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Dassault Aviation unveils long-range Falcon 10X business jet
Dassault Aviation unveiled its latest long-range business aircraft, the Falcon 10X on Tuesday. This marked a "key milestone" as the French company competes with larger North American competitors at the upper end of the luxury market. Dassault announced that the new jet, which costs $80-million and has the largest cabin on the market, will be able to connect cities such as New York and Shanghai. The announcement was made at a ceremony in Merignac (France) for dozens of wealthy buyers and suppliers. The launch of a flying penthouse coincides with the competition between planemakers to service?the ultra wealthy and heads of state? at the top of the luxury jet industry, although CEO Eric 'Trappier stated that corporations would be the majority of projected sales. Trappier, a reporter at the time, said: "The role of this aircraft is to fly long distances in maximum comfort and safety." Trappier confirmed that the twin-engine aircraft will perform its maiden flight in the "near future" and begin service at the end of this decade. Analysts say the 10X’s large cabin, which can accommodate a dinner party for up to eight people, and its long range could help it win a three-way competition against Bombardier's big models and General Dynamics' Gulfstream. Both companies delivered four times as many jets in total by 2025 than Dassault. After a spike during the pandemic, wealthy travelers and corporate clients continue to demand private jets. Honeywell, a U.S. aerospace company, predicts that 8,500 business aircraft worth $283 billion will be delivered over the next 10 years. The Falcon '10X, with an intercontinental distance of 7,500 nautical mile (13,900 km/8.640 miles), will compete against the Global '8000 from Bombardier, and the Gulfstream?G800. Dassault, a French company controlled by a family, also produces Rafale fighter jets. The new design, which is a clean-sheet, comes with engines made by Rolls-Royce in Britain. (Additional reporting and editing by Emelia Sithole Matarise; Additional reporting by Allison Lampert)
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US Navy informs shipping industry that Hormuz escorts are not possible at this time
Sources familiar with the issue say that the U.S. Navy refuses requests for escorts from the shipping industry to 'cross the Strait of Hormuz almost daily since the beginning of the 'war on Iran. They claim the 'risk of attack is a little too high at the moment. The Navy's assessment indicates continued disruption of Middle East oil exports. This is in contrast to President Donald Trump's statement that the U.S. was prepared to provide "naval escorts" whenever necessary to resume regular shipments along this key waterway. Since the U.S. and Israel war on Iran began more than a fortnight ago, shipping along the 'narrow strait' has been all but stopped. This has prevented exports of a fifth or so of the world’s oil supply. Global oil prices have soared to levels not seen since 2022. Iranian media reported that a senior official with Iran's Revolutionary Guards said the Strait was closed and Iran would fire on any ship attempting to pass. At least a few ships have been damaged. Three shipping industry sources familiar with this matter say that the U.S. Navy regularly briefs its counterparts in the oil and shipping industries and says during these briefings that it cannot provide escorts at the moment. Sources who refused to be identified due to the sensitive nature of the issue said that the shipping industry had been making requests for escorts by naval vessels almost daily during the calls. Sources said that the Navy's assessment from Tuesday's briefing has not changed, and that escorts will only be possible once the risk of attack is reduced. The Pentagon did no respond immediately to a comment request. Reporting by Jonathan Saul and Idrees Al, Phil Stewart, Arathy Sommesekhar, and John Irish, Editing by Richard Valdmanis, Lisa Shumaker
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Urals diffs are softer on the rising freight costs to Asia
According to calculations made by? Calculations on Tuesday. The cost of shipping vessels from Russia's Baltic Sea port to India has risen sharply, according to traders. Robert Fico, the Slovakian Prime Minister, said that after meeting with EU chief Ursula von der Leyen on Tuesday they agreed to resume oil transit through the Druzhba pipe via Ukraine and appreciated EU's readiness for financial and technical assistance for repairs. PLATTS WINDOW * There were no?bids on Tuesday for Urals or?Azeri BTC, and CPC blend, traders said. Donald Trump, the U.S. president and Vladimir Putin, his Russian counterpart discussed the war in Iran on Monday. This was just hours after the Kremlin's chief warned that a global energy shortage threatened the world economy. Reporting by Alan Barona; Editing Alan Barona
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US Energy secretary deletes post on Navy escorting vessel in Strait of Hormuz
U.S. Secretary of Energy Chris Wright deleted on 'Tuesday' a post in X that said the U.S. Navy had successfully escorted a tanker through the Strait of Hormuz to "ensure oil continues to flow into global markets." Wright's post was deleted without explanation. A spokesperson for Iran's Revolutionary Guards, commenting on 'Wright's remarks', denied that an 'oil ship' had been 'escorted' by the U.S. Army through the Strait of Hormuz. Alimohammad Naini, quoted by Iranian state-run media, said: "Our missiles and drones will stop any movement of the US Fleet and its Allies." Naini told state media that the 'claim' that an oil tanker was escorted by the US terrorist army through the Strait of Hormuz was a complete lie. Reporting by Jasper Ward, Idrees Ali and Phil Stewart in Washington; Elwely Elwelly and Chris Reese in Dubai.
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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.
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Boeing warns that wiring problems could cause a delay in the first quarter of 737 MAX deliveries
Boeing said Tuesday that the first-quarter delivery of its narrow-body, 737 'MAX jets may be delayed due to wiring problems. This is the latest setback for the troubled aircraft manufacturer as CEO Kelly Ortberg tries to improve the production quality and company reputation. Boeing stated that the 737 program was reworking a group to fix wires with small scratches due to a machining mistake. The production rate for its new MAX jets is still 42 per month. Boeing shares were down nearly 1% during Tuesday's afternoon trading. The company plans to increase the 'rate to 47 jets per month in later this year. It will also open a fourth 737 assembly line this summer at its Everett Washington plant. The company plans to increase production to 63 737s per month within the next few decades. Boeing didn't specify whether the wire scratches were caused by the company or a supplier. The company has informed both the Federal Aviation Administration (FAA) and its customers. The FAA was unable to comment immediately. The company said that all 737 MAX aircraft in service 'can continue to 'operate safely, and it does not expect this issue to impact the company’s goal of delivering about 500 737 jets to customers by the end of the year. The company announced on Tuesday that it delivered 51 jets during February, the highest total for a month since 2018. This is an increase of 46 jets from January. In February, 43 737 MAX aircraft were delivered. Reporting by Nathan Gomes from Bengaluru, and Dan Catchpole from Seattle; Editing and Bill Berkrot, Jonathan Ananda and Maju Samuel)
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Lufthansa Pilots Strike but Middle East Flights Exempt
The pilots union VC announced that Lufthansa will hold a two-day'strike' on Thursday over a disputed pension issue. However, flights to certain Middle Orient countries will be exempted "in view of the current situation". The main airline of Lufthansa and its cargo division are at odds over pensions. After a vote last year, the union announced its readiness to strike in order to press the company into providing more generous retirement benefits. Since then, intermittent talks have been held without success. Andreas Pinheiro, VC president, said in a statement dated Tuesday that he would have liked to 'avoid a further escalation. "But no offer is on the table." If the other party only indicates a willingness for dialogue but refuses substantive improvements to the company pension plan, it's not worth the effort. Between 00:01 and 23:59, March 12, the strike will affect Lufthansa Cargo AG flights?and Lufthansa passengers flights departing German airports? In a statement, it was stated that the strike did not affect flights to Egypt, Azerbaijan and Bahrain, Iraq, Israel. Lufthansa claimed that its previous strike last month had "extremely adversely" and "disproportionately" affected passengers.
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EIA: Brent will trade above $95 in the next two months due to Iran war
The Energy Information Administration said in its'monthly report' on Tuesday that Brent oil prices will 'trade above $95 per barrel for the next two-months, before dropping to $70 at the end of the year. The EIA's Short-Term Energy Forecast said that oil shipments are largely prevented from using the Strait of Hormuz. This is a crucial chokepoint where a fifth of the world's oil passes through every day. Saudi Arabia has begun reducing its oil production, according to sources. They also said that Iraq and Kuwait have reduced their output due to the restrictions. The EIA stated that the production shutdowns would gradually be eased as the transit resumed. Brent crude futures are up around 21% this month according to LSEG data. They were last trading at $88, at 12:35 p.m. EST. The EIA increased?its Brent price forecast?by 37% over the previous month, to $79 per barrel in 2026. Brent is expected to fall below $80 per barrel by the third quarter this year. The company also predicted that U.S. gasoline retail prices would be $3.34 per gallon in the third quarter of this year, which is 14.7% more than its previous forecast. Diesel prices were forecast to rise to $4.12 per gallon - a 20.1% increase over its previous forecast. We expect that, although we anticipate the majority of the gasoline increase will be passed on to retail prices in the next few weeks, the normalization of refinery and retail margins is likely to occur at a slower pace. The EIA reported that the 'net effect' will be a continued upward pressure during the second quarter, which will lag behind the initial rise. The EIA stated that higher oil prices will encourage the U.S. to increase its crude production. Production is expected to average 13.61 million barrels a day in 2018, and to rise to 13.83 millions bpd by 2027. This compares to the EIA’s previous forecasts for 13.6 million bpd in?2026 and 13.32 for 2027. U.S. Crude Futures have risen around 25% this month. Last trading at $83.60 per barrel, 12:25 pm EST.
US Navy informs shipping industry that Hormuz escorts are not possible at this time
Sources familiar with the matter say that the U.S. Navy refuses almost daily requests by the shipping industry for military escorts to pass through the Strait of Hormuz, stating the risks of attack are 'too high at this time.
The Navy's assessment of the situation indicates that Middle East oil exports will continue to be disrupted. It also differs from the statements made by President Donald Trump, who said the U.S. was prepared to provide a naval escort whenever necessary to resume regular shipments along this key waterway.
Since the U.S. and Israeli war against Iran began more than a fortnight ago, shipping along the narrow strait is all but stopped. This has prevented exports of about a fifth the world's supply of oil. Global oil prices have soared to levels not seen since 2022.
Iranian media reported last week that a senior official of Iran's Revolutionary Guards said the strait was closed and Iran would fire on any ships trying to pass. At least a few ships have been damaged.
Three shipping industry sources said that the U.S. Navy held regular briefings to discuss this issue with its counterparts in the oil and shipping industries. During these briefings, it was stated that it would not be able to provide escorts at least for now.
Sources who refused to be named due to the sensitive nature of the issue said that the shipping industry had been requesting naval escorts almost every day during the calls for a strait.
One source said that the Navy's assessment from Tuesday's briefing has not changed. He added that escorts will only be possible when the threat of an attack is reduced.
The Pentagon didn't immediately respond to a comment request.
The President promises to provide naval escorts
Trump said in recent days repeatedly that the United States was prepared to escort oil tankers through Strait of Hormuz?whenever necessary.
The U.S. Navy will, when the time is right, escort the tankers through the Strait if necessary. "I hope that it won't be necessary, but if needed, we will escort tankers through the strait," he said during a Monday press conference held at his Mar-a-Lago Resort in Florida.
General Dan Caine said that the U.S. Military has begun looking into options to potentially escort vessels through the Strait if it is ordered to do so.
Caine told Pentagon reporters that they were looking at several options.
An official in the United States told the U.S. Military that the U.S. has not yet escorted commercial ships through this strait. In the morning, U.S. Secretary of Energy Chris Wright removed a post from X where he claimed that the Navy successfully escorted a ship through.
Hundreds of ships are anchored along the waterway. While some vessels have made voyages in the last few days, most of the shipping traffic is still on hold.
SECURITY CHALLENGES MOUNT IN STRAIT
Saudi Arabia's Aramco is the top oil exporter in the world. It said that if the war on Iran continues to disrupt shipping through the Strait of Hormuz, there will be "catastrophic" consequences for the oil markets around the globe.
Analysts and maritime security experts said that securing the Strait would be difficult even with an international coalition because Iran has the ability to use mines or attack drones made cheaply.
Adel Bakawan is the director of the European Institute for Studies on the Middle East and North Africa.
According to two Iraqi port security officials, Iran damaged a crude-oil tanker in Iraqi waters last week using a remote controlled boat loaded with explosives.
According to a maritime security source, the U.S. may have to take control of Iran's vast coastline in order to secure the strait.
There aren't enough naval vessels for this and risks remain high, even with an escort. "One or two ships can be overwhelmed (by a swarm of fast boats or drones),” the source said.
The Pentagon reiterated its threats to strike Iran harder on Tuesday unless shipments could flow through. It also said that it was attacking Iranian mine-laying ships and mine-storage sites. Reporting by Jonathan Saul, Arathy Sommesekhar and Phil Stewart from Washington; Jonathan Saul and Idrees Al in London; Phil Stewart and Idrees A in Washington; John Irish and Lisa Shumaker in Paris. Editing by Richard Valdmanis & Lisa Shumaker.
(source: Reuters)