As the Iran conflict enters its third month, firms across aviation, automotive and chemicals report mounting pressure. Airlines have cut routes amid rumours of a fuel shortage, while Detroit’s big three warn of a $5 billion commodities shock tied to soaring oil prices. In the Gulf, UAE fertiliser leader has switched to trucks to move product after the Strait of Hormuz shut.

Meanwhile, the United States and Europe find themselves with an unexpected milk surplus as logistics bottlenecks divert dairy away from traditional markets. British farmers, already strained by low prices, face a “land of milk and no money” scenario. At home, Labour prepares for a potentially decisive election, a development that could reshape the UK’s regulatory approach to energy and trade.

Oil majors ExxonMobil and Chevron have resisted political pressure to lift output, keeping production tight even as global stockpiles dwindle toward a one‑month‑left crunch point. Their stance fuels concerns that the G7’s fuel shock could outpace the war’s immediate impact. With supply chains strained, investors watch inventory levels as the decisive overall metric for pricing and corporate earnings this quarter.