Soaring jet fuel prices have hit the profitability of airlines, who have started raising air fares and grounding flights to contain the fallout from the Iran war, which has more than doubled aviation fuel prices over the past month. Oil and jet fuel supplies are constrained as crude and petroleum products are trapped at the Strait of Hormuz, forcing Asian refiners to cut run rates and Asian countries to restrict or ban exports to preserve domestic supply. Jet Fuel Shock The product market came under more severe stress than the crude markets as…

The effective blockage of the Strait of Hormuz has thrown the world’s continued dependence on fossil fuels into sharp relief. The interruption to the waterway, which accommodates one-fifth of the world’s oil and gas, has thrown global energy markets into turmoil. The blockage represents the single-largest interruption to global oil trade in history. But it’s not causing nearly as much pain as past oil crises thanks to a much more diverse global energy mix. “There is little sign that the war with Iran will cause the kind…

Artificial intelligence companies were top of the list in mergers and acquisitions—including fundraisers—over the first quarter of the year as activity in the field remained unbothered by the war in the Middle East and the energy crunch it caused. The first-quarter M&A deal data, as reported by Reuters, suggests that investors are not following short-term developments linked to the war but are taking a longer-term view and a new resilience to shocks. “We have seen a series of market disruptions over the last couple of years…

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Thursday, bringing the total rig count in the US to 548, down 42 from this same time last year. The number of active oil rigs rose by 2 to 411 during the latest reporting period, according to the data. This is 70 below this same time last year. The number of gas rigs rose by 3, reaching 130, which is 26 more than this time last year. The miscellaneous rig count stayed the same at 7. The latest EIA data…

OPEC+ is preparing to weigh another output increase this Sunday as the world’s most critical oil artery remains effectively shut. Eight core members of the group are expected to discuss raising production again after agreeing to a 206,000 bpd increase for April. Two OPEC+ sources told Reuters that the group is likely to move forward with another hike on paper, positioning itself to add barrels quickly if the Strait of Hormuz reopens. More than 20% of global oil flows normally pass through Hormuz. That flow is now constrained by the U.S.-Israeli…

Britain’s airlines face significant disruption in a matter of weeks if the war in Iran continues throughout April, as a global jet fuel shortage has already forced carriers in Asia to slash service levels in a bid to manage supplies. Major UK-based carriers have said that they have between five and six weeks’ worth of supplies before their reserves will begin to run short as a result of the protracted closure of the vital Strait of Hormuz shipping lane. Several Asian airlines have already been forced to cancel some routes until as far…

WTI crude spiked to $111.29 per barrel on Thursday, with Brent trading at $107.57, inverting the global benchmark structure as the market repriced accessible supply amid a prolonged disruption at the Strait of Hormuz. WTI rarely trades at a premium to Brent. Brent crude reflects seaborne crude and typically leads during global supply shocks, while WTI crude is usually discounted. The current inversion points to a breakdown in normal pricing signals tied to physical flows. Part of the move is technical: WTI’s front-month contract reflects…

A Georgian company has struck a deal to import coal, metals, and chemical products from the Russian-occupied Ukrainian region of Donetsk, a move that raises fresh questions about sanctions enforcement and underscores Tbilisi's tightening economic ties with Moscow. The agreement involves George Oil Ltd, owned by Valerian Kochiashvili, who has openly expressed his intention to trade with Russia and use raw materials from Ukraine’s Donbas to access markets beyond EU restrictions. The entrepreneur confirmed the arrangement to Georgian media,…

Russia is banning gasoline producers from exporting the fuel until July 31, expanding the current ban that applied only to non-producers, as the Middle East war and the Ukrainian drone attacks on Russian export terminals have upended the global and domestic markets. The Russian government on Thursday said it had expanded the ban on gasoline exports to producers of the fuel, Russian news agency Interfax reported. Russia has had a ban on gasoline exports by non-producers, but now the measure is expanding to gasoline producers. The new ban exempts…

Russia is banning gasoline producers from exporting the fuel until July 31, expanding the current ban that applied only to non-producers, as the Middle East war and the Ukrainian drone attacks on Russian export terminals have upended the global and domestic markets. The Russian government on Thursday said it had expanded the ban on gasoline exports to producers of the fuel, Russian news agency Interfax reported. Russia has had a ban on gasoline exports by non-producers, but now the measure is expanding to gasoline producers. The new ban exempts…

Russia is banning gasoline producers from exporting the fuel until July 31, expanding the current ban that applied only to non-producers, as the Middle East war and the Ukrainian drone attacks on Russian export terminals have upended the global and domestic markets. The Russian government on Thursday said it had expanded the ban on gasoline exports to producers of the fuel, Russian news agency Interfax reported. Russia has had a ban on gasoline exports by non-producers, but now the measure is expanding to gasoline producers. The new ban exempts…

Tesla reported a disappointing first quarter, delivering 358,023 vehicles worldwide, falling short of Wall Street expectations of about 372,000, according to Bloomberg-compiled estimates and the company’s own release. The miss marks Tesla’s second consecutive quarter below forecasts, underscoring continued pressure on its core automotive business as it navigates slowing electric-vehicle demand and a more competitive global market. Despite the shortfall, deliveries were still up 6.3% year over year, benefiting from an easier…

Chinese authorities have ordered private refiners to maintain high levels of gasoline and diesel supply, even at a loss, or risk their crude import quotas slashed if they reduce run rates, anonymous sources with knowledge of the matter told Bloomberg on Thursday. As China looks to ensure its domestic fuel supply amid the oil supply shock, officials at the National Development and Reform Commission (NDRC), the country's main planning body, have directed executives at the private refiners to keep their gasoline and diesel production at least at the…

Chinese authorities have ordered private refiners to maintain high levels of gasoline and diesel supply, even at a loss, or risk their crude import quotas slashed if they reduce run rates, anonymous sources with knowledge of the matter told Bloomberg on Thursday. As China looks to ensure its domestic fuel supply amid the oil supply shock, officials at the National Development and Reform Commission (NDRC), the country's main planning body, have directed executives at the private refiners to keep their gasoline and diesel production at least at the…

When an Indian tanker carrying liquefied petroleum gas (LPG) passed through the Strait of Hormuz recently, its progress was followed by excited live TV news coverage. “Its position was received eight minutes ago. It’s currently at 12.5 knots and is moving at 154 degrees. It’s reported ETA in India is at 9.30 p.m. tomorrow,” reported one journalist, providing running commentary while following a tracker app. Later, videos showed the ship with a military escort from the Indian Navy in the Gulf of Oman. The attention was not…

The UK is hosting on Thursday a virtual meeting of senior officials from three dozen countries -- with the notable exception of the United States -- to discuss ways and measures to seek to re-open the Strait of Hormuz. The meeting, which will be chaired by the UK’s Foreign Secretary Yvette Cooper, “will assess all viable diplomatic and political measures we can take to restore freedom of navigation, guarantee the safety of trapped ships and seafarers and to resume the movement of vital commodities,” the UK’s Prime Minister…

The UK is hosting on Thursday a virtual meeting of senior officials from three dozen countries -- with the notable exception of the United States -- to discuss ways and measures to seek to re-open the Strait of Hormuz. The meeting, which will be chaired by the UK’s Foreign Secretary Yvette Cooper, “will assess all viable diplomatic and political measures we can take to restore freedom of navigation, guarantee the safety of trapped ships and seafarers and to resume the movement of vital commodities,” the UK’s Prime Minister…

Australia’s government intends to consider using emergency powers to protect domestic natural gas supply in case of a shortfall on its east coast in the third quarter of 2026. The potential consideration of using such powers would be part of the steps the Albanese Government is taking to secure domestic gas supplies for Australian households and industry as the Middle East conflict disrupts global energy markets. Australian Minister for Resources, Madeleine King, has given notice of her intention to consider using powers under the Australian…

For decades, the U.S. military procurement system operated on a quiet assumption: the global supply chain would always be there. Parts would arrive. Materials would be available. Someone, somewhere, would have what was needed. That assumption is now gone. China's export restrictions on rare earth materials, imposed in late 2025, removed any remaining doubt about where the vulnerability was. Beijing didn't threaten to cut off raw ore, it blocked the processed metals and alloys that actually go into guidance systems, drone motors, and fighter jets.…

The Group CEO of ADNOC has called on the world to act together to protect the free flow of energy through the Strait of Hormuz in order to avoid a major economic collapse. He described Iran’s actions in the Strait of Hormuz as an act of “global economic extortion,” and emphasized the impact of the blockade beyond just oil markets. Traffic at the Strait of Hormuz has been at a near standstill for over a month now, with a limited number of vessels transiting the world’s most critical oil and gas chokepoint at Iran’s…