Saudi Arabia's state-linked energy giant
Global oil majors are posting higher first‑quarter profits as supply disruptions, including the Strait of Hormuz tension and related price spikes, bolster trading and refining margins. Shell and BP report earnings well above forecasts, while Aramco highlights a critical export artery from its east coast to the Red Sea, helping cushion markets.
Saudi Aramco has reported a $32.5 billion profit for Q1 2026, driven by higher volumes and a full-capacity East-West Pipeline that is helping mitigate global energy shocks despite continuing disruption in the Strait of Hormuz. The company notes ongoing headwinds from Hormuz while maintaining its dividend and investing in growth.
Campaigns protest rising energy costs as Shell and other oil majors report rising profits; governments are weighing measures to curb profiteering while households confront higher energy and food prices amid global tensions.
Oil markets are facing a prolonged impact from the current crisis in the Strait of Hormuz, with analysts and industry leaders warning that a full rebound in flows may take years. Saudi and UAE officials emphasise resilience strategies to cushion prices, while other observers caution that the damage to global trading systems will extend beyond the immediate conflict.
SpaceX has floated on Nasdaq under the ticker SPCX, raising about $75 billion at $135 a share and debuting with a market value above $2 trillion. The newly public group combines SpaceX's rocket and Starlink businesses with xAI and X. Investors have driven strong demand despite losses and questions about unproven projects such as orbital data centres and Mars plans.
SpaceX has filed to sell 555.6 million shares at $135 each, aiming to raise about $75 billion and value the company near $1.75–1.77 trillion. Elon Musk will retain roughly 82% voting control. The company has allocated unusually large tranches to retail buyers, employees and direct-share participants, and disclosed AI compute deals that affect revenue assumptions.
IMF says Saudi Arabia’s economy has shown resilience due to diversified infrastructure and rerouted oil flows, despite pressure from the Middle East conflict. Non-oil activity and exports are affected; forecasted growth adjusts as oil dynamics shift.
SpaceX has completed the largest IPO in history, raising $75 billion and listing on Nasdaq under ticker SPCX. Shares opened at $150, climbed as high as $176 and closed the first day around $160–166 in extended trading, briefly valuing the company above $2.1 trillion and making Elon Musk the world's first likely trillionaire.
The SpaceX IPO has launched, commanding a multi-trillion-dollar market cap and drawing investor attention to AI-focused stocks like Anthropic and OpenAI. Analysts warn about overvaluation and the risk of market concentration as new supply floods the tech sector.
A tentative deal has reopened the Strait of Hormuz and allowed some vessels to leave the Persian Gulf, but global oil flows have not returned to normal. Producers and shipowners have cut output and delayed shipments; tankers stranded in the Gulf and shut-in fields will take weeks to months to restart full exports, keeping pressure on prices and inventories through summer.
SpaceX has announced a senior unsecured notes offering to raise about $20 billion to refinance a bridge loan and fund expanding AI infrastructure, including Starship and Starlink. The move follows a record IPO and large cash reserves, but faces scrutiny over negative free cash flow and high capital needs.
The Financial Conduct Authority has had parts of its £9.1bn motor‑finance compensation scheme suspended after legal challenges from Volkswagen Financial Services, Mercedes‑Benz Financial Services, Crédit Agricole Auto Finance and consumer group Consumer Voice. The Upper Tribunal has set hearings for December or February; lenders will not need to calculate or pay redress while legal proceedings continue, delaying mass payouts until at least 2027 if the scheme survives.
U.S. Central Command has carried out strikes on Iranian missile and drone storage facilities and coastal radar sites after Iran allegedly attacked a commercial vessel in the Strait of Hormuz. The move follows a fragile, recently signed framework aimed at unlocking Lebanon-Israel diplomacy and stabilizing the region. Escalating exchanges threaten the Ceasefire and freedom of navigation in the waterway.
Saudi Arabia has resumed Gulf crude loadings and appears to be clearing a pre-war backlog, with several tankers exiting the Strait of Hormuz as tensions with the US and Iran simmer. Aramco is ramping up exports to Asia, and market pricing is shifting as shipments resume from Ras Tanura.
Oil prices have shifted as indirect negotiations between the U.S. and Iran inform expectations for Middle East supply. Markets show guarded optimism about a ceasefire framework and potential restoration of safe shipping through the Strait of Hormuz, while inventories and production signals temper optimism.
Tensions escalate between Washington and Riyadh after Saudi Arabia blocks U.S. use of its bases and airspace for Project Freedom, prompting a rethink of the U.S. Gulf military footprint even as officials insist the partnership remains strong.
OPEC+ has agreed to increase oil output by 188,000 barrels per day from August, marking the fifth straight monthly rise. While the move signals a cautious unwind of earlier cuts, oil supplies remain constrained by the Strait of Hormuz and ongoing regional tensions. Prices have edged back toward pre-war levels as shipping resumes.
Canada’s Mark Carney has arrived in Saudi Arabia to deepen economic ties, with a focus on mining, energy cooperation, and investment in AI and skills development. The visit follows a 2023 diplomatic reset and precedes a signing ceremony for commercial agreements worth over CAD 1 billion.
Iraq’s prime minister travels to Washington to deepen economic ties as the Strait of Hormuz remains closed and fighting between the US and Iran intensifies. Oil output, IMF talks, and potential US investment are on the table while Iran-backed groups push back against disarmament. Diplomatic prospects hinge on stabilizing energy flows and expanding state control over weapons.
Yemen's Houthi movement has declared an immediate maritime embargo against Saudi Arabia, saying it will close the Bab al‑Mandab to Saudi vessels in retaliation for a reported Saudi blockade of Houthi ports and last week's strikes on Sanaa airport. The announcement has raised fears of renewed attacks on Red Sea shipping and wider disruption to oil routes that already bypass the Strait of Hormuz.
Oil prices have climbed after President Trump announced a 20% shipping fee for cargo through the Strait of Hormuz and a renewed blockade of Iranian ports. Markets fear supply disruptions as global oil volumes tighten amid renewed conflict, with Brent and WTI futures moving higher following a day of volatile trading.
Drones and missiles target Saudi energy infrastructure amid a broader surge in US-Iran hostilities. Riyadh says the attacks were launched from Iraqi territory by Iran-backed militias; Iraqi authorities condemn the strikes while Yemen’s Houthis claim to have attacked Saudi shipping. The lull in fighting is punctuated by new strikes across the region as mediators push for talks.
The 2026 World Cup has reshaped markets and national feelings, with host nations counting big GDP gains while fans grapple with ticket prices, hydration breaks, and shifting loyalties. The event has intensified debates over money, mobilized nationalism as a consumer brand, and spotlighted soft power through sponsorships.
Ukraine has carried out long-range strikes in the Caspian Sea that targeted vessels it says were transporting Iranian-linked military cargo to Russia. Iran has summoned Ukraine’s diplomat, said one sailor was killed and warned retaliation; Kyiv and its foreign minister have denied intent to target civilians and called Iran’s threats unjustified.
The United States has paused nightly airstrikes on Iran and Tehran has halted retaliatory attacks for at least two days while mediators from Qatar, Pakistan and Oman exchange messages. Advisers warned President Donald Trump that continued strikes risked depleting munitions and running out of targets; oil prices have fallen as markets price the lull.
The US has carried out a "heavy wave of strikes" against dozens of Islamic Revolutionary Guard Corps sites in Iran after Tehran launched missiles at a US base in Jordan. Strikes have hit command centres, missile and drone facilities, and coastal surveillance sites. Jordan reports its defences intercepted missiles; Iranian outlets report civilian casualties on Qeshm island.