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Sources say that local suppliers have prevented jet fuel shortages at four Italian airports
Three sources said that local suppliers had stepped up to solve a temporary 'jet fuel shortage' at four Italian airports. This was in response to a sharp increase in jet fuel prices since the start of the U.S.-Israel war against Iran. Last week, the airports in Milan, Venice, Treviso, and Bologna alerted airlines about limited jet fuel supply from British company Air BP between April 2 and 9 according to advisories that were exchanged and seen by. Sources with knowledge of the situation said that alternative suppliers had filled the gap temporarily. They added that the problem affecting Air BP was due to a late cargo. The cause of the delay and where the cargo came from was not immediately clear. BP refused to comment. According to S&P Global, Europe imported more than half its jet fuel last year from the Middle East. The four airports have confirmed to? All four airports confirmed to? The SAVE Group has confirmed that the fuel supply is under control. There are no "critical issues" affecting supplies or flight operations, according to a recent statement from the operator of Venice airport and Treviso. SAVE has said that it can rely on multiple jet-fuel suppliers and has ruled out any supply problems for the short term. Corriere della Sera was the first to report jet fuel problems at four Italian airports. Reporting by Francesca Landini, London; additional reporting by Stephanie Kelly, Milan; editing by Giselda Vasgnoni
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China and Russia reject UN resolution protecting Hormuz shipping
China and Russia have vetoed the U.N. Resolution encouraging states to coordinate their efforts to 'protect commercial shipping along the Strait of Hormuz. The U.S. Ambassador to the world body has called for "responsible countries" to join with the U.S. to secure this vital waterway. The Security Council, which consists of 15 members, voted in favor of the Bahraini resolution with 11 votes. China and Russia were against and there were two abstentions. Donald Trump, the U.S. president, warned that "a whole civilisation will die tonight", if Iran did not accept his ultimatum by Tuesday evening (Washington time). The oil prices have risen since the U.S. & Israel attacked Iran at the end February. This has led to a conflict which?has lasted for more than 5 weeks, while Tehran has closed the Strait of Hormuz that used to be the route of about a fifth?of?global liquefied gas and oil. Bahrain's Abdullatif Bin Rashid Al Zayani, Bahrain's foreign minister, said that the draft resolution was not adopted due to a negative vote from a permanent council member. U.S. AMBASSADOR CONDEMNS VETOES Mike Waltz, the U.S. Ambassador to the United Nations condemned the Russian and Chinese Vetoes. He said that they marked "a new level" of repression, as the Iranian closure of the Strait prevented medical aid from reaching the humanitarian crises in Gaza, Sudan, and the Congo. No one should tolerate this. They are holding global economic growth at gunpoint. Today, Russia and China tolerated it. "They sided with a government that is brutalizing its own citizens while trying to intimidate the Gulf. Waltz stated that Iran could "reopen the Strait to seek peace, and make amends." He said: "But before then, we ask responsible nations to join in protecting the Strait of Hormuz and securing it for?lawful trade, humanitarian goods and free movement of goods around the world." France regretted the vetoes. Jerome Bonnafont, its ambassador to the United Nations, said that the goal was to "encourage strict and purely defensive actions to ensure the safety and security of the Strait" without spiraling into escalation. China and Russia exercised their'vetoes, despite the fact that Bahrain significantly weakened its draft when China refused to authorize force. The draft that was put to a vote did not include any authorization for the use of force. A reference to binding enforcement that was included in an older draft has also been removed. The?text instead strongly encouraged States to "coordinate efforts defensive in nature, commensurate with the circumstances, so as to contribute to ensuring the safety and security of the navigation across the Strait of Hormuz." The text also stated that such contributions may include "the escort of commercial and merchant vessels" and supported efforts "to discourage attempts to close or obstruct international navigation through Strait of Hormuz." Reporting by David Brunnstrom, Editing by Caitlin and Barbara Lewis
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Despegar CEO: Brazil-driven expansion will triple business in 3 years.
Despegar, an online travel agency focusing on Latin America, plans to triple its size in the next three-year period. Its operations in Brazil will be the main driver, and it plans to invest $100m per year over that time. Gonzalo Estebarena, the company's top executive, said that it will invest in artificial intelligence technology for a "future based very much on artificial intelligent". Despegar, founded in Argentina in 1999 is one of Latin America’s largest online travel platforms. After its acquisition by Prosus, for approximately $1.7 billion, it was delisted from New York Stock Exchange. Estebarena, in an interview at Despegar offices in Buenos Aires, said: "We want to triple the company in three or four years both in terms of transactions and operations." He added that "the growth rate we propose going forward is more aggressive than growth seen in the past seven or eight year," By the end of this decade, the firm plans to more than triple the current gross bookings. Estebarena was Despegar's Chief Technology Officer before assuming his new role in this month. He said that growth would be driven by integration with other platforms, particularly those owned by Prosus, which owns iFood, Brazil's largest food delivery app. Estebarena reports that since the integration began in 2025, 14% (or more) of Decolar's revenue in Brazil has come from iFood clients who have earned points through a loyalty program. It gives us a great deal of?confidence because iFood 'has 25 times more customers than Decolar. This is a great growth opportunity. He said, "The opportunity is immense." He said that there has been a slowdown in sales of tickets and travel packages as the war in the Middle East pushed up oil costs and created uncertainty among customers. "The ?main impact is the uncertainty ?it creates among people and, potentially--although not ?yet to the extent it could reach in the future--we are starting to see an impact on prices due to rising fuel costs," Estebarena said. (Reporting and writing by Eliana Razewski, Editing by Janane Vekatraman).
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Transporters in Guinea-Bissau strike over fuel price increases
Transport drivers in three?locations in Guinea-Bissau, including the capital, went on strike Tuesday after the government raised fuel prices as a'response' to the Iran _war, but prohibited any increase in passenger fare. Residents reported that taxi and van drivers were not working in Gabu, which is the largest city of the east. They also said that Mansoa was the same. This forced passengers to walk long distances. Caram Gassama is the chairman of the country’s drivers’?union. He said that vans with at least 15 seats began their strike in Bissau on Tuesday. Taxis are expected to follow suit on Wednesday. African governments have increased fuel prices sharply as global oil prices are surging due to the Iran War. This could spark inflation on the continent. Guinea-Bissau raised the price for diesel last week from 700 CFA Francs (about $7.50) to $898 CFA Francs (about $8.99). The government also raised the price for gasoline from 794 to 899 CFA Francs. The government that took power in November through a coup d'état also prohibited?increases to fares for passengers. The shortage of petrol in West Africa has been a problem for the last two weeks. The government of Guinea-Bissau, headed by Major-General Horta?Inta-a did not comment on the transport strikes on Tuesday. A government spokesperson failed to respond to a comment request.
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Gautam Adani is seeking to dismiss the US SEC fraud charges against him
Gautam Adani will ask a U.S. His lawyers announced on Tuesday that he will?ask a?U.S. Adani and Sagar Adani, both executives and directors at Adani Green Energy where they are both employed, were charged in November 2024 by the Securities and Exchange Commission (SEC) with orchestrating a bribery scheme in which hundreds of millions of dollars in bribes would be paid or promised to Indian government officials for Adani Green Energy's benefit. Adani Green is accused of failing to disclose the scheme to bond investors in documents for its $750 million offering in 2021. Adani's attorneys said in a filing to the Brooklyn federal court that the SEC claims are "impermissibly exterritorial," as the alleged misconduct and the defendants were all in India, and the bonds were not traded on any U.S. exchange. Lawyers also said that the Adanis were not involved in the offering, and there was no credible evidence to support the bribery scheme. The SEC?did not immediately respond to an inquiry for comment.
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IAG's Iberia has resumed Venezuela service with four flights per week
Iberia, the Spanish flag carrier, is a part of the 'International Consolidated Airlines Group. (IAG). They have resumed flights between Madrid and Caracas after a suspension in November when tensions between Venezuela and the United States escalated. On Tuesday, a company spokesperson stated that the airline would be operating four flights per week. This is one less than it was before the suspension. Spanish carriers 'Air Europa' and 'Plus Ultra" resumed flights from Spain to Venezuela in February and March, respectively. Iberia was among the airlines to halt flights into and out of the country following a warning from the U.S. Federal Aviation Administration that civil aviation could be in a "potentially dangerous situation" due to increased military?and politic risks. Washington began to work to reopen Venezuelan airspace and remove restrictions on international airlines following the U.S. operation in which Venezuelan president Nicolas Maduro, who was captured by U.S. forces on January 3rd and transferred to New York for drug trafficking charges.
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Gunfight near Israeli consulate reminds Turkey of past militant attacks
According to witnesses and authorities, an attacker was killed during a gunfight with police outside of the building housing the Israeli Consulate in Istanbul on Tuesday. Here is a list with the major terrorist attacks that have occurred in Turkey over the past few years. December 29, 2025: Three Turkish police officers were killed and six Islamic State militants in Yalova, northwest Turkey. A 16-year old was arrested on September 8, 2025, for the murder of two police officers during a shooting attack at a police station located in Izmir in western Turkey. On October 24, 2024, two gunmen shot and killed five people at the largest Turkish aerospace company TUSAS. The attack was blamed by authorities on the militant Kurdistan Workers' Party. On January 28, 2024, two masked gunmen kill one person at a church in Istanbul. The Islamic State was linked to suspects captured. October 1, 2023: Two attackers detonated an explosive device outside Turkish government offices in Ankara. They killed themselves and injured two police officers. The PKK claimed responsibility. November 13, 2022: A blast in a busy Istanbul street killed six people and injured 81. Ankara blamed a Syrian Kurdish YPG milita, which they consider a PKK affiliate. Both groups denied any involvement. On January 5, 2017, a car bomb in Izmir caused the death of a policeman and an employee at a courthouse. Authorities claimed that PKK members are responsible. December 31, 2016 –?Islamic State claimed the responsibility for a mass shooting that took place in an Istanbul nightclub on New Year's Eve, killing 39 people. A car bomb in Kayseri killed 13 soldiers on December 17, 2016. A PKK offshoot claimed responsibility. On December 10, 2016, twin bombings took place outside a soccer stadium in Istanbul, killing 44 people. Most of them were police officers. The Kurdistan Freedom Hawks, a PKK-affiliated group, claimed responsibility. At least 11 people were killed in an attack by a suicide truck at a police HQ in the southeast of Turkey on August 26, 2016. PKK claimed responsibility. A suicide bomber killed at least 51 people in a suicide attack on a wedding celebration in Gaziantep. Tayyip Erdoan said that the attacker was linked to Islamic State. On June 28, 2016, a triple suicide attack and gun assault at Istanbul's airport main killed 45 people and injured over 160. The attackers, who are believed to have links to the Islamic State, were given life sentences. On March 19, 2016, a suicide?bomber in Istanbul killed four people, including two Israelis with dual citizenship and one Iranian. The alleged perpetrator was a Turkish member of the?Islamic State. On March 13, 2016, a car bomb-laden exploded in a busy transport hub of Ankara. 37 people were killed. TAK claimed responsibility. On February 17, 2016, a car bomb near military buses in Ankara killed 28 people and injured dozens. TAK claimed ?responsibility. On January 12, 2016, a suicide bomber in Istanbul's historical centre killed at least ten people, most of them German tourists. Authorities blamed Islamic State for the attack. On October 10, 2015,?Twin explosions near Ankara's main railway station killed more than 100 people. Turkish courts have sentenced perpetrators linked to the?Islamic State to life imprisonment. PKK militants have killed 15 policemen in eastern provinces Mardin and Igdir on September 8, 2015. On July 20, 2015, an Islamic State suicide bomber in Suruc, near the Syrian border, killed more than 30 people, mostly students. Canan Sevgili, Daren Butler, and Ros Russell edited the report.
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Fuel costs are increasing, so airlines are reducing their prices and cutting back on their outlook.
The U.S. and Israeli war against Iran, which has pushed up jet fuel prices, has shook the aviation industry around the world. Airlines have been forced to increase fares and adjust their financial forecasts. In recent weeks, jet fuel prices soared to $150-$200 per barrel from $85 to $90. This is a major financial blow to an industry that relies on fuel for a quarter or more of its operating costs. The list below is arranged alphabetically. AEGEAN AIRLINES The Greek airline anticipates that the suspension of Middle East flights, as well as a spike in fuel costs, will have "a significant impact" on their first-quarter earnings. AIRASIA X Executives from the Malaysian airline said that the company has cut 10% of its flights in the group, and imposed a fuel surcharge of around 20%. AIR FRANCE-KLM The airline group announced that it would be increasing long-haul ticket prices to combat rising fuel costs. Cabin fares will increase by 50 euros ($57). AIR INDIA The Indian flag carrier announced that it would change its fuel surcharge system from a flat surcharge for domestic routes to a grid based on distance, because fuel surcharges applied to international routes didn't compensate for the steep rise in jet fuel costs. AIR NEW ZEALAND On April 7, the airline announced that it would cut flights in May and June, and raise fares. It was among the first airlines to announce a large increase in ticket prices after the conflict erupted. The airline also suspended its earnings forecast for the full year due to volatility in the fuel markets. AKASA AIR Akasa Airlines, based in India, announced that it would be introducing fuel surcharges ranging from 199 to 1,300 Indian Rupees ($2 - $14) for domestic and international flights. AMERICAN AIRLINES Fuel prices are expected to increase by $400 million in the first quarter, according to the U.S. airline. CATHAY PACIFIC Hong Kong Airlines announced that it will increase its fuel surcharges by 34% on all routes starting April 1, and to review them every 2 weeks. The CEO of the carrier said that it would maintain its flight capacity despite high fuel costs, but warned that its 10% growth plan for passenger capacity could be altered if demand declines because of high fuel prices. CEBU AIR The Philippines-based carrier said that the sharp increase in fuel prices is a major concern. It will continue to review pricing and network strategies and try to minimize the impact. CHINA EASTERN EXPRESS AIRLINES Air China said that it would increase fuel surcharges on domestic flights starting April 5. Flights?of less than 800km will be charged a surcharge of 60 yuan, and flights above 800km will be charged a surcharge of 120 yuan. EASYJET EasyJet CEO Kentonjarvis says European consumers can expect to pay higher ticket prices at the end of the summer when fuel hedges end. FRONTIER AÉRIENS Fuel prices have increased dramatically since the airline's last forecast. GREATER BAY Airlines The Hong Kong based company announced that it will increase fuel surcharges for most routes on April 1, but keep charges the same on routes to mainland China and Japan. The?carrier's surcharge on flights between Hong Kong, Philippines and other Asian countries will double. HONG KONG Airlines The airline announced that it would increase fuel surcharges up to 35% starting March 12. The biggest increases would be on flights between Hong Kong, the Maldives and Bangladesh, and Nepal where the charges would go from HK$284 to HK$384 (49 dollars). British Airways' owner IAG stated on March 10, that it does not intend to increase ticket price immediately as it has hedged a large amount of fuel in the short to medium term. INDIGO India's largest airline announced that it will introduce fuel charges for domestic and international flights starting March 14. The charge for flights into the Middle East is 900 rupees and for flights into Europe, 2,300 rupees. Sources say that the company also lobbys for the Indian government to reduce fuel taxes. JETBLUE AERWAYS As a result of "increasing operating costs", the low-cost airline based in America has increased fees for optional services, such as checked luggage. The company announced that baggage prices would increase by $4 or $9. KOREAN AIR A source familiar with the matter said that South Korea's flag carrier would enter emergency mode in April as rising oil costs weigh on its cost structure. The airline will implement phased responses based on the oil price levels and increase company-wide efficiency to offset rising fuel costs. PAKISTAN INTERNATIONAL FLIGHTS Fuel surcharges are cited as the reason for raising domestic flight prices by $20, and international flight rates by up to $100. Scandinavian Airlines announced that it would cancel 1000 flights in April due to high fuel and oil prices. In March, the airline said that it had cancelled "a couple of hundred" flights. SAS, which has already raised flight prices, stated that the surge in fuel prices would be a major blow to the aviation sector, even if they tried to absorb it. SPRING AIRLINES Budget Chinese airline announced that it will increase fuel surcharges for domestic flights starting April 5, details to follow. THAI AIRWAYS The Thailand-based airline said that it would increase fares between 10% and 15% in order to combat rising fuel prices. TURKISH AIRLINES LUFTHANSA SunExpress, the joint venture between Turkish Airlines, Lufthansa and Lufthansa announced that it would begin imposing a temporary fuel charge of 10 euros per passenger on routes between Turkey, Europe and Africa, starting May 1. The fuel surcharge will apply to all bookings made after April 1, for departures after May 1. UNITED AIRLINES Scott Kirby, CEO of the U.S. Airline, said that the airline will cut unprofitable flights in the next two quarters to prepare for the oil price to remain above $100 by the end 2027. Andrew Nocella, United's Chief Commercial Officer, said that the company was able to increase fares in response to a rapid rise in jet fuel and oil prices. In an email to customers, the carrier announced that it would also increase first and second checked baggage fees by $10. This applies to all travelers in North America, Mexico, Canada, and Latin America. VIETJET Vietnamese budget airline?said that it had reduced flight frequencies on certain routes due to possible fuel shortages. VIETNAM Airline Vietnam's Aviation Authority announced that the carrier will cancel 23 flights a week on domestic routes starting in April after it requested assistance from the government to remove an environment tax on jet fuel. VIRGIN AUSTRALIA Virgin Australia announced that it would be adjusting its fares in order to reflect the rising costs across the aviation industry, which were being exacerbated significantly by the Middle East situation. WESTJET Canadian Press reported that the airline would add a fuel surcharge of C$60 ($43.14 USD) to certain bookings, and also combine flights due to rising costs.
SCENARIOS - Deal, delay or strike? Investors are on edge as Trump's Iran date approaches
Investors are weighing the various outcomes, from a ceasefire to a renewed military escalation, and their impact on oil, currencies, and risky assets.
Iran did not show any sign of 'agreeing' to Trump’s demand that the Strait of Hormuz be opened by Tuesday evening or face massive attacks on civilian infrastructure. This would be the largest escalation of the?war yet. The Wall Street Journal reported on Tuesday that Iran has 'cut off direct diplomacy' with the U.S.
Trump gave Iran until 8 pm in Washington (midnight GMT, and 3.30 am in Tehran) on Friday to end its Gulf oil blockade. This move has shook the commodities and financial markets in recent weeks.
David Morrison is a senior market analyst with Trade Nation. He said that the markets are in a binary situation, as they attempt to position themselves before a deadline. This will either result in a quick resolution or an abrupt escalation.
The S&P 500 index fell by nearly one percent on Tuesday. Gold and the dollar also declined, but oil rose.
Here's what could happen:
MILITARY ESCALATION
Citigroup stated in a note that a prolonged conflict or severe disruptions to oil supply could drive Brent crude prices up to $130.
Investors would price in a sharp slowdown of the economy and higher inflation by selling cyclical and interest rate-sensitive stocks.
Pete Mulmat, of IG North America, said that American Airlines, as well as other travel stocks like Carnival, are the most vulnerable to rising fuel costs and weakening consumer demand. Palantir, on the other hand, and CrowdStrike, an AI-defense hybrid, have the biggest upside if volatility increases and the conflict continues.
The U.S. Dollar has been one of the major beneficiaries of the safe haven trade sparked by?the conflict.
Steve Englander, Standard Chartered's FX strategist, stated that if oil prices are expected to remain high for a longer period of time, the USD may strengthen. This could increase inflation and output pressures on energy importers.
The rise in the dollar could also put pressure on the Japanese yen, and increase the possibility of an intervention from the Bank of Japan.
UniCredit analysts stated that the BOJ would intervene likely if USD/JPY rose quickly above 160 and reached its highs of July 2024 near 162. The last time the yen traded was at 159.82.
PEACE DEAL
Trump has abruptly backed off similar threats to escalate the conflict over the last few weeks. He cited what he described as productive discussions with unidentified Iranian figures, even though Tehran denies that any substantive talks took place.
S&P 500 is up about 4% from its low of late March, which was a seven-month high. This rebound has been attributed to the hope for a resolution.
J.P. Morgan analysts stated that if a ceasefire were to occur, they would expect bond yields to fall, oil/energy prices to drop significantly, USD to be sold off, credit spreads tightened, and equity markets to soar.
Stocks of energy, fertilizer, and defense companies that have surged in recent months on the expectation of a long conflict and higher input costs, could give back some of their gains. Oil-sensitive airlines and cruise operators, which have been hit hard by the oil price slump, could recover some of their losses as travel demand expectations improve and fuel prices fall.
Bets on rate reductions could also be reinstated if the conflict in the Middle East de-escalates. Oil prices have spiked and inflationary fears are causing traders to expect a prolonged pause on monetary easing this year.
Extension of Deadline
Investors may be tempted to take risks in the short-term if they believe that a deal is near.
Raffi Boysadjian is the lead analyst at Trading Point. He referred to a Wall?Street cliche that Trump "always chickens out."
J.P. Morgan analysts prefer a neutral stance due to?unresolved risks in shipping and uncertainty about energy supply.
Brent crude is expected to stay around its current price range of $10 per barrel as long as the Strait of Hormuz continues to be closed.
Gold prices could remain the same as long-term uncertainty continues to drive hedging. The stronger dollar has hurt gold prices, which have dropped 12% since war began. (Reporting by Sruthi Shankar, Medha Singh, Anjana Anil, Vidya Ranganathan and Shashwat Chauhan in Bengaluru; editing by Colin Barr and Sriraj Kalluvila)
(source: Reuters)