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Ireland faces a'very serious' situation because of protestor fuel blockades.
On Friday, protesters in Ireland demanded government action over surging fuel prices. They used tractors and truck to block a port, fuel depot and oil refinery. The prime minister was forced to warn that the country might have to turn fuel deliveries away. Micheal Martin, who spoke on Friday, said that the blockades of Irish oil pipelines, which were triggered by the more than 20 percent increase in diesel prices following the U.S./Iran war, will cause serious economic damage. Fuels for Ireland, an industry?group, said that more than 100 petrol?stations had run out of fuel. "The situation is extremely severe right now." In an interview with RTE, Martin said that he didn't believe people were aware of the severity of the situation. He said that "we are on the brink of turning oil from the country," citing a problem with a tanker at Galway Port, and the halting of refining operations at the Whitegate Oil Refinery near Cork. It is unconscionable. It is illogical. It is hard to understand. Martin stated that the police and the army were ready to assist in clearing the protests, if needed. He also said "clearly the law will be enforced." Martin called for dialogue in order to resolve the issue. DPD, a delivery firm, said that it would suspend services in Ireland due to protests on Saturday. Last month, the government announced a package worth 250 million euros ($293.2 millions) to temporarily reduce taxes on petrol and diesel in order to offset the cost of the Middle East war. However, protesters are calling for more drastic measures, such as a price ceiling.
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Tel Aviv stocks reach record highs as truce hopes spur Tel Aviv's shares to hit a 1995 peak against the dollar.
Tel Aviv's share indexes reached all-time peaks - and the Israeli shekel rose - to a 30-year high - against the dollar on Friday, on the apparent hope that the U.S.-Iran talks scheduled for Saturday would maintain a ceasefire. The blue-chip Tel Aviv index and the broader TA-125 closed higher by 1.9%, extending to over 6% gains since the U.S. and Israel led air war began in February '28. The?shekel rose 0.7% against the dollar, reaching a rate 3.031 - its highest level since October 1995. Israel and Hezbollah traded fire in Lebanon, and the Strait of Hormuz was closed. The U.S. and Iran will meet in Islamabad on Saturday to try to reach a deal, including the reopening of the strait.
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Airports warn that Europe could be facing a jet fuel shortage within weeks
The European airport industry has warned of a possible systemic shortage of jet fuel in just three weeks, if the Strait of Hormuz does not open up. They have called for urgent EU-wide actions to secure supplies ahead the summer peak travel season. Airports Council International Europe, in a letter dated April 9 to the European Commission (ACI), said that a fuel shortage would "significantly hurt the European economy" and compound the macroeconomic effects of the rising oil prices caused by the Middle East conflict. Financial Times was the first publication to cover this letter. The Commission didn't immediately respond to an?ask for comment. According to ACI's study, data from up until 2019 shows that air connectivity is responsible for 851 billion euro ($997.03billion) of gross domestic product in Europe. Airports also handle 26% of Europe’s exports. ACI's Olivier Jankovec, the director general of ACI, wrote in a letter that despite a meeting held by the European Commission oil coordination group last week, there is currently no EU-wide mapping or assessment of jet fuel availability and production. The Commission was asked to map jet fuel availability and demand, to identify alternative sources of import, to assess the threats to intra-EU fuel flow, and to evaluate commercial and strategic reserve levels. In recent weeks, jet fuel prices have doubled from $150 to $200 a barrel. This is a major financial blow to an industry where fuel can account for as much as a quarter or more of its operating costs. The letter also called for a series of immediate policies interventions, such as the lifting of temporary import restrictions on jet-fuel, specifically those imposed by the new EU methane regulation that will be in force from January 2027. Jankovec said that the rules have already discouraged third-country sellers of fuel from signing contracts this summer. The group also suggested that the EU purchase 'jet fuel collectively and impose refinery obligations on specific refineries to safeguard production. It also recommended including airports, airlines, and ground handlers as recipients of state aids.
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Early April, Russia increases oil exports through western ports despite drone attacks
Trading and port sources reported that Russia's crude exports increased in early April, compared to March. Calculations also showed this, despite the disruptions to loadings caused by drone attacks on energy infrastructure. In late March, Ukraine increased drone attacks against Russian oil export ports on the Baltic Sea, Black Sea, and major Russian refineries. This could lead to the state cutting its crude production due to disruptions in supply chains. Three trading sources and port sources reported that the Baltic ports of Primorsk, Ust-Luga and Novorossiisk loaded a total of about 2 million barrels of crude oil per day in the first seven days of April. This compares to a daily average of around 1.9 million barrels in March. Sources claim that Primorsk was the main source of the loadings. The city had been hit by a UAV attack late in March but resumed loadings soon after. After a drone strike on March 25, oil loadings were stopped at Ust-Luga. They resumed only?April 6 leaving very little oil at the beginning of the month. After a suspension of four days due to a drone strike, Russia's Black Sea Port?Novorossiisk re-started fuel and oil loadings at its Sheskharis terminal late Thursday. Sources said that a sudden increase in Primorsk loadings?in April and high export volumes from Novorossiisk in the first few days of the month before a drone strike have helped to offset the Black Sea exports halt. The Sheskharis Terminal was the target of a major drone attack in early March. This led to a five day halt on crude loading and delays with exports. (Reporting and Editing by Emelia Matarise Sithole)
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City Airlines strikes pay deal as Lufthansa strikes, disrupting tens thousands of passengers
Cabin crew from 'Lufthansa' and its regional unit Lufthansa CityLine went on strike for a full day, while Lufthansa City Airlines signed its first contract. The union UFO organized the industrial action, which will run from midnight to 10:00 pm (2000 GMT). Fraport, operator of Frankfurt Airport said on Friday morning that 580 flights had been cancelled. This affected 72,000 passengers, out of the 1,350 scheduled flights, and the 155,000 'passengers' expected for the day. Fraport said that the figures are for all airlines at the airport and not just Lufthansa. They may change throughout the day. CITY AIRLINES SHARPLY CONTRASTS WITH OTHER AIRLINES CityLine cabin staff walked out in nine airports, while the Lufthansa strike affected both Frankfurt and Munich, its major hubs. Jens Ritter, the brand chief of Lufthansa, criticized the strike as being "completely out of proportion." UFO negotiators claimed that escalation is inevitable due to the stalled talks. The walkout is in stark contrast to the developments at Lufthansa's newest subsidiary, City Airlines. There, Verdi, a rival union, secured the first collective wage agreement for 500 cabin and cockpit staff. Verdi stated that the deal reached last week after marathon talks will increase basic salaries between 20% and 35 % in three stages until March 2029. It also includes additional days off, more vacation, improved rostering, and expanded pension support. Impact of?Low-Cost Competition The differing?fortunes between the two subsidiaries are a reflection of a wider restructuring within the Lufthansa group. CityLine has historically handled short-haul flights and long-haul routes in Europe. CityLine's feeder operations will be transferred to City Airlines. City Airlines was founded in 2022 as an alternative cost-effective solution for the growing competition in Europe's Aviation Industry. CityLine staff are angry about the closure plan, as they fear losing their jobs and an uncertain future. (Reporting and writing by Klaus Lauer, Kirsti Knolle, Miranda Murray and David Holmes).
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Gains in UAE stocks ahead of US-Iran talks
As U.S.-Iran talks begin in Pakistan, and Israel is seeking to talk with Lebanon, the equity markets of the United Arab Emirates rose a little on Friday. This raised hopes for an easing of Middle East tensions and a reduction of the risk of disruptions in the Strait of Hormuz. On Saturday, delegates from Washington and Tehran will hold talks in Pakistan. Benjamin Netanyahu, Israeli Prime Minister, said on Thursday that he was'seeking direct discussions with Beirut. A day after the worst bombing of the war in Lebanon killed more than 300 and put Donald?Trump’s U.S. Iran ceasefire at risk. Dubai's main stock market recovered from early losses to close 0.4% higher. This was aided by gains in financial and industrial stocks. Air Arabia, a low-cost carrier, jumped 4.8% while Emirates NBD Bank, the largest lender in the UAE, climbed 3.4%. Abu Dhabi's benchmark stock index rose 0.02%, boosted by gains of 4.1% in the hypermarket operator Lulu Retail Holdings and 3.9% in Dana Gas. The?index's gains were hampered by a decline of 3.1% in Aldar Properties, the UAE's largest real estate firm. Due to the Iran crisis, Dubai has limited foreign airlines to only one flight per day to its airports. This has caused Indian carriers to be concerned about revenue losses, as they had more flights planned than any other airline. According to LSEG, the Dubai index grew by 4.2%, its biggest weekly gain in over ten months. Abu Dhabi also posted a 2.5% weekly increase.
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Turkish Airlines replaces its CEO and Chairman, but withholds dividends citing geopolitical risk
Turkish Airlines underwent a major management revamp, replacing its CEO and Chairman, while also opting not to pay dividends from earnings in 2025, citing increased uncertainty across the operating environment, as well as geopolitical instability. Ahmet Olmustur has been named CEO of Turkey's airline following the retirement from Bilal Eksi, who was previously Chief Commercial Officer. Turkish Airlines announced to the Public Disclosure Platform that Murat Seker, the new chairman of the board who replaces Ahmet Bolat (who resigned), was named. Changes are being made as the aviation industry struggles with fuel prices that fluctuate, capacity constraints and persistent disruptions caused by conflicts in the Middle East. The board appointed Metin Gulsen as the 'chief financial officer'. Harun Basturk was previously a senior vice-president for regional sales and had been named senior vice-president of accounting. The airline announced in a separate statement that it would not distribute any dividends from its net profit of 2.65 billion dollars ($118.2 billion) for 2025. Instead, they will retain the earnings to conserve cash. The company stated that the decision was made because it believed that maintaining a solid cash position would better serve the long-term interest of shareholders given the current war in the Middle East and the uncertainty this brings. Turkish Airlines has been paying out dividends to its shareholders for the past few years. The last time Turkish Airlines did not pay a dividend was in 2023. In 2025, it approved a cash payout of?6.88 Lira ($0.1540), per share from its 2024 profits. Turkish Airlines shares rose 1.1%, while Turkey's BIST 100 index grew 1.37%
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Sources say that the Black Sea port of Novorossiysk has partially resumed oil and fuel loadings following a drone attack.
Two sources familiar with port operations said that Russia's Black Sea Port?of Novorossiysk?partially resumed oil and fuel loadings? from its Sheskharis Terminal?later?on Thursday? after this week's suspension due to a drone strike. Sheskharis, Russia's largest oil terminal with a capacity to load 700,000 barrels of crude oil per day, suspended oil loadings Monday following a Ukrainian drone attack that started fires in a fuel terminal and at some berths. Oil tanker loading resumed on one berth and only a single cargo of about 80,000 tons is expected to leave Friday. After the strikes, the oil loading schedule would?be trimmed?and it was not clear when the port's full operation could resume. Sources confirm that Novorossiysk resumed oil and fuel loadings as well on Thursday. One of the sources stated that a?diesel?load was also made from?the?port this week.
Iranian oil continues to flow through the Strait of Hormuz, even as Gulf neighboring countries' exports are shut
A review of tanker-tracking data revealed that Iranian crude oil has 'continued to flow through Strait of Hormuz with a near-normal rate, even though attacks by Tehran on ships in this narrow strait have decimated the exports of other Gulf countries. According to an analysis by TankerTrackers.com a maritime intelligence firm that specializes tracking shadow fleets, a network used to transport oil from countries under Western sanctions, Iran has exported about?13.7 millions barrels of crude since Israel and the U.S. attacked the country on 28 February.
Kpler, a vessel tracking service, estimated Iranian exports for the first 11 of March at around 16.5 million barrels. Iran's response to the Israeli-U.S. attacks included strikes on energy infrastructure in?the Middle East and ships in the Strait of Hormuz, which brought non-Iranian vessels transiting through the main gateway of Middle Eastern oil imports to a standstill. This forced producers in the area to reduce output. Iran's ability to continue exporting oil with no reported interceptions is in stark contrast to the U.S. military campaign in Venezuela which included a naval blocade and seizure of vessels attempting to enter Venezuelan waters. David Tannenbaum of Blackstone Compliance Services, a consulting firm, said that he was surprised by the U.S.'s failure to launch a similar campaign before starting this conflict or at this time, after their successful seizure of Venezuela-related ships in December.
Matias togni, Next Barrel Oil and Shipping analyst, said that the U.S.'s efforts to stop Iran linked tankers could lead to more attacks against vessels passing through?the Strait of Hormuz.
James Lightbourn is the founder and shipping financier of Cavalier Ship, a maritime investment and advisory firm.
Lightbourn stated that if the U.S. seizes tankers it would be less of a loss to Iran if the strait was closed completely (for example, with mines).
The White House of U.S. president Donald Trump did not respond immediately to a question about whether Washington intends to take any action against Iranian oil exports.
IRANIAN EXPORTS ARE COMING AT A SAME RATE AS LAST YEAR
TankerTracker.com data and?Kpler indicate that Iran's crude exports range between 1.1 and 1.5 million barrels of oil per day from February 28 to March 11, according to the data. Kpler data shows that the country exported 1.69 million barrels per day on average last year. The pace may pick up in days to come. According to a review of satellite images by TankerTrackers.com, multiple very large crude carriers - the largest oil vessels currently in service - are still loading oil on Iran's Kharg Island.
Kpler data shows that Iran increased its exports in anticipation of Israeli and U.S. military action prior to the 28th February strikes. Data showed that Iran exported oil at a record 3.79 million barrels per day in the week of February 16. According to an analysis by Kpler & Lloyd's List Intelligence, six crude oil tankers left Iran between February 28 and March 1, including the U.S. sanctioned vessel Cuma which sailed this week. According to earlier reports, two liquefied gas tankers also subject to U.S. sanctioned departed Iran on Friday after loading their cargoes. A separate analysis revealed that at least 11 million barrels?of?crude crude oil were shipped out of Iran. Four?supertankers, which left Iran with 8 million barrels, arrived in the waters near?Singapore.
The vessels are sailing in the same pattern within Iran's exclusive zone economic, which extends to up to 24 nautical miles beyond the local territorial limit of 12 nautical mile.
Shipping sources say that this is seen as a way to protect the vessels by keeping them in Iranian waters. Reporting by Shariq KHan in New York, Jonathan Saul, Enes Tunagur and Arathy SOMASEKHAR in Houston, with editing by David Gregorio.
(source: Reuters)