
🟠Imports jumped 25.3% to $274.6 billion
🟠Trade surplus soared to $84.8 billion
🟠Exports to ASEAN climbed 15.2%
🟠Shipments to the US rose 11.3% despite ongoing tensions
China is also expanding trade across Latin America and the EU, where exports rose 13.7% and 13.4% respectively
Even as physical oil imports fell nearly 20%, China increased spending on crude imports by 13.2%
Despite the Hormuz crisis pushing oil, freight and commodity prices to multi-year highs, China’s resilient industrial base and supply chain clout appear to be absorbing the shock.
🇺🇸America has once again warned Chinese oil refineries not to purchase Iranian oil, saying that any company continuing to buy oil from Iran could face heavy economic sanctions from the U.S.
🇨🇳China says: No matter what kind of economic sanctions you impose on us, we are not afraid. Even if it’s 100% or 200% sanctions, we will continue buying oil from Iran.
Higher costs linked to war pushed onto households, economist says 🚨
People in developed economies are cutting savings to maintain living standards, as higher costs linked to the Iran war are pushed directly onto households, an economist told.
“Companies are effectively passing costs on to the end consumer,” said Paul Donovan, global chief economist for UBS Wealth Management.
“Consumers in developed markets have been digging into their savings rate, cutting back how much money they save every month in order to afford the higher prices,” he told on “Connect the World.”
His comments come as consumer sentiment in the US continued to decline this month, hitting a record low as the ongoing closure of the Strait of Hormuz rattles global energy markets.
Donavon also warned that rising energy prices could leave households with less room for other everyday spending, as customers will prioritize higher fuel and utility bills.
“The problem comes in when consumers are no longer willing to keep cutting back on their savings rate,” Donavon said. “Then you would start to see consumption have to be cut back in order to pay for the higher energy costs.”
China’s aluminium exports jump 15% as war on Iran squeezes global supply 🚨
China’s aluminium exports jumped 15 percent in April, compared with the same month last year, as the US-Israel war on Iran keeps the Strait of Hormuz effectively closed and global supplies of goods constrained.
The Reuters news agency reports the jump in exports from customs data released on Saturday, noting that unwrought aluminium and product exports were 598,000 metric tonnes in April and year-to-date shipments hit 2.05 million tonnes.
Analysts have been forecasting a strong year for Chinese aluminium exports due to the impact of the war on Iran.
China’s export growth has also gathered pace as factories raced to meet a wave of overseas orders from buyers seeking to stockpile components amid fears that the war could push global input costs even higher.
Oil prices jump amid renewed US-Iran fighting in Hormuz Strait, then settle 🚨
Brent crude oil futures jumped as much as 3 percent on Friday, as the US and Iran clashed in the Strait of Hormuz, but the gains were pared back amid optimism of an imminent agreement between Washington and Tehran to end the war.
Brent crude futures settled at $101.29 per barrel, up $1.23 or 1.23 percent, after rising as much as 3 percent during the trading session on Friday.
US West Texas Intermediate (WTI) futures finished at $95.42 per barrel, up $0.61, or 0.64 percent.
John Kilduff, a partner with Again Capital – an investment firm – told the Reuters news agency there is much uncertainty in the market but a belief that an agreement is due.
“We’re on the cusp of a breakthrough in negotiations or we’re on the cusp of a renewal of the fighting. We’ve been here a lot,” he said.
“There is a sense in the market that there is going to be an agreement and we’ll get the next phase which would be 30 days to hammer out an agreement (between Iran and the US),” Kilduff said.
What we know about Iran’s response to the latest US ceasefire proposal 🚨
The US administration of President Donald Trump remains upbeat about reaching a deal with Iran to end the war, but Tehran has not yet formally responded to Washington’s latest proposal.
How is Iran likely to respond to the latest US ceasefire proposals?
And will Tehran have to make significant compromises to reach a deal?