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Macron claims that the French Navy has boarded a Russian-linked oil tanker
The French Navy boarded a Tagor oil tanker on Sunday, which was under international'sanctions' and sailing from Russia. French President Emmanuel Macron wrote about it?on X. He said that the operation was conducted in the Atlantic Ocean on the high seas with the help of many partners, including Britain, and in strict accordance with the laws of the sea. He added that it was unacceptable for ships circumventing international sanctions and violating the law of the sea to finance Russia's war against Ukraine. In a'separate' statement issued on Monday, the Maritime Prefecture of the Atlantic stated that the French Navy intervened on an oil tanker coming from Murmansk in Russia, more than 400 nautical miles (740km) west of the Brittany tip. This operation was to verify the nationality of an alleged false flag vessel. The team examined the documents after boarding the vessel to confirm suspicions about the irregularity in the flag flown. According to international law, and at the request of the Public Prosecutor, the ship 'was diverted.' The ship was not named by the prefecture. Both France and Britain have vowed to 'obstruct' ships that are linked to Russia sanctioned'shadow fleets, which pass through their waters. British Prime Minister Keir starmer announced that in March he had given permission for the UK military to board ships owned by a "shadow fleet". Shipping data, however, shows that dozens sanctioned vessels linked to Russia continue crossing UK waters.
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Maguire: The US gasoline market is set to be tested again after a near-record draw of stock.
The near-record drawdown of gasoline inventories in the United States is flashing a warning to fuel markets. The system is losing its buffer as seasonal demand is peaking. This combination doesn't guarantee shortages, but it increases the chances of unexpected price changes if something goes wrong with replenishing inventory during peak U.S. Driving season is upon us. U.S. gas prices have already risen by 50%, to near four-year highs, since the U.S. war with Israel against Iran began February 28. They currently average $4.33 a gallon. After 15 weeks of reductions in gasoline inventories, the national stockpiles are at their lowest level for this time of the year since 2014. A durable Middle East peace deal that restores tanker traffic quickly through the Strait of Hormuz may help to limit further price increases in the short term and prevent further steep reductions of U.S. gasoline stock. Any resumption of military hostilities which threatens to further hinder oil production and exports out of the Middle East is likely to spark a new rally in U.S. gas prices this summer. This will fuel cost-of-living concerns across the nation. Record Run EIA data show that the 15-week decline in U.S. gasoline stocks since mid-February?is equal to the longest stock draw on record which took place between mid-February 2012 and late May 2012. U.S. gasoline stocks are now around 211.5 millions barrels. This is down from 253 million barrels just before the Iran conflict began and 5.5% lower than the average five-year figure for this time of the year. If the stock continues to fall, 2026 will be the year that the national gasoline stocks are continuously reduced without being replenished. The next update of EIA stock data is scheduled for June 3. A further reduction is likely, given the fact that gasoline consumption in the country has been steadily increasing as families begin to go on summer vacations. At this time, domestic crude oil stocks are also experiencing a sharp decline due to the shortages caused by Iran's war. The U.S. crude inventories are expected to decline for a sixth consecutive week, the longest stretch of weekly oil decreases since 2024. RISE IN PROCESSING RATES As U.S. refiners increase processing rates to boost refined product output, further declines in crude stock are likely. The U.S. refined 16.9 million barrels last week. This was the largest weekly processing volume since November last year. It should lead to a rise in refined product sales. It is not clear if any of this extra supply will reach the domestic market. This is because many U.S. refining plants are designed to serve export markets, where gasoline and diesel prices can be higher than in the U.S. Retailers will most likely be able to buy up any excess fuel that makes it on the U.S. Market in order to meet domestic demand. The consumption patterns are likely to continue increasing as the end of the U.S. School Year marks the beginning of the busiest time for U.S. motorists, when families hit the road on vacations and for family visits. This rising demand is likely to result in further draws on U.S. gas stocks, which may lead to further increases in gasoline prices. These are already near multi-year records. The author is a columnist and he has expressed his opinions here. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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Overnight, Ukrainian drones strike a refinery and pipeline
Russian and Ukrainian authorities confirmed that Ukrainian drones struck energy targets in several Russian regions over the weekend, including an oil pipeline pumping station and an oil refinery. This was part of an intensifying campaign against Russian infrastructure. Ukraine's General Staff reported that it struck the Saratov refinery along the Volga River, causing an?large fire. Roman Busargin, the Saratov Regional Governor, said via Telegram that "civil Infrastructure" was damaged by the strike. He did not provide any further details. The Russian Defence Ministry said that it had shot down 216 drones over night. Kyiv also said it had struck the?Lazarevo pumped station in the Kirov area, northeast of 'Moscow, and around 1,300km from Ukrainian-held territory. This pumping station serves the Surgut - Gorky -Polotsk pipe, which ships Russian oil from Siberia into Belarus. Alexander Sokolov, regional governor of Kirov region, said that drones hit an installation in the area but did not provide any further details. Belgorod's governors reported three civilians were injured. Ukraine said that it had struck military targets as well as fuel storage in the Rostov Region. Sergei Aksyonov, a Moscow-backed Crimean Peninsula governor, said that authorities were?introducing restrictions on the sale of petrol. Ukraine has been attacking fuel infrastructure near Crimea in southwest Russia for months. Ukraine's air force said that Russia launched 229 drones over night, of which 212 were shot down in the north and east of Ukraine. (Reporting and editing by Kevin Liffey, David Holmes and Felix Light)
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Austrian protesters close vital motorway linking Germany to Italy
Thousands of local residents closed down 'Austria Brenner Motorway' on Saturday. The Brenner is a vital north to south?corridor between Germany and Italy. They were protesting against the?tourists and trucks that are always clogging their roads. Karl Muehlsteiger was the leader of the protest, the mayor of Gries am Brenner. Gries am Brenner is one of the towns that are in the shadows of the Wipp Valley, a narrow valley with steep sides, and giant concrete stilts. Since?decades, the issue of excessive traffic and pollution in the valley that leads to the Brenner pass has been a source for tension between Austrians and Germans. Local authorities have taken various measures in Austrian 'Tyrol' to stop the flow of traffic, which has often prompted protests?across border. "You're making history!" Austrian news agency APA reported Muehlsteiger telling a crowd of 3,000 protesters that gathered at the motorway to symbolically block it, after police had cordoned both ends of corridor. The cars that arrived there turned around and left. Even though it was a holiday in some German states (including Bavaria), the eight-hour closure from 11 am did not cause chaos as many feared. Local media reported that trains passing along the same route were crowded. The local road, which runs parallel to the motorway from town to city was also closed for all traffic except locals and local traffic. A suspected arson attack overnight on electrical control units disrupted rail travel between Peri and Dolce near Verona?on Verona Porta Nuova - Brenner?line. Investigators were looking into possible links to radical environmentalist or anarcho-insurrectionist groups. (Reporting and editing by Kevin Liffey; Additional reporting in Rome by Crispian B. Balmer; Reporting by Christian Mang & Francois Murphy)
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Munich Airport briefly stops flights over drone sighting
The police and airport authorities confirmed that flights were halted at Munich Airport for an hour on Saturday morning after a pair of pilots saw a drone. A spokesperson for the airport said that during the shutdown, more than 20 flights which were due to land in Munich were diverted to another airport. Two pilots flying separate planes on the airport tarmac saw a drone hovering over the airport at around 9 am (0700 GMT). This prompted the closure, according to the witnesses. The flights resumed an hour after the first one. A police spokesperson stated that "extensive police operation, including a helicopter search of the area affected,?produced no results". The shutdown was lifted at 10:05 am, they added, after a thorough investigation into the incident had been launched. In October of last year, drone sightings caused more disruption at Munich airport. They forced several shutdowns in rapid succession. (Reporting and writing by Elke Ahlswede, Francois Murphy, Editing by Ros Russel)
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Five people are killed and over 40 injured in a chain-reaction crash on a Virginia highway
State police reported that five people died and over 40 were injured, including three critically, when a tour vehicle plowed into a sport-utility vehicle on a U.S. highway in Northern Virginia early Friday morning, triggering a chain reaction crash. Police said that a preliminary investigation revealed that the driver of the motor coach failed to slow down as it approached slower traffic in an area where construction was taking place along Interstate 95. This is a major highway corridor running north-south through the region. The bus then slammed a Chevrolet Suburban into another vehicle, and the Acura SUV. According to a press release from the state police, an Acura caught on fire. The accident occurred around 2:35 am?EDT on the southbound lanes of I-95, in Stafford County. This is about 45 miles southwest from Washington, D.C. The motor coach charter company E&P Travel in North Carolina operated the bus that carried about 34 passengers, including its driver, between New York City and Charlotte, North Carolina. Four of the five fatalities were in the Acura that was on fire - a man aged 45, a woman aged 44, a girl aged 13 and a boy aged 7 - all from Greenfield Massachusetts. According to police, the fifth person killed was a woman aged 25 from Worcester, Massachusetts. She was in a Chevy Suburban that had been hit by the bus. Police?stated that 44 people, including the driver of the bus, were injured and taken to hospitals in the area for treatment. Three of those patients are listed as being in a critical condition. Matthew Demlein, a spokesperson for the state police, said that charges are pending against the driver of the bus in relation to the accident. He declined to provide further details. Steve Gorman, Los Angeles; Sanjeev Mikleni, editing.
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Castlelake considers offer for British low-cost carrier EasyJet
Castlelake L.P., a U.S. investment firm, said on Friday that it was in the early stages of considering an offer for British budget airline easyJet. This sent the 'airline’s U.S. traded shares up nearly 10%. Castlelake stated in a press release that no approach had been made to easyJet's board and it was impossible to predict whether or not an offer would be made. According to UK takeover regulations, Castlelake must submit a firm bid by the 26th of June or abandon a deal. EasyJet announced the news a week ago, after warning that its outlook for the full year was 'uncertain' due to the Iran War driving up fuel prices and bookings being weaker during the summer peak season. According to LSEG's data, the?company is worth 3.02 billion pounds. The carrier's share price closed Friday at 398 pence and is down more than 22% for the year. As the Strait of Hormuz is constrained, the Iran conflict has disrupted global aviation. Jet fuel prices have risen by more than 80% in just a few months, forcing airlines to increase fares, reduce capacity, or accept'margin pressure. Castlelake entered into talks with Spirit Airlines in January, months before the bankrupt airline permanently ceased flight operations. Merit AirFinance is an aviation lending platform that was launched by the investment firm in 2013. It has $1.8 billion of deployable capital and aims to offer debt financing for airlines and aircraft lessors. EasyJet, in 2021, rejected an offer by rival 'Wizz Air. Instead, it raised $1.7 billion from shareholders, and went 'it alone' in an industry that is struggling to recover from pandemic.
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US Postal Service wants to force states to provide lists of voters
The U.S. As part of a new rule proposed on Friday, the Postal Service will require that states provide a list of voters who have received mailed ballots. This comes one day after an?internal judicial?judge refused to block immediately President Donald Trump's executive order. USPS's proposal was published in the Federal Register and would require that states provide the USPS with the names of voters who received mailed ballots. However, it would not be applicable to primary elections. The public has 30 working days to provide feedback on the plan. Postal Service proposes that states must also apply unique barcodes to outbound and return ballot mail envelopes. They say this "will facilitate law enforcement efforts" as well as help ensure adherence to federal laws. Carl Nichols, a U.S. District Judge in Washington, declined on Thursday to block Trump's order of March 31 regarding?mail-in votes but did not state if it was legal. A Boston judge has scheduled a hearing on Tuesday for a separate lawsuit brought by Democratic state attorneys against Trump, USPS and other parties challenging the voting order. The order directed that the federal government use data to verify the eligibility of voters in each state, ordered the Postal Service only to deliver mail-in ballots to those on the approved list. It also required states to keep election records for five years. A group of Democratic Senators claimed that the order sought to illegally transform USPS into an election administration agency, with the authority to determine who could vote by mail and establish ballot specifications. Trump, who is a Republican, has been promoting the false claim for years that his defeat in the 2020 election was due to widespread voter fraud. He has also called for tighter voting rules by mail ahead of the midterm elections of November. Trump will oust?Postmaster-General Louis DeJoy in?March 2025. David Steiner, the current Postmaster General of the USPS, has warned that USPS may run out money as early as next year.
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 re-evaluate their financial forecasts.
In recent weeks, jet fuel prices have increased from $85-$90 per barrel up to $150-$200 per 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.
Here is an alphabetical list of the ways airlines are responding to this issue:
AEGEAN AIRLINES
The Greek airline anticipates that the suspension of Middle East flights, as well as a spike in fuel costs will have a "notable" impact on its first quarter results.
AIRASIA X
Malaysian Airlines executives announced that the company has cut 10% of its flights in the group and imposed a fuel surcharge of around 20%.
AIR CANADA
The Canadian largest airline plans to reduce four of its daily flights to New York due to rising fuel prices. The four flights will be cut from June 1, 2026 to October 25, 2020.
AIR FRANCE-KLM
The airline group announced that it would increase the price of long-haul tickets to offset rising fuel costs. Cabin fares will rise by 58 euros (50 euros) for a round trip.
KLM, the Dutch subsidiary of the group, announced on April 16 that it would cancel 160 flights across Europe in the next month due to increasing fuel prices.
AIR INDIA
The Indian airline said that it will change its fuel surcharge system from a flat surcharge for domestic flights to one based on distance. The Indian carrier said that surcharges for international routes do not compensate the steep rise in 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 one of 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.
ALASKA AIR
The sharp increase in jet fuel prices has put pressure on the carrier's margins.
AMERICAN AIRLINES
The U.S. carrier announced that it would increase the fees for checked baggage by $10 for each of the first two bags, and $150 for the third bag on short-haul domestic flights and international flights. The airline also reduced certain benefits for economy passengers.
ASIANA AIRLINES
Newsis reported that the South Korean airline would cut 22 flights from April to July because of fuel price increases.
CATHAY PACIFIC
Two sources who are directly involved in the matter have confirmed that the Hong Kong airline group aims to raise HK$2billion ($255m) via a fixed rate Hong Kong dollar bond with a single or double tranche, they said.
CEBU AIR
The Philippines-based carrier said that the sharp increase in fuel prices is a "key concern" and will continue to review pricing and network strategies for mitigation.
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 120 yuan.
DELTA AIR LINES
Delta announced that it would reduce capacity by 3.5 percent from its original plan, and increase?fees on checked bags to offset the rising costs of jet fuel. The increase will be $10 for first and second bags, and $50 for third bags.
The U.S. carrier pulled all planned growth in capacity for the current quarter, and forecast profits below Wall Street expectations.
EASYJET
EasyJet has warned that it will suffer a larger half-year loss before tax of between 540 and 560 millions pounds ($731 and $758) in March, including an extra 25 million pounds of fuel costs.
FRONTIER AÉRIENS
Fuel prices have increased dramatically since the airline's last forecast.
GREATER BAY Airlines
The Hong Kong-based firm said that it will increase fuel surcharges for most routes on April 1, but keep them the same on routes to mainland China and Japan.
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, Bangladesh, and Nepal where the charges would go from HK$284 to HK$384 (US$49).
British Airways' owner IAG stated in March that it does not intend to increase ticket price immediately as it has hedged a large amount of fuel for 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.
JETBLUE AERWAYS
Joanna Geraghtz is the CEO of a low-cost airline based in the United States. She told her employees, via a memo, that she would not be considering bankruptcy this year despite the fact that rising jet fuel prices threaten the carrier's financial recovery. According to an SEC filing, the company has entered into a debt financing agreement worth $500 million.
KOREAN AIR
Sources with knowledge on the subject say that South Korean carriers will be forced to enter emergency mode in April due to rising fuel prices.
LUFTHANSA
The airline group announced that it would ground 27 aircraft servicing its CityLine short-haul subsidiary earlier than expected, citing high jet fuel costs and industrial action. Lufthansa also plans to withdraw four Airbus A340 600 long-haul planes at the end the summer, and will reduce its short- and medium-haul fleet by five aircraft during winter 2026/2027.
PAKISTAN INTERNATIONAL FLIGHTS
Fuel surcharges are cited as the reason for raising domestic flight prices by $20, and international flights by up to $100.
QANTAS AIRWAYS
Qantas, an Australian airline, said that it has?delayed its planned A$150-million ($106-million) buyback. It also increased the estimated fuel bill in 2026 for the second half to A$3.1-A$3.3 billion from A$2.5 billion.
Scandinavian Airlines announced that it would cancel 1,00 flights in April due to high jet fuel and oil prices. In March, the airline had cancelled "a couple hundred" flights.
SPIRIT AIRLINES
Air Current reported that people familiar with the situation said the U.S. low cost carrier requested hundreds of millions in emergency funding from the Trump administration to offset the rising fuel prices and prevent a potential liquidation.
SPRING AIRLINES
Budget Chinese airline announced that it would increase fuel surcharges for domestic flights starting April 5. Details will be revealed later.
SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWAST AIRLINES
The American carrier announced that it would increase the fees for checked bags by $10 each for the first two bags. This will bring the cost to $45 and $55 respectively for the first bag.
The Portuguese airline claimed that its price increases would partially offset the impact of fuel prices changes on its revenues.
THAI AIRWAYS
The airline based in Thailand said that it would increase fares between 10% and 15% due to rising fuel prices.
TURKISH AIRLINES LUFTHANSA
SunExpress is a joint venture of Turkish Airlines and Lufthansa. It announced that it would be imposing a temporary fuel charge of 10 euros per person on routes between Turkey, Europe and the Middle East, starting May 1. The fuel surcharge will be applied to all bookings made after April 1, for departures after May 1.
Turkish Airlines announced on April 10, that it would not be distributing any dividends from its net profit for 2025, instead choosing to keep earnings and preserve cash.
T'WAY AIR
As part of measures taken to combat the effects of war, the South Korean low-cost airline said that it would furlough cabin crew in May and/or June without pay.
UNITED AIRLINES
Scott Kirby, CEO of the U.S. carrier, said that the airline will?cut unprofitable flights in the next two quarters to prepare for oil prices remaining above $100 until 2027.
In an emailed statement, the airline said that it would also increase first and second checked baggage fees by $10 to customers traveling in North America, Mexico, Canada, and Latin America.
VIETJET
A potential fuel shortage has led to the Vietnamese budget airline reducing flight frequencies on certain routes.
VIETNAM Airlines
Vietnam's aviation authority announced that the carrier will?cancel 23 flights per week on domestic routes starting in April after it?requested assistance from the government to remove an environment tax on jet fuel.
VIRGIN ATLANTIC
Corneel K. Koster, CEO of the Financial Times, said that even though fuel surcharges will be added to airline fares this year, it is unlikely to achieve profitability.
VIRGIN AUSTRALIA
Virgin Australia has said that it expects an increase of jet fuel costs of between A$30 and A$40 million in the second half of the fiscal year. It also anticipates a 1% decrease in capacity for the fourth quarter.
VOLOTEA
The Spanish low cost airline has introduced a new pricing strategy that links ticket prices with fuel costs. This could add an additional surcharge after purchase of up to 16.50 euros per passenger per flight.
WESTJET
Globe and Mail reports that the Canadian airline has reduced seat capacity in June due to rising costs. Canadian Press reported that the carrier would add a C$60 fuel surcharge ($43) to certain bookings, and combine flights due to rising costs.
(source: Reuters)