Oil prices rose in Asia following an exchange of fire between the US and Iran in the vital Strait of Hormuz.

• Brent crude jumped 1.5% to $101.60 a barrel, with US-traded oil up 1.1%.
• Key figures involved: US President Donald Trump and Iran.
• The incident occurred despite a ceasefire extension announced by President Trump on April 21, with reports of missiles, drones, and small boats being involved.

Tanzania has seen a significant increase in its retail fuel prices, with the Energy and Water Utilities Regulatory Authority (EWURA) announcing new rates effective Wednesday.

• Retail prices for petrol, diesel, and kerosene have risen by 7.7%, 11.6%, and 27% respectively in May.
• The cumulative increase in fuel prices since January has reached 48.1% for petrol and 55.8% for diesel.
• The price hikes are attributed to global supply disruptions stemming from the conflict in the Middle East, coupled with shilling depreciation and rising freight costs.

Amidst the global cost of the US-Iran war, several companies are experiencing record profits. The conflict's impact on energy prices and market volatility is creating significant financial gains for specific industries.

• Oil and gas giants like Shell (profits of $6.92bn) and TotalEnergies (profits up by almost a third to $5.4bn) are major beneficiaries due to surging energy prices.
• Major banks, including JP Morgan with its trading arm generating $11.6bn in revenue, collectively reported $47.7bn in profits for the first quarter of 2026.
• The defence sector, with companies like BAE Systems and Lockheed Martin reporting record order backlogs, is seeing increased investment due to perceived "security threats."
• The renewables sector, including NextEra Energy and Danish firms Vestas and Orsted, is experiencing a surge in interest and profits as the need for energy diversification becomes apparent.