Oil prices soar as escalating conflict threatens supplies

US and Israeli air strikes have thrown energy markets into turmoil

The war and markets

Time is the crucial factor

Berkshire Hathaway’s new chief still committed to dealmaking

Plus, Victory Capital outbids Nelson Peltz, investors chase asset-heavy stocks and Le Cordon Bleu’s unusual wine tasting

Europe struggles to find its voice as Trump plunges the Middle East into chaos

Also in this newsletter: EU-Switzerland deal faces referendum hurdle

FTAV’s further reading

Robert Kennedy Jr; history rhymes; Stardew Valley; a map of happiness

FirstFT: Oil prices jump as Iran war intensifies

Also in today’s newsletter: UK property lender’s collapse and private credit shunned

Banking upstart Barrenjoey merges to make a mini-Macquarie

Barclays to reduce stake in Australian investment bank to 4.9% after sale to Magellan Financial Group

The best of TV and streaming this week

Channel 4’s ‘Dirty Business’ is a five-star drama about Britain’s water companies; ‘Man on the Run’ revisits Paul McCartney’s post-Beatles years; Disney+ reboots hospital drama ‘Scrubs’ — plus ‘The Tony Blair Story’, ‘Inside America’s Next Top Model’ and ‘The Museum of Innocence’. Reviews by Rebecca

People are complacent about risk of financial crisis, says Lloyd Blankfein

Former Goldman CEO says finance industry should plan as though another 2008-style meltdown is coming

Top academics warn UK physics cuts threaten effort to boost economy

More than 50 heads of departments tell science minister that changes risk undermining crucial tech growth fields

Barclays blocked transactions linked to property lender MFS months before collapse

Bank among lenders to have identified issues with Market Financial Solutions after other high-profile failures

The great British electricity puzzle

It turns out that making the transition to clean energy while keeping the price down is hard

Retail investors shun private credit funds after Blue Owl gating

Fears mount that outflows may soon overwhelm inflows to some of largest players

Who will back rate cuts on the FOMC?

If Kevin Warsh is dovish, here’s who will support him — and who will resist

Starmer’s cost of living tsar calls for ‘interventions’ to help households

Iceland boss Richard Walker tells FT he will work with ‘sprint team’ in Downing Street to help lower bills

The ‘stick or twist’ moment for UK banks

Will high street lenders persist with disciplined growth plans or take riskier bets to boost fee income

The best new debut novels — ghosts, down-at-heel aristos and a dead pingpong prodigy

Tales of a spooky Norfolk village, a shamanic Nigerian astrophysicist — plus the ethics of fiction as murderous revenge

Sony battles £2bn lawsuit claiming UK PlayStation users are overcharged for games

Download purchasers over past decade could be eligible for compensation if class action succeeds

What will be in Rachel Reeves’ spring outlook for the UK economy?

Chancellor will aim to project a stable fiscal picture against the backdrop of war in the Middle East

Blacklisting Russian paramilitaries will not work on its own

A foreign terrorist designation without secondary sanctions and sustained pressure is unlikely to succeed

Spain’s Moeve bucks green hydrogen gloom with €1bn project

Group backed by Mubadala and Carlyle to build new plant in Andalusia in boost to beleaguered industry

My top five Thai restaurants in London, by chef Kim Ratcharoen

The head chef at three Michelin star Restaurant Gordon Ramsay shares the spots where the flavours of her homeland really shine

Suit up! A specialist’s guide to antique armour and weaponry

Military pieces have beguiled cultural figures from Henry Moore to William Boyd — but there is no typical collector

Kyrgyzstan prepares to take EU to court over Russia sanctions

Central Asian country says it is ready to act if it is hit with secondary sanctions over alleged exports to Russia