Today's briefing

Friday, May 1, 2026

Iran War Pushes US Gas to $4.30, Blockade Bites

US gasoline prices have jumped nearly 30 cents in a single week as the Strait of Hormuz blockade squeezes global oil supply. The fertiliser industry is also sounding alarms, with Yara's CEO warning the conflict puts 10 billion meals a week at risk by threatening crop yields worldwide. Trump says prices will fall once the war ends — a timeline no one can currently confirm.

MarketWill Donald Trump announce that the United States blockade of the Strait of Hormuz has been lifted by May 31, 2026?41%

Politics

UK Terror Threat Raised After Golders Green Attack

The UK government has raised the national terrorism threat level to severe following a knife attack in Golders Green, London. It is the first time the threat level has reached the second-highest tier since November 2021, when an attempted bombing and the murder of an MP prompted the same response.

Economy

Apple Posts Best March Quarter Ever Amid AI Surge

Apple reported $111.2 billion in revenue for its March quarter, beating Wall Street expectations and crediting the iPhone 17 lineup and unexpectedly strong AI-driven demand for Macs. The company is now supply-constrained on the Mac Mini, Studio, and Neo for at least the next quarter, with CEO Tim Cook — days from stepping down — describing AI adoption as having moved faster than the company anticipated.

Tech

Huawei AI Chip Sales Surge as Nvidia Stalls in China

Huawei has seen a significant surge in AI chip sales after Chinese tech companies placed large orders for its latest processors, filling the vacuum left by US export restrictions on Nvidia. The shift marks a meaningful acceleration in China's push toward domestic AI infrastructure independence.

World

Brazil Congress Cuts Bolsonaro Sentence Over Lula Veto

Brazil's conservative-dominated congress has overturned President Lula's veto of a bill that reduces the prison sentence of former president Jair Bolsonaro, convicted last year of attempting a coup. The bill now heads to the Supreme Court for final confirmation, setting up a high-stakes judicial decision on the fate of the country's most polarising political figure.

MarketWill Flávio Bolsonaro win the 2026 Brazilian presidential election?43%

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