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Admiral: US destroys six Iranian small vessels, shoots down drones and missiles
U.S. military said Monday that it had destroyed six Iranian small boats, intercepted Iranian drones and cruise missiles fired by Tehran and launched an operation to 'free up shipping in the Strait of Hormuz. U.S. Central Command chief Admiral Brad Cooper declined to say whether he believed the ceasefire that began on April 8 was still in effect. He acknowledged that the Islamic Revolutionary Guard Corps' (IRGC) aims to "interfere with" President Donald Trump’s efforts to open up the vital waterway for commercial traffic. The IRGC launched drones and small boats as well as cruise missiles at the ships that we are protecting. He said that defensive munitions had been used to defeat each of these threats. Cooper stated that he had "strongly advised' the Iranian forces to keep a safe distance from U.S. military assets as they launched this operation. He said it involved 15,000 U.S. soldiers, U.S. Navy Destroyers, more than 100 aircraft, both land and sea-based, and undersea resources. He said that the U.S. commanders on the ground have all the authority necessary to protect their units, and to "defend" commercial shipping. Cooper, when asked if the U.S. Military escorted ships, said that there was no traditional escort but rather a multi-layered, larger defensive arrangement which included ships, aircrafts, helicopters and 'electronic warfare' to defend against Iranian threats. "If you are escorting the ship, it's like playing one-on-one. He said, "I think we have a better defensive arrangement with this process." "We have much more defensive options than you could have had if you were just escorting." Cooper stated that a "U.S. Cooper said a?U.S.
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SAC begins sale of controlling interest in Sicily's Catania Airport
SAC, the operator of Sicily’s Catania Airport, announced?on Monday that it had?launched a?process for selling a stake of?at least 51% of the company. Catania, Sicily's principal airport, is Italy's fifth-busiest airport in terms of passenger traffic. SAC, owned by local authorities and chambers, operates the airport under a concession that runs until 2049. SAC manages Comiso Airport?in southern Sicily. SAC stated in a press release that bidders are required to submit their?offers? by June?3. Since 2022, the privatisation of Catania Airport has been planned. Italian investment bank Mediobanca is the adviser appointed to guide the sale process. Sources told? ?in October. The sources said at the time that ADQ, Abu?Dhabi’s sovereign wealth fund, had also?emerged? as a possible suitor. Two people who are familiar with the situation also said that Italian infrastructure fund F2i and infrastructure?firm Mundys could be bidders. Reporting by Gianluca Smeraro, Elvira pollin and Susan Fenton.
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UAE claims it intercepted Iran's missiles after drone attack on Fujairah Oil Zone
Authorities said that a fire broke out in a?major UAE zone of the oil industry on Monday following a?drone attack from Iran. The Gulf?state's?military intercepted separately three?Iranian?missiles over its?waters?and a forth crashed into the ocean. The Fujairah Media Office released a statement saying that civil defence teams were immediately deployed to contain the fire at the Fujairah Oil Industry Zone. Three Indian citizens were also moderately injured and were taken to hospital. The UAE defence minister said on X, that their forces intercepted 3 missiles. A fourth fell into the sea. Iranian news agencies reported that the Revolutionary Guards Navy of Iran released a map which'showed the expansion of areas under Iranian Control near the Strait of Hormuz. This included the UAE ports of Khorfakkan and Fujairah, as well as coast of the Umm al?Quwain Emirate. The drone attacks have shattered the relative calm that had been prevailing in the UAE after a ceasefire mediated by Pakistan between Washington and Tehran was implemented on 8 April, pausing over two months of intense combat in the Gulf Region. The UAE claimed that during the intense conflict it intercepted thousands of missiles and drones. UAE authorities issued alerts on mobile phones in Dubai and Abu Dhabi Monday warning of the possibility of missile attacks. The?energy infrastructure of Fujairah has been targeted before. On March 14, a drone had struck the Port of Fujairah causing fires and suspending some oil loading operations. Fujairah was crucial to UAE oil exports in the Iran War as it is located at the end of Abu 'Dhabi Crude Oil Pipeline which transports?crude oil from inland fields directly into the Gulf of Oman without having to go through the Strait of Hormuz. The UAE has been able to ship oil to the global market even though the waterway was under threat. (Reporting and editing by Alexander Smith; Bureaus)
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UKMTO receives a report of a fire on a cargo vessel 36 nautical mile north of Dubai
United Kingdom Maritime Trade Operations, (UKMTO),?said Monday that it received a report about a 'cargo vessel' incident which occurred 36?nautical -miles north of Dubai in the United Arab Emirates. UKMTO's advisory note stated that the vessel reported an engine room fire, whose cause was not immediately determined. It also noted that all crew members were safe andaccounted for. UKMTO reported that it received a second report about a?another incident' 14 nautical miles west from Mina Saqr in the United Arab Emirates. UKMTO was notified by a third party that "a vessel was on fire." The cause of the fire is not known at this time. It?added that no environmental impact had been reported. On Monday, the United Arab Emirates (UAE) accused Iran of using drones to attack an empty crude-oil tanker owned by the Abu Dhabi State Oil Company ADNOC as it attempted to cross the Strait of Hormuz. UKTMO warned Monday that maritime security threats in the Strait of Hormuz remain critical due to regional military operations. The U.S. urged vessels to "coordinate" with Omani authorities on VHF channel 16, and to "consider" routing through the 'Omani territorial waters to the south of the traffic-separation scheme where it has set up an enhanced security zone. Since the U.S. began its attack on Iran in February, Iran has prohibited most non-Iranian vessels from entering and leaving?the Gulf. Tehran has threatened 'to attack unauthorised vessels that 'transit the Strait of Hormuz. This is a conduit used for about a fifth of all oil and gas shipping in the world. Reporting by Muhammad Al Gebaly, Hatem Maher and Susan Fenton
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Think tank: High oil prices will not save Russian growth
A think tank near the government stated on Monday that high?global oil?prices will not boost Russian economic growth in this year, as new sanctions from the West and drone attacks by Ukraine weigh on crude output and exports. TsMAKP, an influential think tank, has lowered its forecast of gross domestic product growth. The pressures have led to lower than expected outputs for Russia's primary export commodity by 2026. Many analysts had predicted that Russia would benefit from the increase in oil prices after the U.S., Israel and Iran attacks and the blockade of the Strait of Hormuz. The forecast for Russian oil exports and petroleum products in 2026-2029 was revised to the?downward. In this year's exports, Russia will likely be down on 2025, TsMAKP analysts stated in a report, without divulging the actual numbers due to confidentiality. In updating the external conditions of the baseline scenario for?Russia's Socio-Economic Development, the main considerations were the risks of decreased production and, therefore, exports from Russia of hydrocarbons due to new attacks against port infrastructure and oil refining. Only one month earlier, they had cut their GDP growth predictions for this year from 0.9% to 1.3% to 0.5% and 0.7%. Officially, the government predicts growth at 1.3%. However, officials have stated that this number is optimistic and will be revised. Later this month, new government forecasts will be released. The Russian economy shrank by 0.3% during the first quarter of this year, marking its first quarterly decline since early 2023. Last month, President Vladimir Putin asked his top officials to come up new ideas to boost the economy. According to a report published last month, Russia had to cut oil production in April due to drone attacks by Ukraine on ports and refineries as well as the halting of crude oil supplies via the only remaining Russian pipeline into Europe. Last week, Finance Minister Anton Siluanov announced that the state budget'received windfall oil revenue of 200 billion roubles thanks to higher oil price. He claimed that the windfall oil revenues made up for the shortfall of the previous two month. (Reporting and writing by Darya Kosunskaya, Editing by Andrew Heavens).
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Spirit Airlines asks for approval to pay retention fees as it closes its operations
Spirit Airlines, the bankrupt discount airline that ceased operations last Saturday, has asked for approval to pay retention bonuses to its remaining employees. It also said it had no other choice than to cease operations. Spirit seeks court approval for $10.7 million to be paid in retention bonuses, which is $76,000 per employee. The top three executives will also receive more money but the amount hasn't been revealed yet. "After fighting valiantly to reorganize for months, and having almost succeeded, (Spirit) is left with no alternative but to orderly wind down of operations," Chief Financial officer Fred Comer stated on Monday in a filing to the court. "There is no viable path to a restructuring, or continuing operations." Spirit announced that it would replace some of the payments made to senior executives as part of its annual incentive and cash incentives plans before bankruptcy. Spirit claims it lacks the money to hold an auction for its aircraft, engines, and other equipment and asks the court to allow for quick sales or abandonment and to let the lenders repossess. The carrier was in advanced discussions with the Trump Administration over a $500-million government bailout, which would have helped it exit bankruptcy. It also granted the government up 90% of Spirit's equity. These talks collapsed when some creditors objected. Since the U.S. and Israeli strikes on 'Iran, the Strait of Hormuz has been disrupted. This is the worst crisis for the air travel industry since the COVID-19 Pandemic. Spirit Airlines was already struggling to make a profit prior to the fuel shock, and now faces $100'million in additional fuel costs. Spirit stated that the material costs were too high for it to absorb. (Reporting and editing by Nick Zieminski, Bill Berkrot and Dietrich Knauth)
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Seoul: Fire and explosion strike South Korean vessel in Strait of Hormuz
The foreign ministry in Seoul reported that there was a fire on a ship operated by a South Korean?shipper HMM on Monday in the Strait of Hormuz. Yonhap News cited government officials as saying that the government was reviewing intelligence suggesting that HMM Namu may have been attacked. HMM reported that no casualties were reported, and the authorities are investigating the cause of the fire, which broke out in engine room on the cargo ship flying the flag of Panama. The company reported that 24 crew members were on board, including six Koreans. After Iran claimed to have prevented a U.S. Warship from entering the Gulf, the U.S. Military said that two U.S. Navy guided missile destroyers entered the Gulf in order to break the Iranian blockade. They also said that two U.S. Merchant?ships transited through the Strait of Hormuz. In a press release, the South Korean foreign ministry said that "our government will 'communicate' closely with relevant countries about this matter and take necessary steps to ensure...the safety of our ships?and crew inside the Strait of Hormuz." Seoul has confirmed that 26 vessels flying the South Korean flag are stranded in the area. (Reporting and editing by Hyunjoo Ji, Heejin Kim, Jack Kim, Andrew Cawthorne and Aiden Lewis)
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JetBlue and Frontier share prices rise as Spirit shares fall to make room for growth
Frontier Airlines shares and JetBlue Airways' rose after rival Spirit Airlines closed shop on Monday. The rise in the share price of these carriers is a sign that they are gaining market share and controlling prices. They also hope to absorb displaced passengers. JetBlue's shares rose 3% in early trading, while Frontier's gained 6%. Spirit, a bankrupt airline, ceased its operations on Saturday after failing to secure creditor support for the U.S. Government bailout plan. Spirit cancelled all flights and started a planned wind-down. This ended a 34-year-old run based on a model with no frills that had lost its appeal as more travelers chose comfort after the pandemic. Its exit would allow rivals to gain market shares while also easing the price wars which have squeezed margins across the U.S. aviation industry, especially in markets with a high leisure component such as Florida. Cirium, an aviation analytics firm, reported that Spirit had 4119 domestic flights scheduled from May 1 to May 15 and 809 638 seats. Frontier and JetBlue both pursued Spirit at one time, but Frontier was the first to do so in early 2022 with a merger of cash-and stock. JetBlue outbid Frontier later in a bid war that resulted in a $3.8 Billion agreement. However, the tie-up was blocked in January 2024 by a federal court on antitrust grounds. FRONTIER AND JETBLUE MOVE TO THE BENEFIT Frontier, Spirit’s main competitor in the ultra-low cost segment, was already making gains in Spirit’s Florida-based airline’s stronghold markets, as Spirit reduced capacity during its bankruptcy proceeding, picking up price sensitive passengers. JetBlue is also gaining on the overlapping routes, and with travelers who are upgrading from basic flying. It aims to make Fort Lauderdale its third major hub following New York John F. Kennedy Airport (JFK) and Boston Logan Airport. In a?note, TD Cowen's Tom?Fitzgerald said that he thought the Blue Sky partnership of?United with JetBlue was the best positioned for capturing the revenue (of Spirit) over time. Fitzgerald said that while Frontier Airlines and Spirit have the closest overlap and a similar business model we think the Blue Sky loyalty program is more likely to offer a better value proposition in places like Fort Lauderdale, Orlando and Newark, among other markets. JetBlue announced plans to expand service at Spirit's biggest hub, Fort Lauderdale Hollywood International Airport, in Florida. Spirit also plans to interview pilots and flight attendants who are interested in open positions. The airline expects to have nearly 130 daily flights departing from Fort Lauderdale in summer. This will be the largest number of daily flights in the history of the airline.
Wall St. falls as Middle East tensions cause new jitters
Wall Street's major indexes fell on Monday as conflicting reports about a U.S. Warship near the Strait of Hormuz exacerbated tensions in the Middle East and dampened the?optimism of the previous week's earnings.
Tehran claimed that it had forced a U.S. Warship to turn around 'after it attempted to enter the Strait of Hormuz. Iran's semiofficial Fars News Agency reported that two missiles hit the warship. However, the United States has denied this report.
The United Arab Emirates said that it also intercepted 3 missiles fired by Iran over its territorial water, and a 4th one crashed into the sea.
Investors paused after a strong week of earnings to assess the aggressive rhetoric from Washington and Tehran, and the potential for a new escalation.
Oil prices remain high, and the?conflict is now in its third monthly. This has continued to exacerbate the effects of this conflict on global economic growth. Brent crude futures jumped 5.4% on Sunday and are now trading at $114 per barrel.
The longer oil prices remain above $100 per barrel, the more fiscal stimulus provided by the tax cuts that were passed in 2025 will act as a shock-absorber, said Brock Weimer.
At 12:01 p.m. ET, the Dow Jones Industrial Average fell 429.90 points or 0.87% to 49,069.37. The S&P 500 shed 32.63?points or 0.45% to 7,197.49. At 12:00 p.m. ET, the Dow Jones Industrial Average dropped 429.90?points or 0.87% to 49,069.37. The S&P 500 lost 32.63 points or 0.45% to 7,197.49. And the Nasdaq Composite fell 101.96?points or 0.41% to 25,012.49.
Weimer stated that after a 10% increase in the S&P?500 index in April, a consolidation period is?reasonable? and that the pace of growth may slow down in the coming weeks.
Ten of the eleven main S&P sectors were in red. The CBOE Volatility Index (Wall Street's "fear indicator") was up 1.44 at 18.39.
The markets are also preparing for a historically lower six-month period for stocks, starting in May. According to Fidelity data, from 1945 to April 2026 the S&P 500 gained on average about 2% between May and October. This compares to an average gain of 7% between November and April.
Adam Turnquist is chief technical strategist for LPL Financial. He said that seasonal patterns are useful in the past, but not always reliable indicators of what's to come.
"An ease in tensions in the Middle East, and a drop in oil prices could provide ongoing support for stocks, especially if earnings are resilient."
Berkshire Hathaway announced on Saturday that they were a net seller of stocks for the fourteenth consecutive quarter. Conglomerate is often seen as a bellwether for the U.S. economic climate. Its insights into market conditions and valuations are closely monitored.
GameStop shares fell 8.5%, while eBay's rose 5.8%. This is after the video game retailer announced a proposal for a cash and stock deal worth $56 billion.
Shares in logistics firms FedEx and United Parcel Service dropped nearly 10% after Amazon.com announced on Monday that it would be rolling out "Amazon Supply Chain Services", allowing other businesses to access its logistics network.
The pair lowered the Dow Jones Transportation Average to its lowest level in almost a month, 4.3%.
Norwegian Cruise Lines dropped by 8.5% after reducing its annual forecast because of higher fuel prices.
On the NYSE, declining issues outnumbered advancing ones by a ratio of 1.98 to 1 and 1.29 to 1 on the Nasdaq.
The S&P 500 recorded 26 new 52-week lows and 17 highs, while Nasdaq Composite registered 111 highs and 50 lows. (Reporting and editing by Arun K. Koyyur, Pooja D. Desai and Utkarsh H. Hathi from Bengaluru)
(source: Reuters)