The global energy landscape was at the forefront of geopolitical tensions over the weekend, as various developments threatened to disrupt oil supplies and impact the overall economy. Here’s a recap of the key events that took place:

Iran and Russia have been cooperating on military matters, according to Iranian officials. This comes amidst growing concerns about the potential for conflict in the region, particularly in light of US sanctions against Iran. The International Energy Agency (IEA) has also warned of a possible oil shortage due to export facility disruptions, which could have significant implications for global energy markets.

Meanwhile, the US has reiterated its commitment to releasing oil reserves in response to any potential conflict, while Iran has indicated that it may be willing to end the war if no talks are forthcoming. However, the situation remains complex and fluid, with ongoing military strikes and political maneuvering between the US, Iran, and other countries in the region.

The impact of these developments on global energy markets is already being felt, with oil prices poised for further gains as conflict threats persist. In response to these concerns, the IEA has called for emergency oil stock releases from Asia, while US Energy Secretary Rick Perry has cautioned that relief from high gas prices could take weeks to arrive.

In related news, Pentagon officials have estimated that the conflict in Iran could last up to six weeks, while a Trump administration aide has suggested that the US may be planning a coalition to escort ships through the Strait of Hormuz. Meanwhile, US airline executives have asked Congress to end the government shutdown and pay their workers, while the Reserve Bank of Australia (RBA) has signaled that it will deliver back-to-back hikes in response to the ongoing conflict.

Canada has also pushed back against its prime minister’s auto strategy, unveiling a US-focused plan instead. Additionally, UBS is set to face a Swiss government decision on capital in April, while Trump’s latest tariffs face a fresh set of legal hurdles. Finally, the outcome of the French elections remains uncertain, with the far right performing strongly in some regions while the socialist candidate leads in Paris.