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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.
Fuel costs rise as Middle East conflict disrupts flights and increases airline fares
Qantas Airways, Scandinavian SAS, and Air New Zealand all announced price increases on Tuesday. They blamed the Middle East conflict for the sudden spike in fuel prices.
New Zealand's national carrier, Air New Zealand, said that jet fuel prices have risen from $85-$90 per barrel prior to the U.S. and Israeli strikes on?Iran to $150 to $200. It suspended its financial forecast for 2026 because of uncertainty surrounding the conflict.
The 'war' has disrupted an important oil-export route, increasing airline costs and causing fares to rise on certain routes. This is causing concern over a wider impact on global travel.
A spokesperson for SAS said that "increases this large make it necessary to act in order to maintain stability and reliability operations," adding that it had implemented "temporary pricing adjustments."
Last year, the largest Scandinavian airline temporarily changed its fuel hedging strategy due to unpredictability of market conditions. It said it would not hedge fuel consumption for the next 12 months.
Many Asian and European Airlines, such as Lufthansa, and Ryanair have implemented oil hedging, which secures a portion of their fuel supply at fixed prices.
Finnair, who had hedged 80% of their fuel purchases in the first quarter, warned that the fuel supply could even be at risk if the conflict continued.
Finnair's spokesperson stated that a prolonged fuel crisis could impact not only its price but also its availability. This was at least temporary.
Kuwait, one of the largest jet fuel suppliers to Europe's north-west, has had its output cut.
AIRSPACE CHAOS IN THE MIDDLE EAST
Flightradar24 reported on X that planes arriving at Dubai on Tuesday were temporarily placed in a hold pattern due to an alleged missile attack. This highlights the chaos of the Middle East's airspace. The planes eventually?landed.
In response, airlines have already adjusted their networks and prices. Qantas announced it was looking at relocating capacity to Europe, as airlines and customers seek to avoid disruptions in the Middle East. Cathay Pacific also said that it would be adding flights to London and Zurich by March due to airspace closures on Asia-Europe routes and capacity restrictions.
Air New Zealand has increased fares on domestic, short-haul, and long-haul flights, and warned that more price increases or changes to schedules may be forthcoming if jet fuel costs continue to rise. Hong Kong Airlines announced that it will also increase fuel surcharges up to 35.2% beginning Thursday.
Air India announced on Tuesday that it will begin to increase fuel surcharges for its domestic and international flights, citing the rising price of jet-fuel.
Some European carriers stated that they did not see a need to increase prices immediately. IAG, British Airways' owner, stated that it had no immediate plans to raise fares and was well-hedged for the short term. British Airways said, however, that it had brought forward its winter-season flight to Abu Dhabi due to the "continuing uncertainties."
After the sale of Airline shares, shares in the airline have stabilized.
Oil prices dropped to $90 per barrel from $119 per barrel on Monday, after U.S. president Donald Trump announced on Monday that the war might be ending soon.
In Europe, airline stocks were up between 4 and 7 percent. In afternoon trading, shares of Delta Air Lines and United Airlines as well as American Airlines fell between 1%?and 2%.
The majority of major U.S. carriers no longer hedge fuel costs. This is in contrast to European and Asian carriers who continue to actively maintain hedging programs. Fuel is usually their second largest expense, after labor.
Airlines are forced to raise fares in order to cover rising costs without fuel hedges. The latest data from Deutsche Bank shows that U.S. airfares are rising quickly. Both?last minute tickets and advance purchase fares have risen over the last week.
Analysts say that the backdrop should allow the market to absorb higher prices, as passenger traffic continues to exceed the growth of airline seat capacity. Some carriers are forecasting record demand for spring break.
As fuel costs rise, airlines are expected to reduce their growth plans and increase their pricing power. It is still unclear whether or not these measures will be sufficient to protect the profit margins.
Analysts are expecting major U.S. carriers to update their outlooks in advance of an industry event next week. However, some have already reduced their profit and capacity predictions for the current quarter as well as the entire year. Analysts from Melius have, for instance, cut their estimates of net income by 10%.
CONFLICTS SHRINKING AVAILABLE AIRSPACE
The tightening of airspace, in addition to the high cost of fuel, threatens to bring down the travel industry worldwide, as pilots are rerouting to avoid the Middle East conflict, and the capacity on popular routes is filling up.
Cirium reports that Emirates, Qatar Airways, and Etihad account for approximately one-third the passenger traffic between Europe, Asia, and Australia. They also fly more than half of passengers from Europe, to New Zealand, Pacific Islands and Australia.
Many European airlines are already struggling with the lack of airspace created by the conflict in Ukraine. They avoid Russian airspace, and fly longer international routes. With even less airspace available, the airlines say that their business is now even more difficult.
(source: Reuters)