Nearly 60 countries back voluntary roadmaps to wean world off coal, oil and gas, at conference prompted by frustration with UN climate summits

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Governments have been asked to develop national “roadmaps” setting out how they will end the production and use of fossil fuels, after a landmark climate meeting involving nearly 60 countries.

The voluntary plans will form the bedrock of a new initiative to wean the world off coal, oil and gas, the focus of two days of intensive talks in Colombia this week.

ECB interest rate decision looms as growth across bloc stumbles and price rises gather pace, up from 2.6% in March and 1.9% in February

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• Air France-KLM cuts forecasts amid $2.4bn fuel bill rise

Inflation across the eurozone has soared to 3% this month as the Iran war drove up energy prices and growth stumbled.

Consumer prices rose by 3% a year across the single currency bloc in April, data from the statistics body Eurostat showed on Thursday morning, up from 2.6% in the year to March, and 1.9% in February.

Markets spooked as US president appears willing to keep up naval blockade and Iran keeps Hormuz strait all but shut

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The global oil price has soared above $126 a barrel, its highest level since 2022, after Donald Trump warned the US blockade of Iranian ports could last for months and peace talks remained stalled.

After surging more than 13% in 24 hours, the price of Brent crude futures reached its highest price since the war began on 28 February. Not since Russia’s 2022 invasion of Ukraine has Brent topped $120, with the price then peaking at $139.

Move comes as airline industry reacts to uncertainty over Iran war and increase in price of Brent crude

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Air France-KLM has cut its capacity growth forecasts for this year as the Iran war drives up its fuel costs by billions of dollars.

The French-Dutch airline expects its fuel bill to increase by $2.4bn (£1.8bn) this year as a result of the surge in costs since the Middle East conflict began. In response, it has trimmed its expectations for capacity growth to between 2% and 4% this year, down from 3% to 5% previously.

Chris Wright says ‘I don’t know’ when asked about lower cost of gas as average price soars to $4 a gallon in US

Chris Wright, the Trump administration’s energy secretary, acknowledged Sunday that it might not be until 2027 before US gas prices come back under $3 a gallon.

Asked by Jake Tapper, the CNN State of the Union host, when he thought “it’s realistic for Americans to expect the gas will go back to under $3 a gallon”, Wright replied: “I don’t know. That could happen later this year. That might not happen until next year.”

How much fuel does Australia have left today, and when could we run out? Track how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country.

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The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan as Australia battles a fuel crisis.

While we know there have been outages and price increases, it can be difficult to get a full picture of what is happening – this is partly due to the thousands of independent businesses and different governments involved. We have brought together the latest data on prices, outages and oil tanker deliveries.