Oil prices plunge 15% to below $100, stocks surge and dollar slumps after Trump announces US-Iran ceasefire – as it happened

Markets have been cheered by news of the two-week ceasefire between the US, Israel and Iran. However, this excludes Lebanon, where Israel has carried out its biggest wave of air strikes today since the war there began on 2 March.Iran has agreed to reopen the strait of Hormuz, where around 1,000 ships have been trapped. A senior Iranian official told Reuters Tehran could open the key shipping route on Thursday or Friday ahead of peace talks in Islamabad.Brent crude, the international oil benchmark, has tumbled 15

John Lewis boss’s pay rises to £1.2m as retailer cuts 3,300 jobs

The boss of the group that owns John Lewis and Waitrose was handed a 21% increase in basic pay last year to £1.2m while the retailer cut 3,300 jobs.Jason Tarry, who became chair of the John Lewis Partnership (JLP) in September 2024, saw his annual salary increase by a fifth to £1.2m in the year to January, from £990,000.He also received a £22,700 annual bonus – equivalent to 2% of his pay – and other benefits, taking his total pay package to almost £1

Close Brothers shares surge after UK bank says it can ‘comfortably absorb’ cost of car finance compensation

Close Brothers shares surged on Wednesday after the UK bank declared it could “comfortably absorb” its slice of a £9.1bn compensation bill over the motor finance scandal, hours after one of its rivals announced it was selling its UK operations over looming costs.The specialist lender said it expected the final terms of the Financial Conduct Authority’s (FCA) compensation scheme to cost roughly £320m, a sum that was “broadly similar” to previous estimates and the £294m put aside to date.Close Brothers said the extra £26m could be “comfortably absorbed by existing capital resources, leaving the group well positioned to continue delivering its strategy”. The news sent its shares up by 17% by early afternoon on Wednesday

Maritime and port workers: how is the Middle East conflict affecting you?

The conflict in the Middle East continues to disrupt shipping across the region, including in the Strait of Hormuz, one of the world’s busiest maritime routes.The US and Iran have agreed to a provisional two-week ceasefire, which includes a temporary reopening of the strait. But maritime traffic through the narrow channel linking the Persian Gulf with the Gulf of Oman remains affected, with vessels still facing delays, diversions and heightened security risks as the situation evolves.Ports and shipping companies are continuing to operate amid uncertainty, while cruise ships carrying thousands of tourists have faced disruption across the region.We would like to hear from maritime workers, port staff and shipping crews about how the situation is affecting your work

‘We can’t increase prices any more’: UK hospitality firms hit by cost triple blow

Nick Evans is staring in vain at columns of numbers, trying to make them add up to a profit. He is a co-owner of the Old Crown Coaching Inn in Faringdon, Oxfordshire, a pub and hotel whose rich history is etched into its crooked wooden beams and cosy snugs.Oliver Cromwell stayed here in 1645. A room believed to have been used by the notoriously severe “hanging judge” Lord Jeffreys to condemn rebels now stages happier encounters: it is the honeymoon suite.As a former City trader, Evans is no stranger to profit

UK house prices fall in March amid uncertain impact of Middle East conflict

UK house prices fell in March, as the housing market lost momentum amid uncertainty over the conflict in the Middle East and the impact on the economy and interest rates.Figures from Halifax, which is part of Lloyds – Britain’s biggest mortgage lender – showed property prices dipped by 0.5% in March compared with a month earlier. As a result, the average price of a home slipped back below £300,000, to £299,677, after first crossing the milestone in January.The pace of annual property price growth also eased to 0

UK interest rate predictions fall as US and Iran agree two-week ceasefire

City traders have cut their forecasts for UK interest rate rises this year after the US and Iran agreed a two-week ceasefire.The money markets are now fully pricing in only one rise in UK interest rates by December, which would take the Bank of England’s base rate back up to 4%. On Tuesday, two rate rises had been fully priced in as Donald Trump threatened that a “whole civilisation will die” unless Tehran complied with his demands to reopen the strait of Hormuz.Rate expectations fell as the oil price tumbled on Wednesday amid hopes that supplies from the Middle East could return towards prewar levels. Brent crude, the international benchmark, was down 13

Ex-Waitrose worker needs our support | Brief letters

Perhaps the boss of Waitrose should leave his ivory tower and spend an extended period on the shop floor to experience the life of a shop worker and see the shoplifting epidemic that is happening day in and day out. He may then reach boiling point one day and react out of character. Perhaps a “Don’t-shop Wednesday” at Waitrose, in support of Walker Smith (Waitrose employee sacked after stopping shoplifter from taking Easter eggs, 5 April), might have some effect and reach top executives.Roy WilsonHarrow, London The heartwarming column on how Beau the labrador saved his master’s life after he suffered cardiac arrest on a beach (The pet I’ll never forget, 6 April) reminded me of when we got our new collie. Arriving home, my husband went on ahead to open the house door and didn’t see that I had tripped and landed face down on our lane

Oil and gas crisis from Iran war worse than 1973, ​1979 and 2022 together, says IEA

The oil and ‌gas crisis triggered by the blockade of the strait of Hormuz is “more serious than the ones in 1973, ​1979 and 2022 together”, the head of the International Energy Agency (IEA) has said.Speaking as Donald Trump’s deadline for Iran to reopen the waterway approached, Fatih Birol told ⁠Le Figaro newspaper that the impact of the Middle East conflict on the oil market was larger than the combined force of the twin shocks of the 1970s and the fallout from Russia’s invasion of Ukraine.The IEA executive director also warned that the countries most at risk were developing nations, ‌which ⁠would suffer from higher oil and gas prices, higher food prices and a general acceleration of inflation, while European countries, Japan and Australia would also feel an impact.Oil prices seesawed around the $110 (£83) a barrel mark on Tuesday, rising above that level after Trump warned that a “whole civilization will die tonight” unless Iran made a deal, before later easing to just below.Investors are growing increasingly anxious as Trump escalates his threats against Iran, demanding that it reopen the strait of Hormuz as part of any deal to stop the war

Universal Music, home to Taylor Swift and Drake, receives €55bn takeover offer

Billionaire Bill Ackman’s hedge fund has offered to buy Universal Music Group (UMG) in a deal that values the world’s biggest music company at about €55bn (£48bn).Pershing Square, the New-York based hedge fund, has made a bid for the business, which is home to artists including Taylor Swift and Elton John, with a cash and stock deal that would move its stock market listing from Amsterdam to New York.Ackman said in a statement that while the company, which is led by the British-born Sir Lucian Grainge, had done “an excellent job nurturing and continuing to build a world-class artist roster and generating strong business performance”, its share price had lagged owing to issues “unrelated to the performance of its music business”.Shares in UMG, which have been listed in Amsterdam since 2021, had lost more than a quarter of their value in the past year alone. Pershing’s offer triggered a sharp rise, with the price up by 13% on the previous trading day when the Amsterdam Euronext exchange closed on Tuesday

Oil back above $110 in volatile markets as Trump deadline looms for Iran to reopen strait – as it happened

Brent crude has risen above $110 a barrel again, after Donald Trump warned Iran “a whole civilization will die tonight” if Iran does not make an agreement.Brent, the global oil benchmark, has see-sawed in volatile markets today, and is now up 0.8% at $110.67 a barrel.Writing on Truth Social, the US president said:double quotation markA whole civilization will die tonight, never to be brought back again

BP shareholders advised to vote against chair over climate resolution exclusion

BP shareholders should vote against its new chair over his decision to exclude a climate resolution from the company’s next annual meeting, a major proxy adviser has recommended.Glass Lewis has advised investors to vote against Albert Manifold, who has been in his post for just six months.The institution, which advises some of the world’s biggest investors, said its recommendation was based on BP’s decision to exclude a proposal to share its longer-term strategy under scenarios of declining oil and gas demand.The resolution was tabled by the climate activist shareholder group Follow This and would have prompted the company and its shareholders to discuss the issue at BP’s annual general meeting on 23 April.BP, one of the biggest oil companies in the world, is in the process of pivoting its focus back to oil and gas after an ill-received foray into renewables

Can’t face another mouthful of chicken? You’re probably coming down with the ick

Name: The chicken ick.Age: Chickens have been around since, well, eggs …Unless it’s the other way round. Whatever. The chicken ick, on the other hand, is new.And what is it, please? You know when you suddenly feel disgusted by the chicken you’re eating, possibly mid-bite, despite previously enjoying it?Er, not really, to be honest

Georgina Hayden’s quick and easy recipe for gochujang butter salmon | Quick and easy

The classic combination of soy sauce and honey salmon is a staple in our house, and works for kids and adults alike. However, sometimes I want to change things up, so here I’ve elevated it slightly with a gochujang dressing – similar principle, but with a bit of heat and depth, as well as richness from the butter. Using butter might seem unusual, but it is often paired with soy sauce in Japan (shoyu butter) with an indulgent result. Serve the fish over sticky rice, to soak up all those spicy, buttery juices, with steamed greens on the side.Prep 10 min Cook 25 min Serves 41 tbsp sesame oil 4 tbsp soy sauce 2 tsp gochujang paste 2 garlic cloves, peeled and finely grated4cm piece of ginger, peeled and finely grated½ tsp caster sugar 4 sustainably caught skin-on salmon fillets Sea salt and white pepper70g unsalted butter 150g bean sprouts Sticky rice, to serveA handful of roasted peanuts, roughly chopped10g coriander, leaves pickedHeat the oven to 220C (200C fan)/425F/gas 7

How to make the perfect Portuguese feijoada – recipe | Felicity Cloake's How to make the perfect

If you are trying to incorporate more beans and pulses into your diet, as I am, then this robust, one-pot feast, which food writer Edite Vieira describes as “a marvellous standby of the Portuguese kitchen”, is one to bear in mind. Though each region has its own variations, “basically”, she explains, “feijoada is a rich bean stew with pork and sausages”. The Brazilian version, often cited as that country’s national dish, is the product of the West African “love of beans”, according to the Oxford Companion to Food, with some suggesting that it’s a South American creation that travelled to Europe along with returning colonisers. Others insist with equal fervour that the dish was “born in the north of Portugal, and imported and adapted to what was available in Brazil”. Like so many such homely favourites, its precise history will probably ever remain a mystery; what’s important is that it’s simple to prepare, easy to adapt according to taste and budget, and very satisfying

Burro, WC2: ‘Big but the opposite of brash – restaurant review | Grace Dent on restaurants

Brings old-school charm to a touristy part of townBurro, a new Italian restaurant in Covent Garden, London, had been on my horizons even before the napkins were on order, because Conor Gadd, the chef-owner, has form. His first restaurant Trullo, up in Islington, has sat unshakably around the top of my recommendations list for about 15 years and is namechecked by me at least twice weekly when complete strangers want a tip for a birthday, proposal or a client they need to impress. Or simply, “somewhere to take a foodie” who “really likes food”. Yes, the brief given to restaurant critics is often that vague, but to all these things I say: “Have you been to Trullo? Order the beef shin ragu and some good red wine. It’s been there for ages and they know what they’re doing

Sunday best: Thomasina Miers’ recipes for aromatic chicken one-pot and salted caramel banana cake

I love Mexican chillies for the subtle flavour they give to cooking. Take the ancho, with its sweet, earthy notes of chocolate and plum. That adds immense depth to dishes traditional and avant garde alike, and is now readily available online and in shops. In today’s one-pot, which is a near-perfect way to cook a whole chicken, the ancho adds character to a classic sofrito, while in the pudding the savoury notes and touch of heat complement the dark caramel, helping to create a banana cake that is anything but bland. If you can’t find ancho, try any other medium-heat chilli flake in its place (nora, aleppo), or simply leave it out

Oats, sardines and crisps: emergency foods to stockpile – and why you should share them

People should have an emergency stockpile of food in their homes in case conflicts, extreme weather or cyber-attacks shut down supplies, leading UK experts have told the Guardian.In an ever more turbulent world, they say it is essential to choose long-life items that can be eaten without cooking – think tinned beans, vegetables and fish, rice crackers, and oats that can be soaked. But it is also important to choose items you actually like to eat, and some treats such as chocolate or crisps to keep your spirits up. You will also need water – lots of it – not just to drink but for washing too.Perhaps the most surprising advice is to be prepared to share your stockpile with neighbours

Reese’s chocolate heir accuses Hershey of altering recipes: ‘It wasn’t real peanut butter’

The grandson of HB Reese, the inventor of Reese’s Peanut Butter Cups, has accused the chocolate giant Hershey of faking a pledge to investors to switch back the recipes of its popular products – including KitKat – to the original milk and dark chocolate ones.A confectionery-focused dust-up between Brad Reese and the $42bn Pennsylvania-based company began in February when Reese, 70, accused the company of “quietly replacing” the ingredients – or “architecture” – in his grandfather’s invention with cheaper “compound coatings” and “peanut-butter-style crèmes”.At a recent Hershey investor conference, the company said it would change about 3% of select products to the original recipes but maintained it had never altered the renowned Reese’s Peanut Butter Cups.The company’s chief growth officer, Stacy Taffet, said Hershey was “transitioning our sweets portfolio to colors from natural sources, and ensuring that all Hershey’s and Reese’s offerings are consistent with their brand’s classic milk and dark chocolate recipes”. The changes are planned to come into effect by next year

Put away the Aperol and raise a glass to Hugo spritz, the drink of the summer

Pub gardens and bar terraces have been awash with a sea of orange in recent years as Italy’s love of Aperol spritz spread to the UK. But this year the cocktail’s cousin, a Hugo spritz, will be the drink of the summer, according to supermarkets and bars.It is already being served across the country, including at Sea Containers on the banks of the Thames and Mayfair’s swanky Claridge’s hotel in London, 20 Stories bar in Manchester and the Bridge Tavern in Newcastle. Wetherspoons has the cocktail on its menu nationwide.“In the past year, we have noted that there has been a wider shift among our guests towards drinks with lower alcohol percentages, particularly during the day – a Hugo spritz fits rather neatly into this space,” said George Raju, director of bars at Claridge’s

Helen Goh’s recipe for ricotta, rum and raisin cake | The sweet spot

This is a cake for the long, ambling tail-end of an Easter lunch. It’s gently scented with orange and vanilla, lightened by ricotta, and studded with rum-soaked raisins that bring bursts of sweetness to each slice. Ideally, they’d be soaked overnight to plump them into something luscious, but if time gets away from you, take a shortcut: put the raisins and rum in a microwave-safe bowl, zap for 20–30 seconds, then leave to cool and absorb. The chocolate glaze is optional; on days when you want something simpler (or lighter), a generous sifting of icing sugar is all this cake needs. Serve with a small glass of grappa or something similarly warming for a quietly perfect way to bring a feast to a close

Cocoa-crazy: chocolate-infused liqueurs deserve their own moment

Among my minor childhood traumas was the time my dad returned from a business trip to Belgium with a smart box of assorted chocolates (cue tiny violins). Expecting caramel, I bit into a truffle and was met by an explosion of very boozy liqueur. The box seemed to be an exciting change from the usual duty-free Toblerone, but after this incident, truffle assortments have always struck me as deeply unsafe. (I have tried liqueur-filled chocolates since, but still remain flummoxed by them.)The Guardian’s journalism is independent

Baked cheesy smoked haddock and lemon icebox pudding: Henry Harris’ alternative Easter lunch

Sometimes all you want is a hot, bubbling dish and a spoon, and for me today’s cheesy haddock is that dish – a 15-minute supper to be enjoyed in front of the telly with a salad or a large bowl of hot buttered peas. Add a lemony, biscuity iced dessert, and you have a light, very easy and enjoyable supper that’s almost the perfect close to a long Easter weekend.Choose your smoked haddock carefully: you want large, thick fillets of undyed fish. Stating the obvious, here, but a good fishmonger will have this; a supermarket never. The creme fraiche must be a French, naturally soured cream, too, becausethe cheaper English versions coagulate when heat is applied, resulting in an unpleasant, watery gunk

Rachel Roddy’s Easter cannelloni with spinach, peas, ricotta and mozzarella – recipe

Fresh sheets smelling of fresh air or fabric softener (or both) with hospital corners are one of life’s great pleasures. As are fresh sheets of egg pasta – the sort that comes in squat boxes protected by clingfilm and found in the fridge section alongside ravioli. They are also one of the most useful and certainly the most multi-talented of all the pasta shapes.That they are labelled lasagne is limiting; of course, they can be lasagne, but they could just as easily be numerous other shapes. The most easy-going of which is maltagliati, meaning badly cut, which tells you everything you need to know about the approach required as you cut them (using a knife, pizza wheel or pair of scissors) into uneven bits that are ideal in all sorts of soups, but especially those with beans