Latest News
-
Sources say that Chinese buyers are seeking alternatives to Middle East oil as they increase their purchases of Russian ESPO crude.
Four traders reported that the premiums for Russia’s Far East ESPO blend crude for delivery in November to China have risen to record levels as Chinese refiners increase their purchases amid shrinking Middle East and Iranian supplies. ESPO cargoes due to be delivered at the end October and November trade at a premium of over $7 a barr to ICE Brent. According to traders, offers have been heard up to a record-breaking plus $10 a barron on a shipped basis to China. Trading firms said that Sinopec, the state-owned Chinese refiner, was at the forefront of this buying spree, which reflects a strong demand for alternative crude oil supplies, as traders continue to express concerns about disruptions in shipments across Strait of Hormuz. As tensions in the Middle East threaten regional oil supplies, Chinese refiners are increasingly turning to Russian grades. Early trade on Wednesday saw oil prices rise by nearly 1%, after the United States & Iran exchanged strikes overnight. This fueled fears of more supply disruptions & reduced expectations of a near-term ease in tensions. Traders said that the strong Chinese demand for ESPO had already led to most of November's cargoes selling well ahead schedule. IRANIAN CRUDE IS NOW AVAILABLE AT A LOWER PRICE The traders reported that November ESPO cargoes started trading this week. Premiums for deliveries to China's independent re-finers (known as teapots) have risen to $10 per barrel delivered. The rally is a dramatic turnaround from the early?summer when ESPO blend cargoes were trading at discounts to ICE Brent. As demand has increased, October cargoes are now back in premium territory. The latest increase in crude oil prices was attributed to a decrease in the availability of Iranian crude. This has traditionally been the main source for teapot refiners from China. After the U.S. resumed its naval blockade mid-July it forced buyers to look for replacement barrels. ESPO blend, a product highly prized by Chinese refiners due to its proximity?and short shipping time, is now one of the biggest beneficiaries?of this shift in crude purchasing patterns. Participants in the market said that premiums will likely remain high as long as there is uncertainty about Middle Eastern supplies and Iranian imports.
-
Iran's website shows that more ships are blacklisted for trying to pass through the Hormuz Strait.
According to a government website, Iran has added new ships that it considers non-compliant and subject to fines or confiscation if they try to sail through Strait of Hormuz. Tehran announced on August 24 that it had blacklisted 45 tankers for violating its rules to navigate the Strait of Hormuz and that any vessel transferring cargo would be subjected to action. This comes six months after the U.S.-Israeli war began. Updated on the website of the Persian Gulf Strait Authority, a body created by Iran to'manage the strait', eleven more ships have been added. The total number of blacklisted vessels is now '56. Sources in the shipping industry said that the update took place within the last 24 hours. Iranian officials have not responded to a comment request. This list is restricted to very large crude carriers, liquefied petroleum gas, liquefied natural?gas, and other clean product vessels. The PGSA website states that "any vessel cooperating (via STS oil transfer, transshipment), will be added to this list." To request removal from the area, vessels must submit an official application with reasons." ADNOC Logistics and Shipping of the United Arab Emirates, ADNOC subsidiary Navig8 tankers and Saudi Arabian national shipping carrier Bahri are among the owners of some of the previously named ships. Sources with direct knowledge told late August that after the announcement of the 'blacklisted' tankers, three Indian oil refiners, and one global energy'major, planned to stop using the vessels because of security concerns. The restrictions are likely to further restrict efforts to export oil through the strait. Traffic in this area, which handled 20% of all global oil and LNG shipments before World War II but has since been reduced to a trickle, is expected to continue to decline. The U.S. imposed sanctions?? on the PGSA? in May. This complicates any engagement with this body, which could result in the U.S. Treasury freezing assets if any fees or transactions are paid.
-
Trump will meet with the CEOs of the travel industry to discuss tourism.
U.S. President Donald Trump will be meeting with executives from major travel companies on Wednesday, including American Airlines, Marriott, MGM Resorts, and Carnival, amid a drop in international visitors. The FIFA World Cup in this summer gave U.S. Tourism a "big boost". The U.S. tourism industry got a?a?big boost from the FIFA World Cup this summer. International arrivals in the U.S. dropped?5.5% in 2025. Travel officials cited a number factors, including long visa interview waiting times, higher airfare prices, stricter immigration policy, tariffs and U.S. restrictions on travel for certain countries. Commerce Department reported that overseas visitors have fallen another?4.7% from July 2026. The tensions in the United States and Canada have affected the number of visitors from Canada. Las Vegas, and border states are popular tourist destinations. The number of Las Vegas tourists is expected to drop by 7.5% in 2025. Trump will meet with members of U.S. Travel Association. Transportation Secretary Sean Duffy will also attend. Caesars Entertainment, Hard Rock International and IHG Hotels & Resorts are also participating, as well as Venetian, Raffles & Fairmont, Venetian, Raffles & Fairmont, Venetian, Raffles & Fairmont, Venetian, Raffels & Fairmont, Raffles & Fairmont, Venetian, Raffles & Fairmont, Raffles & Fairmont, Venetian, Raffles & Fairmont, Raffles Taylor Rogers, a White House spokesperson, said Trump will meet with travel companies to "celebrate the achievements that produced an historic summer travel season" and gave a boost to local economies and small business. The White House stated that it had made airport screenings easier by allowing passengers to leave their shoes on and adding "family screening lanes" at certain airports. The White House also wants to create biometric fast lanes to help returning U.S. Citizens and to make international flights more accessible. Over the past year, airport security lines and flight delays were slowed down by partial government shutdowns. U.S. Homeland Security Secretary Markwayne Mullin threatened in May to stop border processing at Newark, and possibly other airports in "sanctuary" cities. Travel groups warned it could cause chaos, leave thousands of tourists and Americans stranded, and stop vital cargo shipments.
-
Southwest launches first airport lounges in order to expand premium appeal
Southwest Airlines announced plans on Wednesday to open the first airport lounges in its history. The carrier is stepping up efforts to attract higher-spending premium passengers and diversify revenue sources. The airline has announced that it will partner with JPMorgan Chase in order to launch the first airport lounges. It is working hard to shed its low-cost reputation and boost revenue by introducing assigned seating, extra legroom seats, and other product improvements. Airport lounges are a popular attraction for travelers. They offer a place to relax or work in peace, as well as complimentary drinks and food. They help airlines retain customers, drive premium fares, and increase spending on co-branded credit card. Southwest?will launch a co-branded Chase credit card by 2027, giving customers access to the?airport lounges. It plans to initially open four lounges, in Austin, Baltimore?, Honolulu?, and Nashville. The lounges are expected to open in late 2027. Fuel prices have risen sharply due to the U.S./Israeli war on Iran. This has squeezed already thin airline margins. Carriers that offer a strong suite of premium services are better placed to withstand the pressure, as they can attract travelers who will pay more for high-margin features such as lounge access and premium seating. Southwest Airlines has restructured its business in order to "better compete" with the network carriers, following pressures from Elliott Investment Management as well as lower profit margins due to the pandemic and activist investor Elliott Investment Management. In May, Southwest CEO Bob Jordan said that Southwest would be able to offer more cabin options including "true First Class" and will likely in the future expand into international long-haul flying. He said, however, that these were "still ideas". Jordan acknowledged previously that the carrier lost customers to competitors because it did not offer premium amenities such as airport lounges or serve destinations like London.
-
Uber leaves Nigeria after 12 years in operation
Uber Technologies, a ride-hailing service, will stop?operations on 'September 2' in Nigeria. This marks the end of its 12-year presence in Africa's largest country. Uber announced that it would be closing its Nigerian operations after reviewing the business. It did not provide any further details on the decision. The competition in Nigeria's ride hailing?market has increased in recent years. Operators are facing challenges such as rising fuel prices, currency volatility, and inflation. These have led to higher operating costs and pressure on drivers and platforms. In a message to users, the company stated that "after a thorough review of our business we have taken the difficult decision to wind up our operations in Nigeria with effect from 2 September 2026." In 2014, the San Francisco-based firm launched in Lagos before expanding into other cities to meet the growing demand for app based transportation. Uber announced that its help centre will remain open until September 23 for users to resolve outstanding account issues. Uber didn't say how many drivers or riders would be affected or if any assets would sold.
-
Ukraine asks aviation watchdog back ban on flights into Russian airspace
?Ukraine has urged ICAO to ask its member countries to ban all operations in russian airspace. This comes a day after the President Volodymyr?Zelenskiy?warned he it was "becoming totally unsafe". Top Ukrainian officials announced on Tuesday that the country will intensify its retaliation for Russia's increased strikes against Kyiv. The city has been on continuous alert since seven days, and it has also suffered attacks on civilian infrastructure. Ukraine will only target Russian military installations and not threaten civil aircraft,?Zelenskiy said, but he stressed that "the growing number of Ukrainian drones" in Russian skies should be taken into consideration. Mykola Kalashnyk, Ukraine's Infrastructure Minister, wrote to ICAO Chairman Juan Carlos Salazar in a letter that was exclusively shared with him. He said Kyiv believes the risk of tragedies should be minimized. Ukraine asked ICAO for encouragement to aviation authorities and airlines in order to protect civil aviation. "Including by facilitating full prohibition of civil aircraft operations by ICAO members states within the Russian Federation's airspace". Vladimir Putin, the Russian President, said that Zelenskiy’s remarks amounted "state terrorism". Moscow pledged on Wednesday to prevent any disruptions to civil aviation. In 2024, a?Azerbaijan Airlines?plane?headed to Russia's Grozny crashed-landed in Kazakhstan when it diverted from its course. Putin said that two 'Russian missiles' were detonated after Ukrainian drones invaded the airspace. When Russia began its full-scale invasion in February 2022 and launched missile barrages without warning civilian aircraft, Ukraine shut down its airspace. Since then, Ukraine has been without an airport. SkyUp, the only airline that is still operating, operates out of Moldova.
-
Sources: Ethiopian Airlines is close to ordering Boeing cargo planes
Ethiopian Airlines has reached a 'deal to purchase up to 10 Boeing long-haul freighters, as it moves forward with plans to build a new African hub to compete with Gulf carriers. Sources said that the deal will likely include two Boeing 777F aircraft of the current generation, which would help the U.S. planemaker to bridge the gap until the new 777-8F model is ready. This is expected to be the remainder of the order. A source stated that the order will include eight to 10 aircraft, if there are no last-minute changes. Boeing refused to comment on speculation. Ethiopian Airlines had ?no immediate comment. Boeing will cease production of the widely-used 777F by the end of 2027 under international emission rules. This will close a profitable chapter after sales of over 400 units. Boeing has been under pressure to continue making the current 777F to avoid its supply chain going cold due to delays in developing the successor of the 777 jets, the 777X. This includes the new 777-8F freight model. Boeing requested a waiver from the Federal Aviation Administration in December to allow it to deliver 35 more 777F cargo aircraft, citing a strong demand for the planes and a delayed certification of 777X. The FAA stated on Tuesday that the waiver request was still pending, and that no decision had been made. Boeing's request will allow them to meet some demand up until the new 777-8F enters service. Boeing was confident that the exemption would be approved. According to a FAA filing, Boeing builds two 777F Freighters per month.
-
Europe could accelerate satellite launches to meet demand
The European Space Agency is looking at increasing the launch schedules for Ariane 6 & Vega C rockets over the next few years to overcome a possible bottleneck in satellite launches. Aschbacher, the Director General of the DG, told reporters that an immediate decision was needed if projections were correct and a surge in demand would peak by 2030. Arianespace's latest?projection? calls for nine or ten launches of Ariane-6 rockets per year starting in 2027. Aschbacher, a member of the AJPAE aerospace association, said that based on Europe's scientific missions and other missions as well as... possible further interest from Amazon or other commercial activity there is... more?demand? than planned capacity. Amazon has already ordered 18 launches. "Ofcourse, the question is: Can we satisfy all of these launches?" Aschbacher stated that this is exactly what we are doing at the moment. "We are investigating the costs and benefits... You can imagine that this is not trivial," said he. "We have already made some progress in these estimates. But it is also?clear... that if you want to meet?launch requirements by 2030, we will need to take a quick decision to?build the capacity needed." Arianespace, the subsidiary of Airbus and Safran rocket venture ArianeGroup declined to comment before a scheduled regular press briefing on September 7.
US truckers' diesel spending on Middle East conflict reaches record high
More than 3 million U.S. trucks that move goods from factories, to grocery stores and construction sites, are facing the highest diesel prices for years. This is adding pressure to the industry because the Iran War-related spikes in oil prices threaten to reduce freight demand.
Since the start of the Iran War, the Strait of Hormuz has been a vital artery of global energy flow. The price of diesel, which is used to fuel trucks, has increased by $1.89 or 50%. Diesel and gasoline prices also soared as crude oil prices, the basis for both, rose. This led to higher transportation costs and increased prices of many consumer goods.
Experts warn that there is no relief in sight, as diesel prices have reached all-time highs in logistic hubs such as California and Texas. A ceasefire between the U.S.A. and Iran announced last week also appears fragile.
The state of the U.S. economic climate is closely tied to trucking. According to American Trucking Associations, in 2024 the industry will have moved nearly three quarters of all freight, including retail and manufactured goods, and generated $906 Billion in revenue.
According to fleet management software provider Samsara, U.S. fleets spent an average of $5.52 per gallon of diesel on Monday. This is higher than the previous all-time record of $5.50, set in June 20, 2022, after?Russia invaded Ukraine. Fuel spend data from Samsara, which includes discounts and surcharges and is based on more than 5,500 fleets across the U.S., represents almost 1 billion gallons of fuel.
Jason Miller, supply chain professor at Michigan State University, said that no company had $5.60 per gallon of diesel in their budget bingo cards for 2026.
FedEx, a delivery firm that also runs one of America's largest trucking companies, has said the U.S. and Israeli war on Iran may have an impact on the fourth quarter performance, if rising fuel prices cause customers to withdraw.
Small firms are hit the hardest
According to a March survey by DAT Freight & Analytics, 18% of the 540 trucking companies surveyed had ceased operations because of the rise in fuel prices. Around 44% of the firms, of different sizes, from all over the U.S. were more selective with load weights, and around 45% drove fewer miles.
Small businesses dominate U.S. trucks. As of June 20, 2025, ATA reported that there were 580,000 registered motor carriers in the United States, 91.5% of which operated 10 trucks or less.
In a recent market update, DAT’s Dean Croke, principal analyst, said that the surge in diesel prices had wiped out profits from December, January, and February for many small carriers and owners-operators. He added that most operators were still just above breakeven.
Heather Hickson Griffith is a former Marine with more than 10 years of experience driving a big truck. She pays up to $8 a gallon for fuel in California, which is consuming her savings quicker than the spike in fuel prices of 2022.
In order to save money, the Oklahoma heavy equipment hauler stopped eating in restaurants. Daniel Griffith, her husband, runs cargoes to the East Coast where fuel is less expensive. GKZ Trucking is a small company with 21 owner-operators that does not have the heft to recover higher fuel costs. They are also more susceptible to cash flow problems and profits squeezes as prices rise.
Hickson Griffith, an independent driver from Texas, often pays out of pocket for fuel. They can find it difficult to convince customers to reimburse them if prices increase. The large companies negotiate fuel discounts with fuel suppliers and use surcharges to recover higher fuel costs.
Hickson said that without relief, he would be in pain to the point of no returns by the end of the calendar year.
Avery Vise is vice president of FTR Transportation Intelligence and said that the soaring diesel prices could drive thousands of small truckers out of business. This would worsen an already limited trucking capacity.
Vise stated that freight rates will rise more than 2022.
Researchers at Texas A&M Transportation Institute discovered that transportation costs are a relatively small part of the cost of goods, but can reach 20% or more for certain staples such as?milk.
Inflation is still below the levels of 2022 Russia-Ukraine energy shock when supply chain disruptions due to pandemics and massive federal expenditures?contributed?to soaring prices.
RISE OF FUTURE PRICE INCREASES
As midterm elections approach, President Donald Trump's Republican Party and the high price of fuel have become a major political headache.
Since the Middle East conflict escalated, diesel prices have reached record highs in California, Hawaii Nevada, North Carolina, and Texas.
Kelly Soderlund is the head of insight at?Samsara. She said that the rise in diesel prices far outpaced the rise in gasoline prices. The two prices rose together in the early days of?Ukraine War. She said that today's fuel costs are more expensive for truckers than consumers.
Patrick De Haan is the head of GasBuddy's petroleum analysis. He said that motorists should be prepared for another round price increases after the ceasefire talks between Iran and the U.S. failed to produce an agreement at the weekend. This sent oil prices sharply up. He said that the move towards a complete blockade of Strait of Hormuz was compounding global concerns about supply and could further disrupt flows.
(source: Reuters)