vendredi 20 mars 2026

‘We are heading for a global energy disaster’

Plus: Inside the ‘devastating’ decline in London’s flat market | The proof that Radio 3 has dumbed down
 ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏

Friday, 20 March 2026

Issue No. 390

Good morning.

Donald Trump has long insisted that the removal of Iran’s nuclear capabilities was necessary for the survival of the West. However, with the closure of one of the world’s most vulnerable trade choke points – the Strait of Hormuz – the US president has unwittingly signed a death warrant for the global economy. As gas and oil prices surge, Ambrose Evans-Pritchard, our World Economy Editor, has the full analysis on the impending energy disaster.

Chris Evans, Editor

P.S. Try one year of The Telegraph for £25, including all the articles in this newsletter. If you’re already a subscriber, make sure you’re logged in to read today’s stories.


 

In today’s edition

Inside the ‘devastating’ decline in London’s flat market

‘I’m a GP who knowingly signs healthy people off work’

Plus, ‘how we moved our family to the US’

Spring Sale: Enjoy one year for £25

Unlock full access to our free-thinking journalism for less than 50p per week.

 

‘The 2022 Russia shock was a picnic compared with this global energy disaster’

Israel struck Iran’s South Pars gas field – the world’s largest – on Wednesday

Ambrose Evans-Pritchard

Ambrose Evans-Pritchard

World Economy Editor

 

It is hard to decide which is the bigger disaster: the unfolding car crash in the global gas market or the mounting danger that entire countries will run out of oil.

The benchmark Title Transfer Facility (TTF) contract for gas in Europe was €29 (£25) per megawatt hour (MWh) in mid-February. Bank of America says it could reach €500 (£431) this winter if the Strait of Hormuz remains closed for 10 weeks, as it may well do.

That would blow through the record high that occurred after Russia’s invasion of Ukraine and amount to a full-blown economic emergency for Europe, the UK, Japan, South Korea and South Asia.

The picture is dramatically worse after Israel attacked Iran’s South Pars gas field, adding upstream gas and oil infrastructure to the menu of targets on both sides of the Gulf.

Iran’s missile retaliation on Qatar’s Ras Laffan has inflicted serious damage to the giant complex, which alone produces a fifth of the world’s liquefied natural gas (LNG).

It will be months before shipments start again. Qatar Energy says 17 per cent of production is lost for three to five years. It will have to declare force majeure on LNG supplies to Italy, Korea, China and Belgium.

It is just as bad for oil. The paper market that we all follow does not capture the drama. Physical deliveries are under far greater stress than Brent futures, at about $113, would suggest.

Actual barrels of the Dubai basket and Oman’s Murban are fetching close to $170 a barrel as Asian refiners scramble to buy anything they can. Jet fuel deliveries have hit $210 in Rotterdam and $240 in Singapore.

As one oil veteran tells me: the Russia shock in 2022 was a picnic compared to what is now happening. The world will hit a brick wall within two months.

This expert piece of analysis is available only to subscribers. Sign up to read the full article.
Continue reading

See more of our coverage below:

Saudi Arabia threatens strikes on Iran

The missile strike that changed the war

• Live updates | IEA urges people to work from home as energy prices soar

 

How Iran is bringing the war to Britain’s streets

Anti-Iranian regime protesters rally outside Downing Street earlier this month

Colin Freeman

Colin Freeman

 

The sharp end of the Iran conflict might be playing out 3,000 miles away, but here in Britain a shadow war is being waged on the streets, as Tehran mounts a campaign of retaliation.

Security experts warn that Iran is increasingly turning to “asymmetric warfare” within the UK. This ranges from violence at protests and trolling on social media through to plots against opposition activists and the Jewish community, who fear that Tehran may even have “lone wolf” attackers ready to carry out terror attacks.

With the Islamic Republic outgunned by its foes in conventional terms, the worry is that this different form of aggression may escalate as the regime’s options narrow.

Ominously, intelligence officials also warn that while Tehran lacks the capabilities of powers like China or Russia, it has a notably higher “risk appetite”. Their hope is that, with the regime under increasing pressure, its priority will be simply survival. However, it may equally go down fighting on all fronts, hiring any foot soldier willing to do its bidding.
Continue reading

Go deeper with our full coverage of the Iran war:

• Latest updates | US launches offensive to reopen Strait of Hormuz

Tehran’s most powerful weapon is not a drone, missile or mine

French sailor’s Strava exposes location of aircraft carrier

 

Opinion

Sherelle Jacobs Headshot

Sherelle Jacobs

The Midlands valley that may hold the secret to a national Tory revival

Kemi Badenoch is told that grassroots campaigning matters more than grand visions in the battle against Reform

Continue reading

 
<span style="color:#DE0000;">David Blair</span> Headshot

David Blair

The war has escalated into a dangerous new phase

Continue reading

 
<span style="color:#DE0000;">Jamie Blackett</span> Headshot

Jamie Blackett

Starmer would be a better man if he shot pheasants

Continue reading

 
Matt Cartoon
 

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In other news

Your Essential Reads

Is meningitis airborne and can masks stop it spreading?

The meningitis outbreak has led people to wonder whether they should be wearing masks, writes Sarah Knapton, our Science Editor. The problem lies in whether the disease is truly airborne, and there are some mixed opinions among scientists. Bristol University is carrying out research into how far meningitis bacteria can travel in the air. Until the results are back, masks look set to be a common sight in our lives again.

Continue reading

 

Inside the ‘devastating’ decline in London’s flat market

Ten years ago, the market for new-build flats in London was flying. Fuelled by rock-bottom interest rates and Help to Buy, the capital’s shiny new-builds commanded a 65 per cent premium. Now, in an over-saturated market plagued by rising service charges, flat sellers are discovering that no one wants to invest in them.

For subscribers only

 

Adrian Gillan, 54, estimates that around 90 per cent of his work is entirely unclothed

‘I make £30k a year taking my clothes off as a full-time life model’

Adrian Gillan estimates that half a million people have made three million drawings of his naked body over the years. He’s one of the few self-confessed “exhibitionists” who has managed to turn this trait into a full-time job, earning £30,000 a year and standing out from his peers with his “dynamic and theatrical poses”.

Continue reading

 

Radio 3 once showcased live classical music, satire and readings of Shakespeare

Radio 3 has dumbed down over the years. Here’s the proof

Radio 3 has undergone significant changes since its conception. Ivan Hewett, our Classical Music Critic, has examined the station’s schedules from across the decades to discover whether those griping about its abandonment of the high-brow have a point. As he charts its evolution from the Isaiah Berlin series to the “quirky” and the “personal”, it turns out the case for its “dumbing down” proves quite strong.

Continue reading

 

‘I’m a GP who knowingly signs healthy people off work’

I regularly face pushy patients demanding extended sick notes for minor complaints, writes one anonymous London doctor. When refusing them stretches a 10-minute appointment into a 30-minute confrontation, it is far easier to simply sign them off. With 2.8 million people now classed as “long-term sick”, it’s time someone did something about this backwards, broken system.

Continue reading

 

Kelly has become one of the most recognisable faces in women’s football

Chloe Kelly interview: You don’t have to be a tomboy or girly girl – you can be both

Chloe Kelly was in great spirits when we met at Arsenal’s training ground to discuss everything from the Euros to Barbie dolls, writes Kathryn Batte, Women’s Football Correspondent. She explained how she has matured since scoring the Lionesses’ winning goal at Euro 2022, why she enjoyed last summer’s tournament so much and her plans to bring more trophies to Arsenal before the end of the season.

Continue reading

 

Seize the day

‘We’re better off and have no regrets’: how we moved our family to the US

Alix and Liam Newton say the move, and particularly the warm weather, has ‘transformed’ the way they live

While the East and West Coasts have long been hotspots for British expats, business-friendly cities like Austin, Texas, are attracting a steady stream of overseas nationals keen to take advantage of the tax benefits and outdoor lifestyle. In the latest instalment of our series, a young family explains how they made the move across the pond.

Continue reading

Here is another helpful article for you this morning:

  • From tackling stains to making your windows shine, this 35p product may already be in your kitchen cupboard. Here’s how to use it.
 

Reviews of the week

Snow falls and sparks fly in a spectacular Siegfried

Barrie Kosky’s version of the third chapter of Wagner’s Ring cycle is a triumph

Opera

Siegfried, Royal Opera House

★★★★★

Sparks fly and flowers bloom in the penultimate instalment of Barrie Kosky’s Ring cycle for Covent Garden. In the previous two operas, Das Rheingold and Die Walküre, the Australian director presented an unremittingly bleak picture of tortured relationships. Here, with the arrival of Andreas Schager’s exuberant, naïve Siegfried, there are glimpses of comedy and even hope. The Royal Opera’s production, conducted by Antonio Pappano, is a triumph.
(Until April 6; rbo.org.uk. In cinemas from March 31)
Read Nicholas Kenyon’s full review

TV

The Other Bennet Sister, BBC One

★★★★★

Readers of Pride and Prejudice will know that poor old Mary Bennet never got much of a look-in. The Other Bennet Sister, based on a novel by Janice Hadlow, puts that right. It gives this forgotten character her moment in the spotlight, and it is a pure delight. Ella Bruccoleri is perfect as the bookish, bespectacled Mary, forever trailing unnoticed after her more sparkling sisters. She wins our sympathy entirely as she tries her best to overcome Ugly Duckling syndrome.
(On BBC iPlayer now)
Read Anita Singh’s full review

Film

Project Hail Mary

★★★★☆

With flashy practical effects and a heart-warming story, Project Hail Mary is like a medley of all your favourite sci-fi films. In this adaptation of a 2021 Andy Weir novel, Ryan Gosling teams up with a cute, affable alien to save their respective home planets from an impending ice age. It’s essentially Interstellar recast as a buddy movie – a majestically mounted, existentially inclined space-faring epic. Gosling is enormous fun in his first solo starring role on this scale.
(In cinemas now)
Read Robbie Collin’s full review

 

Your say

Signed, sealed, (not) delivered

Every weekday, Orlando Bird, our loyal reader correspondent, shares an off-piste topic that has brought out the best of your opinions and stories.

Orlando writes...
Even those of us who weren’t around for the golden age of Royal Mail have a sneaking suspicion that things have gone fairly sharply downhill. There are simply too many stories like this one, from Laurel Middleton: “I am lucky if I get one delivery a week. A fortnight ago, I received so much post that it took me half an hour to sort it out. I recently had a birthday and about half my cards were a week late. I subscribe to a television guide, which does not come until halfway through the week it covers.”


 

For Jonathan Williams, there was one particular irritation: “Royal Mail has failed to deliver my copy of The Spectator two weeks running. If they do arrive, it won’t be the same reading them so long after their sell-by date.”


 

What I hadn’t appreciated, though, was just how formidable the service used to be. Hugh Foster was prompted to recall: “Some years ago I visited Down House, Charles Darwin’s home in Kent. He was a great letter writer and had numerous mail deliveries each day. On one occasion he apparently posted a letter to a friend by first post and received a reply that evening. How times have changed.”


 

Frances Luczyc Wyhowska added: “When I was young there were extra deliveries at Christmas – two in the morning, one in the early afternoon and one in the evening. It was thrilling for a child – and so much jollier than an email. Parcels came wrapped in brown paper and string. If you happened to have friends who went shooting, there were special thick cardboard envelopes that could be used to send pheasants.”


 

Game mail? I confess to a scintilla of scepticism about that one, but the responses put me right. Mary Hill wrote: “Some time in the 1950s, my mother-in-law expressed a desire to taste hare. So my father, a farmer, shot one. My mother tied an addressed label round its neck and posted it. The hare arrived promptly the following morning.”

Do you remember Royal Mail’s better days? Send your responses here, and the best of the bunch will feature in a future edition of From the Editor PM, for which you can sign up here.

Please confirm in your reply that you are happy to be featured and that we have your permission to use your name.

 

Puzzles

Panagram

Find as many words as you can in today’s Panagram, including the nine-letter solution. Visit Telegraph Puzzles to play a range of head-scratching games, including PlusWord, Sorted, and Quick, Mini or Cryptic Crosswords.


 

Yesterday’s Panagram was PERCEIVED. Come back tomorrow for the solution to today’s puzzle.

 

Please let me know what you think of this newsletter. You can email me your feedback here.

Thank you for reading. Have a fulfilling day and I hope to see you tomorrow.

Chris Evans, Editor

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jeudi 19 mars 2026

Epstein: The making of a monster

Plus: Starmer is now Angela Rayner’s puppet | How brushing your teeth could help ward off dementia
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Thursday, 19 March 2026

Issue No. 389

Good morning.

How did a regular boy from a normal family become a wealthy financier and convicted paedophile? Mick Brown and Robert Mendick have written a definitive profile of Jeffrey Epstein, scouring the Epstein files and contacting those who knew him, and have uncovered startling revelations. This 11,000-word account from two of our best writers is available only for subscribers. Mick has also recorded the entire investigation, if you would rather listen to him tell the story this morning.

Chris Evans, Editor

P.S. Try one year of The Telegraph for £25, including all the articles in this newsletter. If you’re already a subscriber, make sure you’re logged in to read today’s stories.


 

In today’s edition

Starmer is now Angela Rayner’s puppet

The secret life and hidden millions of the man outed as Banksy

Plus, how brushing your teeth could help ward off dementia

Spring Sale: Enjoy one year for £25

Unlock full access to our free-thinking journalism for less than 50p per week.

 
Jeffrey Epstein

Mick Brown and Robert Mendick

 

Who exactly was Jeffrey Epstein? We have spent weeks trawling through the Epstein files and talking to contacts to try to find the elusive truth behind this most obvious but, until now, unanswered question.

Epstein used sex and wealth as bait to trap rich friends who were all too ready to jump into his arms. He was a vulgarian with little or no taste, who may have been an agent on Russia’s books or, as we were told, an asset for American and Israeli intelligence agencies.

His emails, sent to himself and uncovered by The Telegraph, give an insight into a super-rich financier who was, frankly, disgusting. This has been a fascinating, but gruelling, experience and a story that we’ve been reporting on for more than 15 years. The corruption and depravity just got worse and worse.

Additional reporting by Poppy Wood

 

Opinion

Allister Heath Headshot

Allister Heath

Everyone is too terrified to admit how vulnerable Britain has become

The greatest scandal of modern times is the hollowing out of our national defence

For subscribers only

 
<span style="color:#DE0000;">Allison Pearson</span> Headshot

Allison Pearson

If Nadiya Hussain thinks she’s suffered from BBC discrimination, she should try being a white man

Continue reading

 
<span style="color:#DE0000;">Jeremy Warner</span> Headshot

Jeremy Warner

Not so easy, this Brexit business, is it?

Continue reading

 
Matt Cartoon
 

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In other news

Your sport briefing

Your essential reads

There has been a lot of speculation about Angela Rayner’s next political move

Starmer is now Angela Rayner’s puppet

Is Angela Rayner about to launch a leadership bid? That’s the question vexing Sir Keir Starmer’s allies after her outspoken comments about Labour running out of time, writes Gordon Rayner, our Associate Editor.

The former deputy leader is certainly up to something, but now is not the time for Rayner to try to oust the Prime Minister – there are too many obstacles in her way, not to mention the expected upcoming failure in May’s local elections.

Instead, Rayner has an opportunity to become Starmer’s puppet master, steering the party to the Left ready for a future change of leader. The latest example? The Prime Minister recently opened the door to concessions on his migrant reforms following the criticism from the former deputy leader.

The departure of Morgan McSweeney and other senior aides has cleared the path for a leftist takeover of No 10.
Continue reading

 

Why Hezbollah will go down fighting

Israeli air strike on a building in Beirut

An Israeli air strike demolished a building in the Bashoura neighbourhood in Beirut early yesterday morning

Hezbollah’s decision to enter the US-Iran war on behalf of its spiritual and financial backers in Tehran has exacerbated sectarian divides in Lebanon, threatening to tear the country apart, writes Paul Nuki, our Global Health Security Editor in Beirut.

The terror group, which is only supported by a minority of the Lebanese population, has been increasingly diminished both politically and militarily in recent years, particularly under the current disarmament plan.

Now Israeli strikes weaken it even further.

Hezbollah is no longer fighting from a position of strength, but from the realisation that its very existence is threatened.

However, analysts say the battle for Lebanese hearts and minds may hinge on the nature of the new Israeli offensive: will the IDF provide enough pressure to cause the Lebanese government to act and carry the country with it, or will it go too far and unite people around the militants?
For subscribers only

Go deeper with our full coverage of the Iran war:

Latest updates on the conflict: Trump threatens to ‘massively blow up’ Iranian gas field

‘This is not America’s war’: Oman diplomat rebukes Trump over Iran

Tehran won’t fall without a ground offensive, says Kurdish leader

Navy will not send ships to Middle East because situation is ‘fluid’

 

The Duke and Duchess of Sussex’s public image is increasingly shaped by controversy and competing narratives

‘Toxic’ and ‘tone-deaf’: This exposé is a feverish attack on Meghan

The Duke and Duchess of Sussex have rejected Tom Bower’s new book, Betrayal, as “deranged conspiracy and melodrama”, writes Anita Singh, Arts and Entertainment Editor. Readers can form their own opinion of Bower’s account of the couple’s bitter exit from the Royal family. However, his own perspective is clear: Meghan emerges from Betrayal as pompous and self-obsessed – even, in the words of one ex-collaborator, “toxic”.

Continue reading

 

Belarus training migrants to fight Europe’s border guards

In the past four years, Belarus has pushed tens of thousands of migrants across Europe’s borders. The move has been an ever-evolving threat and forms a key part of Russia’s escalating hybrid war with the West. In an exclusive interview, the head of Latvia’s state security service reveals how Belarus has started training these migrants in combat and preparing them to clash with European border guards. Joe Barnes, our Brussels Correspondent, reports.

Continue reading

 

Robin Gunningham was long suspected to be the artist Banksy

The secret life and hidden millions of the man outed as Banksy

For decades, Banksy has used subterfuge and a cloak of secrecy to hide his identity. Now his cover has been blown, the man known as David Jones, formerly Robin Gunningham, still leaves many questions. Liam Kelly follows his paper trail.

Continue reading

 

Seize the day

How brushing your teeth could help ward off dementia

Up to 90 per cent of UK adults have some form of gum disease and recent research associates it with around 50 health conditions. These include dementia, rheumatoid arthritis, diabetes, Parkinson’s disease and heart disease. Jane Alexander, who suffers from periodontitis, speaks to experts about what we can do to improve our gums and our overall health.
Continue reading

 

Inexplicable

‘I came face-to-face with a ghostly woman in a castle, then she vanished without a trace’

There have been reports of hauntings at Lumley Castle for decades

Every week, Sarah Knapton, our Science Editor, and Joe Pinkstone, our Science Correspondent, demystify your supernatural experiences. From ghoulish encounters to bizarre coincidences, there’s always a scientific explanation and nothing is as strange as it seems.

Today, our duo investigate a reader’s encounter with a ghostly figure...

A baffled reader writes...

“I stayed at Lumley Castle hotel and I’d left my room to fetch a bag from the car and passed under one of the stone arches. Out of the corner of my eye, I saw a woman standing to my left.

“She wasn’t translucent or theatrical – just there, as real as anyone else.

“I asked her, ‘Why are you standing in the dark?’

“She put her finger to her lips and whispered, ‘Shhh. I don’t want them to find me.’

“There was no one else in the courtyard, no voices or footsteps. I looked right and left and walked a few steps, but when I looked back, she was gone. No footsteps, no rustle of fabric, no sign she’d ever been there at all.”

– Michael

 

 

Sarah and Joe answer...
Michael is certainly not the first to report odd encounters at Lumley Castle hotel.

In 2002, Indian cricket team captain Sourav Ganguly made history by waving his shirt from the balcony of Lords following a historic win against England in the Natwest Trophy.

However, it was neither the victory, nor his iconic celebration, that proved the most extraordinary thing to happen to Ganguly during the series, but rather his spine-chilling stay at Lumley Castle.
Read the full answer here

Plus, send in your questions for Sarah and Joe here

 

Your say

Sideline or star?

Every weekday, Orlando Bird, our loyal reader correspondent, shares an off-piste topic that has brought out the best of your opinions and stories.

Orlando writes...
Were you a star of the school sports pitch, a PE prodigy? Or were you, like me, generally sent to stand Eeyorishly in goal, regardless of the game being played?

I’ve been enjoying a recent correspondence on this theme. Let’s just say that if any Telegraph readers were in fact eager young athletes, you’ve been keeping quiet about it. Keith Strickland’s letter set the tone: “At my grammar school in the late 1950s, the gym was in a Victorian building with no shower facilities. Boys changed on the floor of the gym itself. The smell was one of the factors that put me off these places – along with participation sports – for life. Another was the PE teacher, who sought to motivate unenthusiastic students by belittling us in front of our peers.”


 

This stirred memories for Rowan Hillson: “I too hated the school gym: a vast, chilly room with terrifying equipment and over-enthusiastic teachers. One day the teacher told us to jump over the colt (a small but tall version of the wooden horse). I feared I’d fall but he said: ‘Just go for it – I’ll catch you.’ I ran, jumped and fell – and he didn’t catch me. I also hated outdoor sport. I’ll never forget playing hockey in a hailstorm. Running down the pitch with the hailstones bouncing off my bare knees, I thought: ‘This is really, truly awful, and when I leave school I’ll never do it again.’ So I never did.”


 

Hockey lessons appear to have been particularly traumatic. Jennifer Rhodes recalled “the hardy games mistress at my Northern grammar school ordering us to scrape snow from the sidelines of the pitch with our sticks so that our game could begin”.


 

For Val Harbidge, desperate times merited desperate measures: “I once managed to end a particularly cold and rainy game by hiding the ball up my jumper.”


 

Alas, Colin Henderson had no such luck: “Heavy snow should have stopped a match in which I played in the 1960s. Sadly, the presence of a national newspaper reporter demanded that it continued. The article was not flattering. Few names were mentioned but I was noted for being ‘frequently offside’.”

Send your tales of sporting glory, or otherwise, here, and the best of the bunch will feature in a future edition of From the Editor PM, for which you can sign up here.

Please confirm in your reply that you are happy to be featured and that we have your permission to use your name.

 

Puzzles

Panagram

Find as many words as you can in today’s Panagram, including the nine-letter solution. Visit Telegraph Puzzles to play a range of head-scratching games, including PlusWord, Sorted, and Quick, Mini or Cryptic Crosswords.


 

Yesterday’s Panagram was BOUNTIFUL. Come back tomorrow for the solution to today’s puzzle.

 


Thank you for reading. Have a fulfilling day and I hope to see you tomorrow.

Chris Evans, Editor

P.S. I’d love to hear what you think of this newsletter. You can email me your feedback here.

We have sent you this email because you have either asked us to or because we think it will interest you.

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