Elon Musk's profitable rocket and satellite internet company SpaceX is reportedly preparing to raise $75 billion on public equity markets as its subsidiary xAI burns cash. But first: a pair of US court verdicts against social media giants could signal the sector's Big Tobacco moment, and France's finance minister convenes G7 officials to address the economic fallout from the Iran war. 

France's Finance Minister Roland Lescure revealed on Wednesday that between 30 and 40 per cent of Gulf refining capacity has been damaged or destroyed by Iran's retaliatory strikes, leaving a shortage of 11 million barrels a day on global oil markets. Lescure warned it could take up to three years to restore damaged facilities, and several months to restart those that were urgently shut down.

Meanwhile, Italian Prime Minister Giorgia Meloni has travelled to Algeria for emergency energy talks, seeking to secure increased gas deliveries to Italy as the country scrambles to replace lost LNG supplies from Qatar.

With fossil fuel supplies under severe strain, both the UK and Germany signalled on Wednesday that the energy crisis is accelerating their green transitions.

This comes as European Central Bank President Christine Lagarde assured the continent that the ECB has several options for dealing with the inflation shock triggered by the US-Israeli war on Iran, and vowed that policymakers would not be "paralysed by hesitation".

The energy crisis over the Iran war has left some countries glad they've added more renewables, while others are doubling down on fossil fuels. But first: oil prices fall on hopes for de-escalation in the Middle East, while suspicions swirl over potential insider trading on Trump administration policies.

Oil prices rose again on Tuesday, a day after a sharp decline, amid confusion over which way the Iran war is going. Brent crude settled well above $100 a barrel. Meanwhile, rising energy costs stemming from the conflict are causing the cost of plastic packaging to skyrocket, which in turn will make everything on supermarket shelves more expensive. But first: the EU and Australia have sealed a landmark free trade agreement that will eliminate tariffs on most goods. 

The EU and Australia have signed a sweeping free trade agreement that will eliminate tariffs on nearly all trade between them as global economies seek to hedge against chaotic US tariff policies. Also in this edition: crude oil prices rise again as traders remain sceptical of signals that Washington is trying to de-escalate its war with Iran.  

Global crude oil prices fell about 10 percent and Wall Street stocks rallied after Donald Trump said he was holding off military strikes on Iran's power plants. The US president made the announcement following what he called "constructive talks" with Tehran, despite Iran denying it was negotiating a deal. Meanwhile, France is looking at the possibility of increasing the country's refining capacity to cushion the impact of higher petrol prices on consumers, but is stopping short of cutting fuel taxes. 

Natural gas prices soared as attacks intensified on energy infrastructure in the Middle East. The Ras Laffan plant in Qatar has sustained "significant damage", according to its operators, which could take years to fully repair. That will have a significant impact on global supplies, because the facility produces around a fifth of the world's LNG (liquefied natural gas). Also in the show: the World Trade Organization warns a trade slowdown could lead to mounting food insecurity.  

Strikes on the natural gas production facilities of Iran and Qatar have sent energy prices soaring, with central bankers around the world struggling to set monetary policy amid a highly uncertain inflationary outlook. We take a closer look. Also in this edition: the French shipbuilding industry welcomes the start of construction of the country's next nuclear-powered aircraft carrier.

The Trump administration is taking steps to curb rising energy costs, as it continues to wage war in the Middle East. The US is easing sanctions on Venezuela, and suspending a century-old shipping law, in an effort to get more oil supplies into the global market. Meanwhile, oil prices continue to rise, with crude topping $109 per barrel, as Gulf energy infrastructure is targeted by strikes. Also in the show: the UN's maritime agency seeks safe passage for sailors trapped by the conflict. 

The long-awaited return to the stage of K-pop sensation BTS is set to boost South Korea's tourism and consumer economy. Our regional correspondents report. But first: the war in Iran upends the spring travel season for airlines and passengers alike, and investors await the latest rate call from the US Federal Reserve.