A gas shock – not an oil shock – from the Iran war looks more threatening | Nils Pratley

The price of oil grabs most of the energy-related attention during conflicts in the Middle East for understandable reasons: oil is the commodity on which the world runs (still) and analysts have roughly reliable models for what every $10 per barrel increase in cost does to global growth and inflation.So, on that front, one can say we’re still a long way from “oil shock” territory. Monday’s rise to $79 a barrel, up 9% since the end of last week, is sizeable, especially as the price was $62 at the start of this year, but remember that $125 was seen shortly after Russia’s invasion of Ukraine in 2022 and $100-plus was then sustained for three months.A gas shock, however, looks a real and present threat. European wholesale gas prices rose 50% as QatarEnergy, the world’s largest producer of liquefied natural gas (LNG) halted production after being targeted by Iranian drone strikes

Men almost twice as likely as women to earn high salaries in ‘reality check’ on Australia’s gender pay gap

Men are nearly twice as likely as women to be making $220,000 a year, with minimal progress made on closing Australia’s gender pay gap in the past 12 months.The federal government’s Workplace Gender Equality Agency (WGEA) published its gender pay gap results for 10,500 employers on Tuesday. It revealed there was a slight increase in the number of women in highly paid roles, but men were still 1.8 times more likely to be in the upper quartile of earners on an average salary of $221,000.On the other hand, women were 1

UK firms in Middle East face heightened threat from Iran hackers, agency warns

UK businesses with a presence in the Middle East have been urged to step up vigilance against cyber threats from Iran after US-Israeli attacks.The National Cyber Security Centre (NCSC) said there was “almost certainly” a heightened risk of an indirect cyber threat for organisations that had offices, or supply chains, in the Middle East.The UK’s cybersecurity agency said Iran remained a threat despite an extensive bombing campaign that has devastated the country’s political and military leadership, including the death of its supreme leader, Ayatollah Ali Khamenei.“Iranian state and Iran-linked cyber actors almost certainly currently maintain at least some capability to conduct cyber activity,” said the NCSC.The agency said in an alert published on Monday that there was “likely” no significant change in the direct cyber threat from Iran to the UK, but organisations should prepare for the risk of collateral damage from Iran-linked hacktivists

US military reportedly used Claude in Iran strikes despite Trump’s ban

The US military reportedly used Claude, Anthropic’s AI model, to inform its attack on Iran despite Donald Trump’s decision, announced hours earlier, to sever all ties with the company and its artificial intelligence tools.The use of Claude during the massive joint US-Israel bombardment of Iran that began on Saturday was reported by the Wall Street Journal and Axios. It underlines the complexity of the US military withdrawing powerful AI tools from its missions when the technology is already intricately embedded in operations.According to the Journal, US military command used the tools for intelligence purposes, as well as to help select targets and carry out battlefield simulations.On Friday, just hours before the Iran attack began, Trump ordered all federal agencies to stop using Claude immediately

Borthwick plans England overhaul with Fin Smith expected to start against Italy

Steve Borthwick is ready to radically overhaul his misfiring England side for the Six Nations clash against Italy on Saturday, with Fin Smith expected to be handed the No 10 jersey.The Northampton fly-half sat out training on Monday because of illness but England have been quick to allay fears that his participation against Italy is in doubt. Provided he recovers, Smith is expected to start at fly-half in place of George Ford.Since the tour of Argentina last summer, Ford has established himself as Borthwick’s first-choice fly-half but he endured a miserable outing against Ireland and was jeered by supporters after twice missing touch with kicks to the corner. Smith, meanwhile, has played a bit-part role in the championship to date

Lord Allen to become latest casualty of horse racing’s intractable politics

The wait continues for confirmation that Charles Allen’s brief, troubled – and ultimately ineffectual – tenure as chair of the British Horseracing Authority is over. In racing terms, however, he is nine-tenths out of the saddle, his backside inching towards the turf and gravity is about to take over.Even in the thankless and intractable world of racing politics, few stars have waned as rapidly as that of Lord Allen of Kensington, a former businessman and senior broadcasting executive who arrived in September at the BHA promising to restructure the sport’s governance and, in the words of his day-one mission statement, “develop British racing into a modern commercial and cultural powerhouse”.There were hints of the struggles ahead even before the new chair’s seat was warm. Allen’s appointment had been announced in November 2024, with an intended start date of 1 June, but his arrival was delayed as he delved deeper into the tangled web of factional interests he had been hired to unite, and sought assurances that his plan for a fully independent BHA board of directors would be implemented