Oil prices could rise to more than $150 a barrel if the conflict in the Middle East escalates, according to the World Bank. It comes a little over a year since the Ukraine war caused a spike in oil and food prices.

Tel Aviv-Yafo

Prime Minister Benjamin Netanyahu declared that Israel is 'at war' following a surprise attack from Gaza by Hamas militants.

Israel-Gaza War

The impact of conflict on global oil prices

We rely on crude oil to power our vehicles, homes and businesses with products made from oil, including plastics, asphalt, rubber and thousands of chemicals. But the top 10 oil producing nations include global hotspots like Russia and the Middle East. So it's not surprising that conflict overseas often influence energy markets. But predicting how a particular conflict like the Israel Hamas war could affect fuel prices is challenging. But here are five facts that help explain the links between geopolitical strife, the oil markets and the prices you pay at the pump. Fact number one, prices rely on supply and demand. As supply dips below demand, prices rise. During the 1973 Yom Kippur War between Israel and the States, Arab oil producing countries established an embargo cutting off their oil from world markets. Oil oil supplies were restricted almost overnight and that led to the inability of crude oil purchasers and such as refiners to be able to access their crude supplies to be able to produce the fuels needed um you know for for everyday people. In 1973 oil and gasoline prices skyrocketed. When the embargo was lifted, the price of foreign oil had jumped from 3 to $12 a barrel. Here's the 1973 price spike. Prices got even higher after revolution in Iran, a major oil producer. A 1% decline in supply can oftentimes have a 10, 15 or 20% increase in price. The reason is because crude oil, gasoline, diesel fuel, jet fuel don't have readily available alternatives. So if oil prices are driven up by conflict overseas, how could that affect your pocketbook? Fact number five, a rising oil market doesn't always mean higher gasoline prices. The history of oil prices shows how conflicts can drive up the price of crude. Experts say the cost of oil comprises the majority of the price of a gallon of gasoline, though other factors matter too. So oil and gasoline prices tend to rise and fall together. But not always. Recently, while oil prices have been rising, gasoline prices have been falling. That's in part because winter gasoline is cheaper than summer fuel. So while the war in the Middle East is causing pain and hardship there, its impact at the pump here is probably minimal for now.

Arizona's Democratic governor signed a bill overturning an 1864 law banning abortion, a month after the state's supreme court said the Civil War-era rule was valid.

Arizona

Arizona governor signs bill repealing 1864 abortion ban

U.S. President Joe Biden said that both freedom of speech and the rule of law must be respected in protests at college campuses over Israel's war in Gaza. In response to a reporter's question, Biden said that the campus protests had not forced him to reconsider his policies in the Middle East.

Washington

Biden breaks silence on protests at University Campuses

From suspensions to expulsions to criminal charges, college students across the U.S. involved in these pro-Palestinian protests could face life-changing consequences. Some are demanding amnesty for these protesters.

New York

More than 1,000 student protesters arrested across U.S.

English voters are heading to polling stations to pick mayors, councilors and a new lawmaker in the last electoral test for British Prime Minister Rishi Sunak before a national vote later this year.

London

Voters head to polls in last test for U.K.'s Sunak

The US State Department accused Russia of having used a chemical weapon against Ukrainian forces in violation of the Chemical Weapons Convention, while also announcing fresh sanctions against Moscow. In addition to the chemical agent chloropicrin, Russia also used "riot control agents (tear gas) as a method of warfare in Ukraine, also in violation of the CWC," the department said in a factsheet.

Zaporizhzhia

Ukraine Invasion

U.S. accuses Russia of using chemical weapons in Ukraine

There are grave concerns for Perth brothers Jake and Callum Robinson who are missing on a surf trip in Mexico's Baja region. The pair have failed to arrive at their accommodation and are not responding to contact from their families.

Council of the City of Sydney

Grave fears for brothers missing on Mexico surf trip

Federal Treasurer Jim Chalmers has kept open the prospect of tax incentives in the budget as business warned that changes to foreign investment laws. It comes amid criticism that budget spending could prompt further inflation and prompt rate rises.

Government hints at further tax incentives in Budget

Colombian President Gustavo Petro says his country will break diplomatic relations with Israel. He's criticised Israel's conduct since the start of the war on Gaza. Petro requested to join South Africa's case at the International Court of Justice accusing Israel of genocide.

Bogotá

Colombia ends diplomatic relations with Israel

U.S. Secretary of State Antony Blinken met Israeli Prime Minister Benjamin Netanyahu on Wednesday, pushing to get more aid into Gaza, while urging Hamas to accept a deal that would halt fighting and bring some hostages home from the enclave.

Jerusalem

Blinken pushes for sustained aid into Gaza during Israel trip

Police in Georgia fired teargas and rubber bullets at protesters demonstrating against a bill that would require organizations – including media and NGOs – that receive more than 20 percent of their funding from abroad to register as agents "pursuing the interests of a foreign power." The bill has been dubbed the "Russian law" by its detractors.

Tbilisi

Thousands protest against Georgia's 'foreign influence' bill

A diplomatic push is underway to reach a ceasefire in Gaza, with the U.S. exerting pressure on Hamas to agree to Israel's terms. But Israeli Prime Minister Benjamin Netanyahu has vowed to attack Rafah in southern Gaza, whether there's a ceasefire or not.

Netanyahu vows to invade Rafah 'with or without' ceasefire deal

Qantas has apologised to customers after its app exposed personal passenger data. The airline blames a technical disruption and says the data breach was not a cyber security incident.

Qantas app data breach exposes customer data

The International Court of Justice has ruled against issuing emergency measures over German arms sales to Israel as requested by Nicaragua, which had argued that there was a serious risk of genocide in Gaza amid Israel’s assault on the Palestinian territory.

The Hague

ICJ rejects measures over German arms exports to Israel

New York police have entered Columbia University and arrested protesters barricaded inside a building who have been calling on the New York school to divest itself from companies associated with Israel.

Police enter Columbia University, arrest protesters

A smiling and healthy-looking King Charles returned to public duties on Tuesday (April 30) for the first time since he was diagnosed in February with cancer, paying a visit to a treatment center for the disease in London.

King Charles returns to public duties, visits cancer center

A 14-year-old boy is dead and multiple people injured after a daylight sword attack in Hainault, in east London. The alleged attacker tasered and arrested by Police shortly afterwards.

Hainault

Teenage boy killed in London sword attack

Brittany Higgins has failed in a bid to delay a defamation trial brought against her by Senator Linda Reynolds over social media posts made in July last year. Fiancé David Sharaz, also named in the case, calling for the Senator to drop the case.

Canberra

Brittany Higgins fails in bid to delay defamation trial

Since taking office four months ago, Argentina's new president Javier Milei has slashed public employment in an effort to cut the country's deficit. So far, 24,000 people have been let go, and Milei has said he wants that figure to hit 70,000, about 10 percent of overall government employees.

Buenos Aires

Argentina's Milei slashes 24,000 government jobs

A Russian missile attack on an educational institution in a popular seafront park in the Ukrainian Black Sea port of Odesa killed at least five people and injured 32, local officials said. Odesa has been a frequent target of Russian missile and drone attacks, particular port infrastructure.

Odesa

Russian missile attack kills five in Ukraine's Odesa

Scotland's leader Humza Yousaf resigned, further opening the door to the UK opposition Labour Party regaining ground in its former Scottish heartlands during a national election expected to be held later this year.

Edinburgh

Scotland's First Minister Humza Yousaf quits

A 17-year-old girl charged with the stabbing murder of her 10-year-old sister in a suburb of Lake Macquarie in New South Wales will remain in custody.

Lake Macquarie

Teenager faces court over murder of 10-year-old sister

Columbia University began suspending pro-Palestinian activists who refused to dismantle a tent encampment on its New York City campus after the Ivy League school declared a stalemate in talks seeking to end the polarizing protest.

Columbia University suspends pro-Palestinian protesters

The debris from a missile that landed in the Ukrainian city of Kharkiv on Jan. 2 was from a North Korean Hwasong-11 series ballistic missile, United Nations sanctions monitors told a Security Council committee in a report seen by Reuters on Monday (April 29).

Kharkiv

U.N. experts say North Korea missile landed in Kharkiv

Columbia University's president said that talks with pro-Palestinian activists over a protest encampment on the Ivy League campus in New York City had reached an impasse and urged demonstrators to voluntarily disperse or face suspension.

Protesters defy deadline to leave Columbia encampment

Spain's Prime Minister said he has decided to stay in office after days of publicly weighing his future, generating relief amongst leftist allies, exasperation among the public and ridicule from his opponents. Sanchez said last week that he was retreating from public duty to decide whether to quit.

Madrid

Pedro Sanchez stays on as Spain's prime minister

U.S. Secretary of State Antony Blinken says he is hopeful Hamas will accept an “extraordinarily generous” offer, as U.K. Foreign Minister David Cameron says it will include a 40-day ceasefire. But the sticking points remain: Israelis want a truce while Hamas demands a cessation of all hostilities.

Riyadh

U.S., U.K. urge Hamas to accept Israeli truce proposal

G7 environment ministers have gathered in Turin for two days of talks, as hundreds of protesters demonstrated in the city, some burning photos of the G7 leaders who they accuse of failing future generations over the climate crisis.

Turin

Climate Crisis

Protesters call for climate action ahead of G7 meeting in Turin

French Foreign Minister Stephane Sejourne is in the Lebanese capital Beirut for talks aimed at easing tensions between Hezbollah and Israel. After meeting Lebanon’s influential Speaker of Parliament Nabih Berri, an ally of Hezbollah, and the head of the Lebanese army, Joseph Aoun, Sejourne said there had been “a lot of progress” over the French proposals.

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Israel-Gaza War