Oil at $100 as Trump threatens Iran; Musk on meaningless money

Oil prices have climbed back above $100 a barrel for the first time in two months, driven by escalating tensions in the Middle East after US President Donald Trump threatened a “massive attack” against Iran. The price surge threatens to further inflate petrol costs for consumers already grappling with cost-of-living pressures. In other news, Elon Musk has speculated that money could become meaningless in an era of robotic abundance, while the Commonwealth Games kicked off in Glasgow with a scaled-down ceremony.

Oil surges on Iran tensions

Brent crude rose above $100 per barrel overnight, its highest level in two months, as markets reacted to Trump’s warning that he is close to deciding on a major military strike against Iran. The Houthi blockade on Saudi shipments through the Bab al-Mandab strait has also tightened supply, pushing prices higher. Analysts warn that further escalation could send petrol prices at the pump even higher, adding to inflationary pressures that are already clouding domestic political agendas, including Australia’s Labor Party national conference.

Musk muses on a post-money world

Elon Musk, the billionaire entrepreneur and former Trump administration official, told the Economist that robots and artificial intelligence could usher in an era of “amazing abundance” that would render money “meaningless.” In the interview, Musk admitted he became too consumed by politics during his brief and volatile alliance with Trump, but maintained that technological progress would solve many economic challenges. He also speculated that the universe might be a computer simulation created by aliens, a remark that drew skepticism but highlighted his ongoing fascination with futuristic concepts.

Commonwealth Games open amidst challenges

The Commonwealth Games began in Glasgow on Thursday with a ceremony featuring King Charles emerging from a Doctor Who Tardis, a nod to the city’s pop culture heritage. The event has been significantly scaled down after Victoria’s late withdrawal as host. Australian cyclist Matt Richardson, who controversially switched allegiance to England, brushed off the controversy, saying it has had “zero effect” on his performance. The games proceed amid logistical hurdles and reduced attendance, but organizers hope they will still showcase athletic excellence.

Other notable stories

Outspoken Australian Labor backbencher Ed Husic criticized his party for becoming “allergic” to dissent, warning that the tight control on debate at its national conference could backfire. Seven-year-old Miles Phillips went viral with a song about the eastern rosella, drawing comparisons to the Strokes and Taylor Swift. Origin Energy confirmed a hack exposed customer addresses, phone numbers, and partial bank account details. A Northern Territory minister drew criticism for claiming groundwater use could prevent Earth’s magnetic poles from flipping. In the Middle East, far-right Israeli minister Itamar Ben-Gvir joined thousands of Jewish extremists at the Al-Aqsa compound, raising tensions. And a study found long-term exposure to road traffic noise is linked to higher Parkinson’s disease risk.

As oil prices remain volatile and global events unfold, the interconnected economic and geopolitical landscape continues to challenge policymakers and consumers alike. The coming days may bring clarity on Trump’s Iran strategy and further insights into Musk’s vision for a robotic future, while the Commonwealth Games seek to unite nations in sport.