Oil prices slip further as markets await clarity on Iran ceasefire deal
Oil prices edged lower on Tuesday (16 June) as traders assessed the possibility of oil supplies returning through the Strait of Hormuz following a pre...
Australia's weather bureau warned on Tuesday that an El Niño weather pattern has formed in the tropical Pacific and could intensify in the second half of 2026, becoming one of the strongest events recorded in seven decades.
Forecasters expect the weather phenomenon to bring excessive rainfall to the Americas and hot, dry conditions across Asia, where crop planting is already being disrupted, raising concerns about food supplies in the world's most populous region.
Sea surface temperatures in the region have exceeded El Niño thresholds, while atmospheric indicators are all aligned with the phenomenon, Australia's Bureau of Meteorology said in a statement.
"Forecasts are pointing towards a strong to very strong El Niño event, based on the extent of warming in the central tropical Pacific," it said.
"Around half of the models indicate this event could peak at levels among the highest observed since 1950."
Scientists have said climate change is likely to intensify the effects of this year's El Niño.
The bureau said El Niño, a periodic warming of sea surface temperatures in the central and eastern Pacific Ocean, is associated with reduced rainfall during winter and spring, particularly along Australia's east coast, as well as higher daytime temperatures across southern parts of the country.
The weather phenomenon is particularly damaging to Australia because it affects agricultural production in a country that ranks among the world's largest exporters of wheat, sugar and beef.
The most recent El Niño, which occurred between 2023 and 2024, contributed to Australia's driest three-month period on record.
One of the strongest El Niño events on record, which occurred in 2015 and 2016, brought widespread drought and reduced grain and oilseed production.
Details of a reported draft memorandum of understanding between the United States and Iran offer the clearest picture yet of how both sides plan to end months of conflict and move towards a longer-term settlement.
The U.S. and Iran say they have reached a deal to end their conflict, with an immediate ceasefire and reopening of the Strait of Hormuz after the lifting of the U.S. naval blockade. Talks will continue over the next 60 days to finalise the agreement
A senior U.S. official said on Monday that the memorandum of understanding linked to the U.S.-Iran agreement had been signed by President Donald Trump, Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Qalibaf.
Israeli Prime Minister Benjamin Netanyahu has told U.S. President Donald Trump that Israel does not consider itself bound by a Lebanon-related provision in an emerging agreement with Iran, according to Israeli officials.
Switzerland on Sunday rejected a referendum proposal to cap its population at 10 million, a projection showed, as voters prioritised economic stability and the country's ties with the European Union over immigration concerns.
France’s parliament has formally recognised state responsibility for the use of the toxic pesticide chlordecone in Martinique and Guadeloupe, marking a significant step in addressing decades of environmental contamination and public health concerns.
Financial markets are significantly underestimating the economic impact of biodiversity loss, potentially leaving countries exposed to sovereign debt crises and rising borrowing costs, according to new research published on Friday.
Wildlife researchers have identified dozens of previously unknown insect species during an expedition to Angola’s remote Lisima Plateau, a conservation group announced on Wednesday.
Global weather forecasters predict a strong El Niño will develop in the second half of 2026, bringing hotter, drier conditions to much of Asia while increasing rainfall in parts of North and South America.
Google has asked U.S. regulators for permission to release up to 32 million sterilised mosquitoes in California and Florida as part of its experimental “Debug” programme aimed at reducing populations of disease-carrying insects.
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