Oil tops $125 as Hormuz blockade strangles global supply
Oil prices surged above $125 per barrel Thursday, their highest in more than four years, as the US pressed for an international coalition to restore navigation through the Strait of Hormuz. The blockade has shut the waterway, which carries one-fifth of global oil supplies, for weeks as the US and Israel wage war against Iran that began with February airstrikes. Pakistan is mediating between Washington and Tehran while Iran evaluates US proposals on a revised peace framework. Iran's rial has hit a record low of 1.8 million to the dollar as the blockade cuts off government revenue from oil exports.
Global press freedom at lowest point in 25 years
Press freedom has reached its lowest point in 25 years according to Reporters Without Borders' 2026 World Press Freedom Classification. The average score for 180 countries has never been so poor since the ranking began in 2001, with more than half the world's nations in "difficult" or "very serious" situations. Norway remains at the top while Eritrea, North Korea, China, Iran, and Saudi Arabia occupy the bottom five positions. Less than 1% of the global population now enjoys "good" press freedom conditions, compared with 20% in 2002.
US Economy Grows 2% but Iran War Clouds Recovery
The U.S. economy grew at a 2-per-cent pace in the first quarter of 2026, recovering from 0.5-per-cent growth in the previous quarter that was dragged down by a 43-day federal government shutdown. The Commerce Department report showed Iran is blocking the Strait of Hormuz, through which a fifth of the world's oil passes, driving energy prices higher and prompting the Federal Reserve to hold interest rates steady. Consumer spending slowed to 1.6 per cent while AI-driven business investment surged at 8.7 per cent. Economists said the situation cannot be modeled because it has never been seen before.
AI Outperforms Doctors in Diagnostic Study
A study in Science found OpenAI's o1-preview model correctly diagnosed 67.1 percent of 76 emergency cases, outperforming two physicians at 55.3 percent and 50.0 percent. Harvard and Beth Israel researchers found reviewers could not distinguish AI diagnoses. LinkedIn cofounder Reid Hoffman argued at WIRED Health that doctors failing to use AI are "bordering on committing malpractice." Wealthy clients using AI chatbots for legal and tax advice are creating complications for attorneys, including privilege concerns and hours wasted on inappropriate recommendations.
Hegseth Grilled Over $25B Iran War, 14 US Deaths
Defense Secretary Pete Hegseth faced bipartisan criticism during six hours of House testimony on April 29 as lawmakers scrutinized the Iran war that has cost $25 billion and claimed 14 American service lives since its February 28 launch without congressional approval. Pentagon comptroller Jay Hurst said heavy use of missiles and precision munitions is driving costs, while officials warn sustained operations are straining U.S. military readiness. Hegseth dismissed Democratic critics as the "biggest adversary" the country faces. Senate Democrats will force a sixth vote on a war powers resolution demanding Trump halt the conflict.
Eurozone inflation hits 3% as growth nearly stalls
Eurozone inflation rose to 3% in April, a 0.4 percentage point increase from March and the highest year-on-year rise since September 2023. Energy prices surged 10.9% year-on-year, driving the acceleration. The European economy nearly stagnated in the first quarter, growing only 0.1%, a sharp drop from the 0.8% recorded a year earlier. The European Central Bank held its Governing Council meeting Thursday with inflation rising and growth slowing. Brussels estimates the energy conflict costs Europe approximately 500 million euros per day.
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- Nobel committee pleads for Iran's imprisoned 2023 laureate. The Norwegian Nobel Committee has expressed deep concern over the health of Narges Mohammadi, who suffered a heart attack in Iranian prison, as supporters warn her life is in imminent danger.
- Trump rejects Iran Hormuz offer, keeps port blockade. Told oil executives the blockade would stay in place 'for months if needed,' the president rejected Tehran's proposal as Iran's oil exports collapse and food prices surge.
- Belgium to buy back nuclear plants from ENGIE in policy U-turn. The government will negotiate to acquire all seven reactors, only two of which are currently operational, suspending plans to dismantle the remaining facilities as Europe reassesses nuclear energy following surging prices.
- Iran's new supreme leader warns US to stay out of Gulf. Mojtaba Khamenei, said to be seriously injured, issued the threat as the Strait of Hormuz remains blockaded. Negotiations between Washington and Tehran have collapsed, and the Pentagon confirmed Trump is weighing escalation options.
- OpenAI fixes AI's unexpected goblin obsession. The company traced the problem to a 'Nerdy' personality setting designed to make AI sound more playful, which reinforcement learning systems then rewarded and reinforced until the behavior spread beyond its intended scope.