Oil prices climbed about 5% on Tuesday after US President Donald Trump said he did not want to extend a soon-to-expire ceasefire in the Iran war and that the US military was “raring to go” if negotiations do not succeed.

Brent futures rose $4.30, or 4.5%, to $99.78 a barrel at 1:13pm EDT (1713 GMT), while US West Texas Intermediate CLc1 crude rose $4.75, or 5.3%, to $94.36.

Pakistan said there was still no confirmation that Iran would attend last-ditch peace talks with the United States, after US forces boarded a huge Iranian oil tanker at sea with just a day left to the ceasefire.

Shipping traffic through the Strait of Hormuz, which normally handles about 20% of global oil and liquefied natural gas (LNG) supplies, remained broadly halted on Tuesday with only three ships passing the waterway in the past 24 hours, shipping data showed.

The European Union will provide guidance to airlines on how to handle issues such as airport slots, passenger rights and public service obligations in the event of jet fuel shortages because of the Iran war, the bloc’s transport chief said.

German Economy Minister Katherina Reiche said supplies of jet fuel are not in danger as refineries adapt to increased demand, but added the government is monitoring the situation.

Russian supplies

Ukrainian President Volodymyr Zelenskiy, however, said the Druzhba oil pipeline pumping Russian oil to Europe, is ready to resume operations, signalling that Ukraine now expects a 90 billion euro aid package to be unblocked. But three industry sources said Russia is set to stop oil exports from Kazakhstan to Germany via the Druzhba pipeline starting from May 1.

Elsewhere in Russia, Ukrainian drones struck an oil-pumping and dispatch facility in Russia’s Samara region overnight.

In Germany, the biggest economy in Europe, investor morale declined to its lowest level in more than three years in April as businesses started to feel the economic consequences of the Iran war far beyond price increases, the ZEW economic research institute said.

In the United States, retail sales increased more than expected in March as the war in Iran boosted gasoline prices and led to a record surge in receipts at service stations, while tax refunds underpinned spending elsewhere.

Trump’s Federal Reserve chief nominee Kevin Warsh called for “regime change” at the US central bank, including a new approach for controlling inflation and a communications overhaul that may discourage his colleagues from saying too much about the direction of monetary policy.

Trump told CNBC that he would be disappointed if Warsh did not cut interest rates right away once he took office after being approved by the Senate.

Analysts worry that involving more politics in interest rate decisions could reduce the Fed’s ability to control inflation. Trump wants the Fed to cut rates, which would reduce consumer costs and could boost economic growth and demand for oil.

US oil inventories 

Those crude price increases came as the market waited for direction from weekly storage reports from the American Petroleum Institute (API) trade group later on Tuesday and the US Energy Information Administration (EIA) on Wednesday.

Analysts projected that energy firms pulled 1.8 million barrels of crude from storage during the week ended April 17.

If correct, that would be the first time energy firms pulled crude out of storage for two weeks in a row since February, and compares with an increase of 0.2 million barrels in the same week last year and a decline of 3.7 million barrels over the past five years (2021-2025).

King Charles made a surprise change at Windsor property after his younger brother Andrew’s exit from Royal Lodge.

The 76-year-old has taken a decisive step to bring a historic sculpture from London museum to his royal residence. 

A striking bronze sculpture depicting Hercules and Achelous will be installed at Windsor Castle, after it spent 69 years in the West London museum.

The art piece is returning to the precise location where it stood throughout the first nine years of the King’s childhood.

The British King’s decision, revealed last October, caused confusion and scepticism from observers who questioned why he would need to acquire additional treasures given the royal collection already at his disposal.

The statue, regarded as treasure, will take its place within the fountain at the centre of the East Terrace Garden.

The bronze was crafted by Charles Crozatier and entered the royal collection when George IV purchased it in 1829.

For decades, it graced Windsor’s East Terrace Garden before being removed from its plinth in 1957 during renovation works.

Originally intended for relocation to Hampton Court’s Privy Garden, insufficient funding meant the sculpture was instead placed into storage.

Kanye West also known as Ye is making headlines again for his highly watched visit to the Simon Wiesenthal Center in Beverly Hills.

The rapper spent around 90 minutes inside the Jewish human rights organisation on Monday evening, keeping a low profile as he exited without addressing questions, heading straight to his car. 

While details of the visit remain private, the setting itself has drawn attention given the backlash he has faced over past antisemitic remarks.

In recent months, Ye has publicly attempted to reset the narrative. 

Earlier this year, he issued a lengthy apology, acknowledging he had “lost touch with reality” and expressing regret over his comments that he is committed to accountability and change.

The visit comes at a time when his professional schedule has taken several hits. 

A number of performances have been disrupted, including a planned show in Marseille being postponed indefinitely, while other appearances have faced complications following controversy surrounding his past statements. 

His removal from major festival line-ups and restrictions in certain regions have also added to the challenges surrounding his return to the stage.

A concert in India is expected to mark his first performance in the country as it remains on the calendar, with fans closely watching.