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Middle East is drawing attention across 3 news outlets right now. The reports below are the current coverage, newest first.

The coverage

BP profits hit 18-year high as Iran war drives up oil refining margins
BusinessThe Guardian

BP profits hit 18-year high as Iran war drives up oil refining margins

Third-quarter underlying ​replacement ⁠cost profit rises to $8.46bn, angering climate campaigners BP’s profits have hit their highest level in almost two decades, as the war in the Middle East drove up oil and gas prices and led to “significantly higher” trading. The energy company hailed a “banner quarter” on Friday, with its underlying ​replacement ⁠cost profit – a key measure of its income – almost quadrupling to $8.46bn (£6.3bn), up from $2.2bn ​a year ​ago. Continue reading...

Antisemitism envoy proposes ‘external ombudsman’ to monitor ABC and SBS coverage of Israel and Middle East
WorldThe Guardian

Antisemitism envoy proposes ‘external ombudsman’ to monitor ABC and SBS coverage of Israel and Middle East

Jillian Segal says perception of link between coverage of conflicts and hostility towards Jewish Australians ‘is itself a matter of public importance’ George Newhouse: We must protect Jewish Australians without casting suspicion on legitimate concern for Palestinians Get our breaking news email , free app or daily news podcast The federal government’s antisemitism envoy has proposed an “external independent ombudsman” to monitor ABC and SBS coverage of the war in Gaza, and a requirement that all visa applicants be screened for “the risk of holding antisemitic views”. In an updated plan released on Friday , Jillian Segal said Australia’s two public broadcasters should be subjected to greater oversight. Continue reading...

Shell profits double to $10.8bn as Iran war pushes up margin on oil
BusinessThe Guardian

Shell profits double to $10.8bn as Iran war pushes up margin on oil

Energy firm to return $5bn to shareholders as climate campaigners criticise high profits Business live – latest updates Shell has doubled its profits in the last quarter after the Middle East conflict drove up the price of oil and gas and created shortages in the global market. Shell reported on Thursday morning that it made an adjusted profit of $10.8bn (£8.1bn) in the July-September quarter, up from $5.432bn in the third quarter of 2025. The results beat analyst expectations for a rise to $10.33bn. Continue reading...

‘A pretty grim picture’: outlook for UK living standards slashed despite Healey’s budget
BusinessThe Guardian

‘A pretty grim picture’: outlook for UK living standards slashed despite Healey’s budget

OBR cautions about Middle East war dragging down growth and triggering a fresh cost of living crisis Healey offers £100 payment to households to help navigate ‘global economic storms’ Budget 2026: key points at a glance Budget 2026 live – latest updates British households face a “grim picture” for living standards as the war in the Middle East drags down growth and triggers a fresh cost of living crisis, the government’s independent forecaster has said. As John Healey announced his first budget, the Office for Budget Responsibility (OBR) issued its report showing a sharp downgrade for growth in 2027, household disposable incomes and the public finances, despite the measures taken by the chancellor . Continue reading...

Jim Chalmers is blaming Australia’s accelerating inflation on Trump – but voters aren’t buying it
WorldThe Guardian

Jim Chalmers is blaming Australia’s accelerating inflation on Trump – but voters aren’t buying it

As next week’s all but certain rate rise looms, there is one thing we can all agree on: the end of war in the Middle East can’t come soon enough Get our daily political email , free app or daily news podcast Jim Chalmers is blaming the latest shocking inflation figures on the worsening Middle East conflict, and he has a point. The trouble is, voters aren’t buying what the treasurer is selling. Continue reading...

Australia’s inflation rate rises to 4.3%, fuelling fears of fifth interest rate hike this year
WorldThe Guardian

Australia’s inflation rate rises to 4.3%, fuelling fears of fifth interest rate hike this year

CPI release comes ahead of Reserve Bank decision next week as the Middle East conflict intensifies the cost-of-living crisis Follow our Australian politics live blog for latest updates Get our daily political email , free app or daily news podcast Australia’s headline inflation rate has accelerated to 4.3%, with a key gauge that strips out volatile prices also elevated, sharpening expectations of another interest rate rise next week. The Reserve Bank of Australia’s preferred measure of consumer prices, called underlying inflation, came in at an annual 3.6% to September. Continue reading...

Budget 2026: six charts that reveal the economic realities facing the chancellor
PoliticsThe Guardian

Budget 2026: six charts that reveal the economic realities facing the chancellor

From tackling the youth jobs crisis to repairing Brexit’s economic damage, John Healey has his work cut out for him You be the chancellor: play our budget game to see if you can balance the books John Healey will deliver his first budget on Wednesday as UK households and businesses come under pressure from the unfolding economic shock caused by the war in the Middle East. Against a febrile backdrop in global markets, the chancellor is facing a delicate balancing act to provide “breathing space” measures to ease the cost of living crisis while increasing growth and sticking to the fiscal rules. Continue reading...

UK shop price inflation ‘highest since 2024’ as retailers struggle to limit price rises
BusinessThe Guardian

UK shop price inflation ‘highest since 2024’ as retailers struggle to limit price rises

British Retail Consortium says ‘dam is starting to break on the huge wave of costs’ being kept from consumers Shop price inflation has risen to the highest level in two and a half years, according to the British Retail Consortium, which warned that “the dam is starting to break” when it comes to retailers trying to limit price rises for customers. The lobby group said shop price inflation was 2.1% year on year in October, a sharp rise compared with 1.4% in September, and an indication that retailers were beginning to pass on the rising costs of energy and food ingredients since the Middle East conflict broke out. Continue reading...

This explainer is written from the reports listed above. Follow any headline for the original coverage.

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