Wael Sawan, Shell CEO since Jan 2023, is in the news amid energy market turmoil and geopolitical tensions over Iran and Middle East conflicts.
NatWest has relaxed its fossil fuel financing restrictions, removing bans on renewing oil and gas loans and dealings with non-transition aligned companies. The move reflects shifting priorities amid energy security concerns, despite criticism from sustainability advocates. The bank aims to halve its climate impact by 2030.
Several major corporations released their 2025 financial results, showing varied performance. Tui reported stable revenue and growth in cruises and holiday experiences. AstraZeneca and Novo Nordisk faced challenges with sales forecasts amid pricing pressures. Shell and BP experienced profit declines due to falling oil prices, with Shell increasing debt to sustain shareholder payouts. Exxon posted a solid quarter despite lower revenue. The results highlight ongoing industry shifts and economic pressures as 2026 begins.
G7 ministers are meeting via videoconference to address the economic impact of the Middle East conflict, focusing on soaring energy prices, supply disruptions, and US war aims. The meeting aims to coordinate responses and clarify US objectives as tensions escalate and oil markets remain volatile.
As of April 2026, the UK government is managing the economic and diplomatic fallout from the US-Israel war on Iran, which has disrupted global oil supplies via the Strait of Hormuz. Prime Minister Sir Keir Starmer faces strained relations with US President Donald Trump over UK non-involvement in offensive strikes. The government is implementing targeted cost-of-living support, including a £1 billion Crisis and Resilience Fund and energy price cap reductions, while urging de-escalation and closer ties with Europe.
Cypriot officials are calling for a review of the UK military bases in Cyprus following recent incidents, including a drone strike and UK-US security talks. President Christodoulides seeks greater transparency and possible renegotiation of the 1960 treaty, while the UK emphasizes the bases' defensive role and denies offensive use.
The Strait of Hormuz has been effectively closed for nearly four weeks due to Iran's actions, causing oil prices to rise above $100 per barrel. The disruption threatens global economic stability, with prices potentially reaching $150 if Iran remains a threat after the conflict ends, according to BlackRock CEO Larry Fink.
The UK government is reopening the Ensus plant on Teesside with £100m support to address potential CO2 shortages caused by the Iran conflict. The plant, shut last September due to trade deal impacts, will operate initially for three months to bolster supply for food, healthcare, and industrial sectors.
BP has upgraded its first quarter oil trading guidance following a weak final quarter in 2025. The company reports increased volatility due to ongoing conflicts in the Middle East, with oil prices surging over 60% this year. BP expects flat upstream production and higher net debt, with results to be released on April 28.