Summit comes as oil supply shock has triggered a worsening energy crisis and threatens Republicans’ midterm prospects

   Fighting has continued despite truce, with violence mostly confined to southern Lebanon

   European nations swing behind idea discussed with Riyadh to model agreement on 1970s Helsinki process

   Ship anchored outside Strait of Hormuz taken by unauthorised personnel’

   Expansion picks up after a lacklustre second half last year

   Data suggests shipments of refined fuels are not picking up in blow to Asian economies starved of supplies by Iran war

   Strait of Hormuz blockade prompts shortage of raw materials for everything from water bottles to car parts

   Extraordinary rebuttal from Israel’s closest Arab partner comes as two nations had been drawing closer

   The 25bn auction comes hours after data showing sharpest rise in producer prices since Russia’s invasion of Ukraine

   Riyadh wanted to show it was defending itself but told Tehran it was not joining broader US-Israeli assault

   Iran war has cut into oil consumption but not enough to halt rapid’ draw on inventories

   Low-cost air travel may be a thing of the past as rising fuel prices tip carriers into another crisis

   From drinks to diesel, governments around world battle to contain wave of stockpiling

   Lawmakers demand answers as mounting cost of conflict weighs on the economy

   April figure marks highest level in three years as effects of conflict reverberate through world’s biggest economy

   What happened after the pandemic is an imperfect guide for the latest shock

   Also in today’s newsletter: one of the world’s best-funded fusion companies applies to connect to the US electricity grid

   Damage to Habshan facility highlights lasting impact of Middle East conflict on Gulf energy exports

   Plus, the buy Europe’ trade

   US president rejects Tehran’s proposal for temporary peace deal ahead of trip to China

   Bankers were on track for a bumper year until war broke out in February

   Party tops opinion polls after tapping into voter anger at soaring fuel prices

   Traders expect corn and soyabeans to soar as demand for alternative fuel sources rises

   Power flows less from size or wealth than from the ability to convert imbalance into leverage

   Republican Senator Josh Hawley introduces legislation after Donald Trump backs move