Economy: Central Banks Warn of Global Inflation Risk
As the U.S.-Israel-Iran war continues, the Middle East’s energy infrastructure and transport system remains under severe strain, pushing global fuel prices higher. Since the start of the war, Iran has closed down the Strait of Hormuz, transporting a fifth of the world’s oil. In doing so, prices of Brent crude have skyrocketed 43% to $102 a barrel, reported Trading Economics, though prices remain unstable. The Group of Seven (G7) nations—the central banks of the United States, Japan, Britain, Canada and the Eurozone—all convened this week to discuss the rising prices, according to The Japan Times. After facing criticism from reacting slowly to post-pandemic inflation, policymakers from around the globe are determined to reel in prices without affecting economic growth, aiming to avoid “stagflation” overall, according to Yahoo Finance. The Wall Street Journal notes that the conflict particularly affected Europe because of its heavy reliance on imported energy, with natural gas prices almost doubling since the start of the conflict. Reuters notes that on Thursday, European Central Bank policy makers left interest rates unchanged, though warned that the war could push inflation much beyond its 2% target.
Culture: 98th Academy Awards Take Place in Los Angeles
The 98th Academy Awards took place on March 15, 2026, at the Dolby Theatre in Hollywood, Los Angeles, with comedian Conan O’Brien returning as host for the second consecutive year. According to ABC News, Paul Thomas Anderson’s “One Battle After Another” dominated the night, sweeping the top categories. Ryan Coogler’s “Sinners” also had a strong night, earning awards including a history-making Best Cinematography win and a Best Actor win for Michael B. Jordan. According to Variety, the film entered the evening as the most nominated film in Oscars history with 16 nominations, breaking the record previously shared by “All About Eve,” “Titanic,” and “La La Land”. Best Casting was introduced as a new category, the first since 2001, according to the Los Angeles Times. Cassandra Kulukundis took home the inaugural award for her work on “One Battle After Another,” dedicating it to “casting directors who never had the chance to get nominated,” according to The Hollywood Reporter.
Politics: The Iranian People’s Response to the Death of Ayatollah Ali Khamenei
A day after the United States and Israel launched an attack on Iran with the aim of toppling its theocratic regime, according to the Council on Foreign Relations, Iranian officials and other official sources confirmed the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei. Since then, the New York Times has reported large crowds of Iranians pouring into the streets of Tehran and other cities to celebrate the death of Khamenei, and the hope of a long-awaited regime change in the country’s political future. Following a government-ordered nationwide blackout, hundreds of thousands of Iranian people marched in protest, reported ABC. Protestors are now calling not only for the removal of the current leadership, but also a complete restructuring of Iran’s political system. According to Human Rights Watch, Iranian security forces have carried out mass killings of protestors during this time, with thousands reported dead as part of the coordinated nationwide crackdown.
Climate: Record High March Temperatures Recorded Throughout Western United States
A historic heat wave shattered temperature records across the western United States this week. CNN reports that over 100 all-time March records were broken or tied across California, Arizona, Colorado, Idaho, South Dakota, and Wyoming. Temperatures have risen 20 to 40 degrees above average, with Phoenix hitting 105°F. Scientific American notes the surge was driven by the strongest high-pressure system recorded over the Southwest before in March, which climate scientist Daniel Swain called “one of the more meteorologically exceptional events” seen in the American West in recent years. According to Yale Climate Connections, the heat wave would have been virtually impossible without human-caused climate change, with climate change increasing the odds of this heat by five times. Health officials have issued advisories regionwide, with elevated wildfire danger through the end of the month.
