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Oil rises past $100 and global stocks fall
Oil prices rose past $100 on Thursday as Iran’s attacks on shipping and infrastructure rattled markets, sending global stock markets lower. Brent prices rose 9.4 per cent to $100.58 a barrel, putting pressure on global equities. Futures for the S&P 500 declined 1 per cent while Stoxx Europe 600 futures fell 0.7 per cent. Asian equity markets also fell, with Japan’s Topix declining 1.6 per cent. The dollar gained 0.3 per cent against key trading partners while gold fell 0.5 per cent to $5,150 a troy ounce. Yields on 10-year US Treasuries climbed 0.03 percentage points to 4.24 per cent. Bond yields move inversely to prices. Financial Times, March 12

Iran escalates attacks on infrastructure and transport networks across the Gulf
Iran dramatically escalated its strategy of striking civilian infrastructure and transport networks across the Gulf on Wednesday, attacking commercial ships and targeting Dubai’s international airport as US and Israeli warplanes launched new waves of strikes on the Islamic Republic. Senior Iranian officials struck a defiant tone, warning of a long “war of attrition” that would threaten global economic chaos as energy supplies from the region were throttled. In what appears to be a growing stalemate in the 12-day conflict, violence continued across a swath of the Middle East, with Israeli strikes on what it says are Hezbollah targets in Lebanon and barrages of Iranian missiles and Hezbollah rockets targeting Israel. Israeli strikes on Lebanon have killed at least 634 people and injured 1,586 in less than 10 days of fighting. More than 816,700 families have registered as displaced with the Lebanese state. On Wednesday night, in a sharp escalation, Israeli warplanes bombarded Beirut’s southern suburbs and south Lebanon after Hezbollah launched drones and rockets at northern Israel. The Guardian, March 11

Iran warns long war with US, Israel would 'destroy' world economy
Iran warned on Wednesday it could wage a long war with the US and Israel that would "destroy" the world economy, as it effectively closed off transit through the Strait of Hormuz. Under political pressure over the economic fallout from the war, US President Donald Trump said the conflict would end "soon" and promised "great safety" for vessels in the strategic waterway. Oil prices have surged since February 28, when the United States and Israel launched air strikes on Iran, killing its supreme leader and plunging the Middle East into war. The Strait of Hormuz accounts for a fifth of the world's oil supplies, and a mix of Iranian missile strikes and drone barrages has brought shipping through the passage almost to a halt. World economies have scrambled to try to manage prices, with member states of the International Energy Agency agreeing a record release of 400 million barrels of oil from their reserves. France 24, March 11

US launches new probes into EU and other trade partners
The US has launched new investigations into trading partners including the EU, Japan and Korea, as Donald Trump looks to shore up his tariff wall after the Supreme Court struck down many of his previous levies. The US trade representative’s office on Wednesday unveiled an investigation into what it said was “excess capacity and production in manufacturing sectors” in a series of countries. The move is likely to help the Trump administration raise duties back to the level they were at before the US’s top court last month ruled the president could not use emergency powers to impose tariffs. Although the administration moved immediately following the court ruling to impose a blanket 10 per cent tariff on almost all trading partners to replace the levies that were deemed illegal by justices, it will only last for 150 days. Many of the countries targeted on Wednesday - including the EU, Taiwan, Switzerland, Japan and Korea - have reached trade agreements with the US to set their tariffs at specific levels that are often higher than 10 per cent. Financial Times, March 12

MPs launch inquiry into student debt scandal
MPs have announced a parliamentary inquiry into student loan repayments and the tax burden faced by graduates. After a Money investigation revealed the punitive terms faced by graduates, the system has come under intense criticism. Now the cross-party Treasury select committee of ministers is calling for evidence from borrowers about their experience of repayments. Dame Meg Hillier, the Labour MP for Hackney South & Shoreditch and chairwoman of the committee, said that interest rates and high marginal tax rates “have clearly led to widespread dissatisfaction among graduates who may not have fully understood their repayment terms and the possibility that they could change”. She said: “This inquiry is about fairness. Fundamentally, what we’re asking is, have the goalposts been moved in a way which is unfair to graduates?” The committee will look at whether the repayment terms are “reasonable and proportionate”. Workers with an undergraduate loan who earn more than £50,270 face an effective marginal tax rate of 51 per cent once repayments and national insurance are taken into account. The Times, March 12

Social media firms asked to toughen up age checks for under-13s
Major technology companies have been asked to bring in more robust age checks for under-13s in the UK, similar to those currently in place for services designed for adults. The platforms contacted by media regulator Ofcom and data watchdog the Information Commissioner's Office are Facebook, Instagram, Snapchat, TikTok, YouTube, Roblox and X. They have been told they should do more to make sure younger children are kept safe online. Ofcom Chief Executive Melanie Dawes said services were currently "failing to put children's safety at the heart of their products". The companies have defended the safeguards they have in place, with YouTube owner Google saying it was surprised by Ofcom's approach, urging it to focus on higher risk services instead. But both regulators said the social media platforms needed to strengthen their commitment to stopping children under 13 from signing up. Currently, many platforms rely on people who sign up to self-report their own ages. BBC news, March 12

IEA preparing record release of oil reserves
The International Energy Agency is preparing the largest release of strategic oil reserves in its history, in a bid to quell the turmoil in energy markets unleashed by the Middle East war. The agency on Tuesday told officials from its 32 member countries that it recommended a larger stock release than in 2022, when it acted in response to Russia’s full-scale invasion of Ukraine, according to a person familiar with the matter. The proposal comes after G7 finance ministers said on Monday they were ready to tap stocks of crude oil, petrol and diesel to protect the world economy. Oil prices rose 2 per cent early on Wednesday after two days of wild swings that sent Brent crude, the international benchmark, to almost $120 a barrel before it fell back after the FT first reported that the release of IEA reserves was being considered. Financial Times, March 11

US strikes Iranian mine-laying vessels as Middle East war intensifies
The US military said it destroyed multiple Iranian vessels on Tuesday as the Islamic Republic vowed to block the region's oil exports, raising concerns over its threats to stop tankers from using a waterway through which 20 per cent of the world’s oil is shipped. The US destroyed 16 mine-laying Iranian vessels, though President Donald Trump said in social media posts that there were no reports of Iran planting explosives in the Strait of Hormuz. The American military released the figure, along with unclassified footage of some of the vessels, after Trump earlier warned Iran against laying mines in the strait. Both sides sharpened their rhetoric as the war entered its 11th day, with Trump threatening to hit Iran at “a level never seen before” if the country failed to immediately remove mines it might have deployed in the channel. France 24, March 11

Al Quds Day march to be banned after government approves Met request
The government has approved a request from the Metropolitan Police to ban a march due to take place in London on Sunday. Home Secretary Shabana Mahmood said it was aimed at preventing "serious public disorder" at the annual Al Quds Day march, which has always been seen as pro-Iranian though organisers say it is more of a pro-Palestinian event. The Met said the threshold to ban a protest was high and it had not taken its decision lightly. It is the first time a protest march has been banned since 2012. Faisal Bodi, of the Islamic Human Rights Commission which organises the event, said a ban would mean a "sad day for freedom of expression". Mahmood said a stationary demonstration could take place instead under strict conditions. BBC news, March 11

Kremlin backs covert campaign to keep Viktor Orbán in power
The Kremlin has launched a disinformation campaign aimed at helping Hungarian Prime Minister Viktor Orbán get re-elected next month, according to people familiar with the matter. Vladimir Putin’s administration has endorsed a plan by the Social Design Agency, a Kremlin-linked media consultancy under western sanctions, to bolster Orbán’s Fidesz party by flooding social media with messages designed in Russia and posted by influential Hungarians. The campaign frames Orbán as the only candidate who can keep Hungary sovereign and treat world leaders as equals, according to a proposal written by the agency for the Kremlin late last year and seen by the FT. It intends to contrast Orbán, a “strong leader with global friends”, with his main rival Péter Magyar, a “Brussels puppet with no outside support”, the proposal says. Magyar has emerged as the most serious challenger to the decades-long rule of Kremlin ally and Brussels antagonist Orbán in the April 12 election. Financial Times, March 11

Roman Abramovich ‘obliged to give only £987m’ from Chelsea sale to charity
Roman Abramovich says he is obliged to pass on only the £987million net proceeds from the sale of Chelsea to a charitable foundation rather than the full £2.35billion he received from the club’s new owners, the latest accounts of his company have revealed. Fordstam Ltd’s accounts for the year ending June 2023 state that the company owes £1.4bn to a Jersey-registered company called Camberley International Investments which needs to be repaid from the Chelsea cash. That is a related party company that was used by Abramovich to loan money to Chelsea during his two decades owning the club. “The owner of Fordstam Limited, Roman Abramovich, intends to donate the net proceeds from the sale of the club, after allowing for other balance sheet items, to a charitable foundation,” the accounts read. The Times, March 11

Hereditary peers to lose their seats in the House of Lords
Hereditary peerages will be abolished before the next king’s speech after a deal was struck granting life peerages to some Conservatives and cross-benchers losing their seats. On Tuesday evening the upper chamber accepted a final draft of the House of Lords (hereditary peers) bill, marking the end of its passage through parliament and clearing the way for it to be added to the statute book. The Lords leader, Angela Smith, confirmed the government would offer life peerages to some of those who would otherwise lose their seats. As a result, the Tories withdrew their opposition to the bill. Since 1999, up to 92 hereditary peers have been able to sit in the upper house and cast their votes in the lobbies but the bill effectively reduces this quota to zero. The Guardian, March 10