‘Vicious cycle’: panic buying is biggest risk to Australia’s petrol supplies, experts say

Regional service stations are struggling to replenish fuel supplies left empty by panic buying that has seen demand double and even triple in areas like the Barossa and Mildura amid an escalating Middle East conflict.As a leading motoring group warned of a “vicious cycle” of motorists stockpiling petrol, Chris Bowen, the energy minister, stood up in parliament to urge Australians to remain calm, insisting the nation did not have a shortage of fuel supplies.Amid reports of country service stations running dry, some regional fuel distributors have claimed the shortage is due to wholesale petrol being reserved for sale in the big cities.“The biggest risk to availability in Australia right now is panic buying,” Bowen said, pointing to a “massive spike” in demand that had seen fuel sales up by 238% in the Adelaide Hills and Barossa, and 100% in Victoria’s Mildura.“Of course providers also find difficulty in meeting the demand

Financier Crispin Odey takes FCA to court over exclusion from City

Crispin Odey, the multimillionaire financier fighting various lawsuits relating to allegations of sexual misconduct, is to launch a case against the financial services regulator over his exile from the City.The Financial Conduct Authority (FCA) fined Odey £1.8m and banned him from the financial services industry last year.It found that he had displayed a “lack of integrity” by attempting to frustrate an investigation by his own hedge fund into allegations of sexual harassment, which he denies.Odey had already launched a £79m libel claim against the Financial Times, which first published claims about his behaviour towards junior female staff

Qantas hikes international air fares citing volatile oil prices from war in Middle East

Qantas has announced it is increasing the price of its international air fares amid oil price volatility caused by the war in the Middle East, while the airline also reported higher-than-normal ticket sales for flights to Europe.While the company hedges against change in jet fuel prices, it was not fully covered for the spike seen in the wake of surging oil prices, a spokesperson said on Tuesday.Qantas’s price hikes will differ in extent across its international routes, the spokesperson said, but did not provide further detail.The conflict, catalysed by the US-Israel strike on Iran in late February, has disrupted flights around the world with major airports and airspaces affected across the Middle East – including Dubai, among the busiest international airports in the world and the official stopover for Emirates.Qantas, which does not fly to the Middle East, has continued to operate flights as scheduled and reported seats rapidly filling up as some passengers from affected carriers rebook through the Australian airline

Why has the Iran war sparked fears of stagflation for the global economy?

Oil prices surged on Monday, triggering a stark sell-off across some of the world’s leading stock markets amid growing concern that the US-Israel war on Iran could set the stage for a global economic shock.While they fell back on Tuesday after Donald Trump suggested the Middle East conflict could end “very soon”, oil continues to trade at high levels.The war has caused an energy supply crisis that could risk driving up inflation and interest rates, according to economists, who believe growth is set to weaken while prices rise. Fears of stagflation – where economic activity stagnates, but inflation increases – loom large.Here’s what you need to know

US stock markets close on high after Iran war drove oil prices above $100 a barrel

US stock markets closed on a high after oil prices swung wildly on Monday, reaching a four-year high in the morning that rattled Asian and European markets before settling down once Donald Trump said the US-Israel war with Iran is “very complete”.After surging past $100 a barrel on Monday morning, oil prices came down to $85 a barrel by the time that US stock markets closed in the afternoon. US stocks leaped at a report from a CBS News reporter that Trump thinks “the war is very complete, pretty much” because “they have no navy, no communications, they’ve got no air force”.The Dow closed at a 230-point jump, while the S&P and Nasdaq closed at 0.83% and 1

We may not be running out of gas but we still need a serious strategic gas reserve | Nils Pratley

Alarmed that Great Britain has only enough gas in storage to cover two days of consumption? Actually, Michael Shanks, the energy minister, is right that the bald statistic is not a reason to run for the hills. But he would help his case if he admitted that the long era of running a “just-in-time” approach to gas supplies looks increasingly unworkable.Shanks is obviously correct that Great Britain does not source its supplies from storage. About 75% of our gas comes from the North Sea – from domestic fields and via the 725-mile underwater Langeled pipeline from Norway – and neither source is affected by the war in Iran.As for imported liquefied natural gas (LNG), typically about 18% of supplies today, the market is disrupted now that Qatar, about a fifth of the global market, is not producing

Golf club firm owned by Trump’s sons merges with drone manufacturer

A golf club company backed by the sons of Donald Trump is merging with drone manufacturer Powerus in a deal designed to take the drone technology company public.The merger with Aureus Greenway Holdings is the latest in Eric and Donald Trump Jr’s growing investments in the drone sector, following last month’s $1.5bn tie-up between Israeli drone maker XTEND and Florida-based JFB Construction Holdings. Drones have become a major procurement priority for the Pentagon and are widely used in Ukraine, where dense air defense systems near the frontlines limit the deployment of conventional aircraft.This growing reliance has also drawn significant Silicon Valley funding into drone and military artificial intelligence startups, boosting valuations of US companies such as Anduril Industries and Shield AI

How high could oil prices go – and what might the global economic fallout be?

Fears over the global economy have been stoked by the oil price soaring past $100 a barrel as a result of the US-Israel war with Iran.Economists say the increasing likelihood of a prolonged conflict in the vital energy exporting region could have serious consequences for living standards around the world amid the threat of a renewed inflation shock.Against a highly uncertain backdrop, financial markets are under heavy selling pressure, consumers are facing rising prices, central banks could be forced to increase borrowing costs and governments will come under pressure to support households and businesses.Oil prices passed $119 a barrel on Monday, the highest level since Russia’s full-scale invasion of Ukraine in February 2022. Analysts say the continued closure of the strait of Hormuz could drive the price close to $150 a barrel, above the record high of $145

Rachel Reeves warns fuel retailers not to make ‘excess profits’ from oil crisis; G7 ‘stands ready’ to release crude reserves – as it happens

Time for a recap, after a dramatic day in the financial markets.UK chancellor Rachel Reeves has warned petrol, diesel and heating oil retailers not to take advantage of the surge in oil prices.Updating MPs about the situation, after an alarming surge in oil prices last night, Reeves said she would “continue to monitor prices” at the pumps as the situation develops.She told the House of Commons:double quotation markI have also asked the Competition and Markets Authority to be vigilant across prices, including essentials like road fuel and heating oil.Let me be absolutely clear

How will war in the Middle East affect your finances?

The war in the Middle East is continuing to tighten the screw on the finances of people around the world. Stock markets have fallen and the oil price has surged over $100 a barrel for the first time in four years – fuelling fears of a new cost of living crisis.Here is how it could affect your bills, spending and investments if you live in the UK.“Average petrol and diesel prices have rocketed in the last week and are unfortunately likely to keep on rising, so the situation for UK drivers is looking increasingly bleak,” said Simon Williams, the head of policy at the RAC.Speaking on Monday morning, he said petrol had risen by 5p to 137

Live Nation reaches surprise settlement with justice department in antitrust case

Live Nation, which owns Ticketmaster, has reached a surprise settlement with the Department of Justice in its antitrust case just one week after the trial began.Under the agreement, Live Nation will create a $280m settlement fund for states that participated in the lawsuit and Ticketmaster will be required to open parts of its platform to rival ticketing companies, Live Nation announced Monday.The agreement also will require Ticketmaster to divest from exclusive booking agreements it has with 13 amphitheaters in the US and cap service fees at 15% of the ticket price. The agreement also limits long-term exclusivity contracts utilized by Ticketmaster when partnering with venues.An attorney for New York State told jurors last week that Ticketmaster keeps an average of $7

Yorkshire Water receives fresh funding despite sewage fines and pay row

A leading European investor will pump fresh funding into Yorkshire Water including helping to cover a £600m loan, despite recent heavy sewage fines and a scandal over executive pay at the utility company.EQT, a Swedish private equity group, said on Monday it would take a 42% stake in Kelda Holdings, the Jersey-registered parent company of Yorkshire Water, which has 5.7 million customers across Yorkshire and parts of the East Midlands and Lincolnshire.The move will effectively make it Yorkshire Water’s joint owner, bringing the stake of an existing shareholder, GIC, an investment firm, to 42%, and TCorp, the investment vehicle of Australia’s New South Wales public sector, to 16%.EQT said part of the deal would involve contributing to a £600m “inter-company loan repayment” that is due before March 2027, while it was “fully supportive” of spending plans to clean up Yorkshire’s record on sewage spills

How to make salt and pepper squid – recipe | Felicity Cloake's Masterclass

This crisp, salty, pungently aromatic dish is a strong contender to kick off my fantasy final meal – it wouldn’t really go with the steak frites and trifle to follow, but I find the combination of hot, crunchy batter and soft, creamy squid utterly irresistible. Happily, there’s no need to save it for the end times when it’s so easy to make for dinner tonight.Prep 10 min Cook 15 min Serves 2350g small sustainably-sourced squid, cleaned and defrosted, if necessary¾ tsp black or white peppercorns ¾ tsp Sichuan peppercorns ¼ tsp fine salt 50g potato starch, or cornflour 1 generous pinch MSG (optional)1 egg, beatenNeutral oil, to deep fry1 red chilli, stalk, pith and seeds discarded, flesh finely sliced2 spring onions, trimmed, white and green parts finely sliced1 garlic clove, peeled and slicedIf you’re not a fan of the cephalopod, this recipe can be easily adapted to suit anything from small pieces of chicken or fish to whole prawns or mushrooms (king oysters seem to be the most popular, if you can get hold of them; as with anything with a high water content, however, you’ll need to blanch and drain them first).I prefer to use smallish rather than baby squid for this, but it will work with all sizes. Ask your fishmonger to clean them for you, if they’re not already done (those sold frozen generally are), or look at a guide online to help if you’re unsure of how to do this

Trillium, Birmingham B4: ‘There’s a general feeling of people – gasp! – actually enjoying life’ – restaurant review | Grace Dent on restaurants

Trillium, the latest Birmingham restaurant by Glyn Purnell, is absolutely not one of those po-faced, sedate, mumbly kind of places where some Ludovico Einaudi is piped plinky-plonkily throughout the dining room while guests stiffly eat six teensy courses. In fact, it’s quite the opposite, even if Purnell, via the likes of Purnell’s and Plates, is pretty much synonymous throughout the Midlands with fancy, special-occasion, Michelin star-winning refinement. Yet on a recent Saturday night, in this brand new, glass-fronted, multicoloured mock birdcage, the talk is loud, the music is roaring and the plates of battered potato scallop with soured cream are appearing thick and fast.Trillium is a genuine attempt by a Michelin-starred restaurateur to translate some of their best bits into a semi-rowdier yet still upmarket stage. It’s been attempted many times by other chefs (see Corenucopia and Bar Valette for details), but, miraculously, Purnell seems to have pulled it off

Has dinner been served with a side of romance? | Brief letters

I can’t be the only person wondering if Dining across the divide (1 March) is possibly resulting in more romantic liaisons than Blind date? Some of them are heartwarming.Ed ClarkeManchester Why all the excitement about a cricket ground within the boundaries of a World Heritage Site (Letters, 27 February)? Derwent Valley Mills has five (viz Cromford Meadows, Ambergate, Belper Meadows, Duffield Meadows and Darley Abbey).Paul EnglishBelper, Derbyshire My anorak has a “funnel” neck (Hiding in plain sight: everyone from Meghan to the Beckhams wants a funnel neck, 27 February). Fortunately, it doesn’t allow rain to cascade through it.Theresa GrahamClevedon, Somerset I was surprised and pleased to see Felicity Cloake’s reference to Farmhouse Fare (How to make the perfect bara brith – recipe, 1 March)

Helen Goh’s recipe for lemon curd layer cake | The sweet spot

This is both simple and celebratory, which in my book makes it just right for Mother’s Day next weekend. It has a fine, tender crumb, which pairs beautifully with the soft, creamy tang of lemon mascarpone, and I use lemon curd in the batter (shop-bought for ease) to bring a particular smoothness and depth of lemon flavour. Finished with a little extra curd and a scattering of edible flowers, it is pretty and unfussy and will hopefully make your own mother’s day.Prep 5 min Cook 1 hr Serves 8-10330g plain flour 2½ tsp baking powder ½ tsp fine sea salt 225g room-temperature unsalted butter225g caster sugar Finely grated zest of 2 lemons 3 large eggs, at room temperature160g lemon curd 250ml whole milk Small edible flowers, to decorateFor the lemon mascarpone 250g lemon curd, plus extra to decorate250g mascarponeHeat the oven to 180C (160C fan)/350F/gas 4 and line the base and sides of two 20cm round cake tins with baking paper.Sift the flour, baking powder and salt into a medium bowl

Women ​built​, and still shape, our culinary culture every day

On 8 March each year, the calendar lights up: dinners celebrating women, panel talks, articles and online events amplifying female voices. The mood on International Women’s Day is joyful, the conversations energised and it feels as if the world is finally paying attention. But then 9 March arrives. Do the celebrations stop? Do we tuck away the banners with the last of the desserts? When the events conclude, are women no longer worth celebrating? The sad truth is that many International Women’s Day events can feel like lip service.Less so in the food world – or at least in our corner of it

The future is rosy for English red wines

When did you last buy a bottle of English red wine? Chances are, you never have. Though increasingly available on the high street – Ocado and Waitrose Cellar both stock a couple – reds grown in Blighty have struggled to shift a reputation for being overpriced: the vast majority still cost £15-25 a bottle, which is well outside what most people might consider “everyday drinking”.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more

Rachel Roddy’s recipe for apple, honey and poppy seed cake | A kitchen in Rome

Honey is, among other things, a successful embalming agent. It is also a humectant, which isn’t an eager cyborg, but one of many short-chained organic compounds that are hygroscopic, meaning they attract and hold water, which in turn prevents hardening and encourages softness. Other hardworking humectants are glycerine, which is what keeps face creams creamy and hydrating, and sorbitol, which ensures toothpaste can be squeezed and smeared all over the sink and on the mirror. Honey, though, is the humectant that’s most suitable for this week’s recipe: a one-bowl, everyday cake inspired by my neighbour’s Polish honey cake, miodownik, combined with the tortino di mele e papavero (apple and poppy seed cake) enjoyed at a station bar in Bolzano.Not only does honey keep the cake moist, its sweetness comes largely from fructose, which is naturally sweeter than refined sugar, so the perception of sweetness is much greater even when less is added

My whey: dairy milk back on menu as protein boom cuts demand for plant-based alternatives

Gabriel Morrison hadn’t touched dairy milk for a decade until he read the ingredients label on his cheap carton of oat milk.“It’s [so much] canola oil and you imagine that in your glass, and imagine discovering that much olive oil, you’re like, that’s actually really gross,” he says.“I was just like, ‘ooft, I should stop this’.”The 28-year-old cinematographer had exclusively drunk soy, then almond, then oat milks since 2015 but had started worrying about processed foods – despite expert reassurance.In early 2025, with his housemate already buying cheaper dairy, he gave the old classic another look

It’s crunch time! Gala apples and nashi pears among Australia’s best-value fruit and veg for March

It’s a core month for pome fruit, with apples, pears and quince all heralding the start of autumn. “The first cab off the rank is the gala – a big sweet and juicy apple,” says Graham Gee, senior buyer at the Happy Apple in Melbourne.Granny smith, jazz and kanzi apples will come in during March too, and “Australia’s most popular variety, the pink lady, generally starts in April,” he says.Royal gala apples are between $5 and $8 per kilo at supermarkets. They’re $7 to $9 per kilo at Sydney’s Galluzzo Fruiterers, and Gee is selling them for about $3 to $5 per kilo; Spudshed in Perth is selling bags of prepacked new season apples for $3

How to turn limp rhubarb into tasty jam – recipe

Rachel de Thample is one of my food heroines. She’s the author of six books, and has also been course director of the College of Naturopathic Medicine’s natural chef diploma, head of food for Abel & Cole and commissioning editor of Waitrose Food Illustrated, among so much else. She trained with the likes of Marco Pierre White, Heston Blumenthal and Peter Gordon, and now teaches fermentation and gut health at River Cottage HQ, where I cut my own teeth in teaching eco-gastronomy more than 20 years ago. While researching honey fermenting recently, I came across her recipe in River Cottage’s Bees & Honey Handbook, which I’ve adapted here so you can make as much as you like using a variety of aromatics.The Guardian’s journalism is independent

£25 for a cookie? What the baffling luxury bakery boom tells us about Britain

Amid a cost of living crisis, pricey patisserie is all the rage – and not just in London. Our reporter goes on a crawl to find out if a tart can really be worth £45There was a time when you could get a stuffed vanilla cream slice or a neon-pink Tottenham cake for about £1 on the leafy, residential corner of Hackney, east London, where I stand today. But the branch of Percy Ingle bakery that was here for nearly 50 years is gone. In its place sits Fika, a cafe where a cinnamon bun costs £4.20 and a pistachio croissant will set you back nearly £5

Stuffed peppers and aubergine dip: Sami Tamimi’s recipes for savoury Palestinian snacks

I still remember, when I was a kid, the end of spring and early summer when markets in Jerusalem and across Palestine overflowed with freshly harvested freekeh. As you approached, the air carried a smoky, earthy aroma. Freekeh is an ancient grain, a staple across the Middle East and Turkey, made from green wheat roasted over open fires to burn off the husks, which gives it the characteristic nutty flavour. The name comes from the Arabic freek, meaning “to rub”, which describes how the grains are cleaned, dried, cracked and stored for the year.Throughout the Middle East and Palestine, mahashi (stuffing vegetables) is a true labour of love, creating dishes that are designed to be shared