Latest News
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Zelenskiy: Druzhba Oil Pipeline can resume operation
The Druzhba pipeline, which pumps 'Russian oil into Europe, is ready to resume operations. Ukrainian President?Volodymyr... Zelenskiy?said this on Tuesday. This signals that Kyiv expects to receive a 90 billion-euro aid package. "Ukraine completed repair works on the section of the Druzhba Oil Pipeline that was damaged by a Russian strike. The pipeline is ready to resume operations," Zelenskiy told X. The suspension of the flows has prompted outrage in?Hungary, and Slovakia which are still dependent on Russian oil imports. In response, Hungary's incoming government threatened to reduce energy aid to Ukraine. Prime Minister Victor Orban then blocked the package of aid for Kyiv that was agreed upon by the European Commission. Zelenskiy said that Ukraine's wartime budget, which is heavily dependent on foreign financing, expects money to be dispensed as agreed after the Druzhba repair. He said: "We link this to the unblocking of the European Support Package?for Ukraine which was already approved by the European Council." The Kremlin said on Tuesday that Russia was technically prepared to resume oil flow through the pipeline. (Reporting and editing by David Goodman.)
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Trump wants someone to purchase Spirit Airlines
Donald Trump said on Tuesday that he would love to see a low-cost airline, Spirit Airlines, acquire the bankrupt carrier. He also said it was possible for the federal government to get involved. I'd love for someone to buy Spirit. Trump said on CNBC that the federal government could help with this one, as it's 14,000 people. Spirit's bankruptcy plan was under renewed pressure last week after a sharp increase in jet fuel prices weakened key assumptions behind its restructuring. Spirit did not respond immediately to a comment request. Sources say that USDOT has held discussions with major airline companies about what would happen to passengers with tickets for 'Spirit' if it was forced to close. The CEOs of the major low-cost carriers will meet U.S. Transportation secretary Sean Duffy on Tuesday to 'urge Congress to provide temporary 'tax relief. Spirit's turnaround was based on fuel prices averaging $2.24 per galon in 2026, and $2.14 by 2027. This is based on March disclosures. By mid-April jet fuel was around $4.24 per gallon. This is roughly twice the price assumed in Spirit's projections. Spirit is under pressure as it seeks court approval for its second restructuring in less that a year. Spirit emerged from bankruptcy in March of 2025, and continues to struggle with 'higher domestic capacity, weaker leisure demand, and a challenging pricing environment. The plan, say creditors, leaves very little room for error. After U.S. and Israeli strikes on Iran, airlines worldwide are suffering from surging jet-fuel costs. JetBlue Airways CEO Joanna Geraghty informed employees on Monday that the airline was not planning to file for bankruptcy this year. New York's carrier recently secured a $500m debt financing commitment, backed by as many as 22 aircraft. There is an option to raise another $250 million with more planes. Geraghty said that the airline had access to more capital and ample liquidity. (Reporting and editing by Nick Zieminski, David Shepardson)
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Avis Budget shares reach record highs as bearish bets are crushed by short squeeze
Analysts pointed out that a short squeeze has caused investors to suffer steep losses if they bet against the stock. Data analytics firm Ortex reported that as of Monday, 86.2% (or 86.2%) of Avis free floated shares had been shorted. This is just shy of the all-time high of 89.3%, which was recorded in March. Short interest is high, which makes stocks more susceptible to a "short squeeze" as short sellers are forced to unwind their positions if the stock price increases sharply. Avis shares rose more than 23 percent on Monday, and short sellers suffered losses of nearly $1.01 Billion. In morning trading on February 2, its shares rose?6.4% to $647.7. Barclays analysts stated that "we believe the rapid increase in the share price of 'CAR over the last?month was driven almost exclusively due to technical factors which have led to a large supply/demand mismatch for the shares, with short sellers facing a severe squeeze." Avis shares are owned by two large firms. Data compiled by LSEG shows that hedge funds SRS Investment Management, Pentwater Capital Management, and a combined total of 25.2 million shares are held by two firms. This is more than 71 percent of the outstanding shares. Pentwater Capital, according to a filing made earlier this month has increased its stake in Avis from?more then 7.8 million to more than 8.8 millions shares, reducing the float by a significant amount. SRS Investment and Pentwater Capital did not immediately respond to requests for comment. Avis shares have seen a similar rally before, in 2021. Stocktwits' retail investor forum currently ranks the stock as the second-most popular ticker. Barclays downgraded Barclays' stock from "equal weight" to "underweight" on Sunday, stating that the current stock price is not justifiable even with improved fundamentals. Deutsche Bank analyst Chris Woronka?downgraded stock from "buy" to "hold" in the same month for similar reasons. Avis reported in February a decline in revenue for the quarter and a loss of $856m. (Reporting by Shashwat Chauhan in Bengaluru; Editing by Shilpi Majumdar)
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GE Aerospace maintains outlook despite fuel price surge that slows growth of flights and tests airlines
GE Aerospace announced on Tuesday that it is on track to reach the top end of its profit forecast for 2026, but it is bracing itself for a more challenging backdrop?of higher oil prices, fuel shortages and slower growth globally, despite not expecting a recession. The warning from the engine manufacturer comes at a time when a rise in jet fuel costs following the Iran War is emerging as a new stress test for airlines, its main customers. This will squeeze margins and lead to capacity cuts in certain markets. GE Aerospace's forecast of adjusted profit between $7.10 and $7.40 per share in 2026 assumes that Brent crude prices will remain high through the third quarter, before easing at year-end, along with near-term fuel supply constraints. Fuel shock hits the outlook The Ohio-based firm said that its outlook includes a cautious second half. This could include airlines cutting back on maintenance, delaying engine shipments, and cutting spending, if business activity is weakening. The company also anticipates a flat or?low single-digit increase in flight departures for this year. This is down from a previous estimate of'mid-single digits,' signaling a cautious view on airline activity. CEO Larry Culp said the company would have increased its forecast?if it weren't for the uncertainty. He cited a strong quarter and a high level of visibility into the second. In an interview, he stated that "every time we've seen these moments they can trigger a delayed softness but then?we come back roaring." GE Aerospace's shares fell about 1% during early trading. DEMAND FOR SERVICES HOLDS UP Aircraft departures drive GE's Services business. More flying leads to more engine wear and maintenance. The company stated that the slowdown will be uneven. Middle East is expected to experience greater pressures in the near term, while other regions are more resilient. GE is expecting only a small impact on revenue and profits this year due to the sticky nature of maintenance contracts for engines that are already in use. In the past, service demand has lagged behind declines in air travel for about an year. This buffer can be used even if airline activity is weakening. This cushion is further reinforced by a strong demand. GE has already locked in a large part of its maintenance workload for 2026. Many engines are already in service or scheduled to be serviced, and the demand for spares continues to exceed supply. According to the company, there has been no significant change in customer behaviour so far. Airlines continue to follow their planned maintenance schedules. Culp stated that even if customers are hesitant to start work, other customers will be ready to help. He said that he was aware of a number of airlines who were waiting behind him and would gladly take his place in line. "I'm not aware of a customer trying to reschedule a shop visit at this time." Culp stated that any impact of weaker flying would more likely delay than destroy demand. The tight supply of aircraft is also a boon for GE. As Boeing and Airbus deliveries continue to fall short of demand, airlines are extending their fleets' lives. This is a factor that contributes to the need for engine maintenance. GE engines are used in a significant number of flights around the world, giving them a broad exposure. The company's own supply chain is improving, which helps it to increase output. The 'quarter saw a sharp increase in engine deliveries, largely due to better availability of materials. GE has said that it does not expect any changes to the schedule for its GE9X program, which powers Boeing’s 777X, despite a durability issue previously revealed involving a sealing. The company has said that it has found the cause of the problem and is working on a solution. According to LSEG, the company's adjusted earnings for the first quarter came in at $1.86, exceeding analysts' expectations of $1.60. Reporting by Rajesh Singh in Chicago, and Shivansh in Bengalur Editing by Arun K. Koyyur and Mark Potter
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Oil prices dip as markets await possible US-Iran talks
The oil prices dropped on Tuesday amid expectations that a peace deal between the U.S. Iran could help reopen the?Strait of Hormuz despite Donald Trump's claim that he doesn't want to extend an existing ceasefire. Brent crude futures fell by 40 cents or 0.4% to $95.08 per barrel at 1329 GMT, while U.S. West Texas Intermediate for May dropped 41 cents to $88.20. WTI's May contract expires on Tuesday, and the June contract is more active. Both contracts traded at $87.00 down by 0.5%. Brent and WTI benchmarks soared on Monday, up 5.6% and 6.9% respectively after Iran closed the Strait of Hormuz once again and the U.S. seizes a cargo ship from Iran as part of the U.S. ports blockade. Trump said in an interview with CNBC on Tuesday that he didn't want to extend the?ceasefire with Iran. He added that the U.S. will end up with a?great deal. An Iranian official highlighted the uncertainty by saying that there had not been a decision made on whether to attend negotiations. On Monday, shipping through the Strait of Hormuz - a corridor that accounts for a fifth of world oil supply - remained restricted. EU Energy Commissioner Dan Jorgensen warned of fuel shortages in Europe, which would make for a challenging summer, even under the best of circumstances. Local authorities reported that firefighters are still battling a fire at the Black Sea port in Russia, Tuapse, on Tuesday more than 24 hours following a drone attack by Ukraine. Tuapse, a hub for oil exports and home to a refinery with the same name owned by Rosneft, is a major oil?products exporter. Five sources and calculations indicate that Russia was forced to cut oil production in April by between 300,000 and 400,000 barrels a day. Three industry sources have confirmed that Russia will also stop oil exports to Germany through the Druzhba Pipeline from May 1. The market also awaits the U.S. crude oil and refined products stockpile data. Tamas Varga, a PVM analyst, said that a 'continued increase in U.S. oil exports and product would confirm a lack of oil in Europe and the Far East. This could lead to a renewed rise in oil prices. Reporting by Seher D. Dareen, Anmol C. Choubey, and Emily C. Chow, in London; Editing by Alexander Smith and Mark Potter, and David Goodwin.
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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 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.
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Hormuz shipping traffic is still mostly halted
Data from shipping companies showed that the Strait of Hormuz was 'broadly halted' on Tuesday, with only 3?ships having passed through in the last 24 hours. The U.S.'s blockade on Iranian ports infuriated Tehran and led it to maintain its restrictions. Historically, the Strait of Hormuz handled about one-fifth the world's supply of oil and LNG. Ship tracking data from the MarineTraffic platform revealed that Ean Spir, a products tanker with no known owner or flag, had sailed past Hormuz Tuesday, after calling previously at an Iraqi harbor. Data showed that the cargo ship?Lian Star, which was not known to have a flag or owner, had also made its way through the Strait from an Iranian Port. Separately, the?Meda liquefied petrol gas tanker, that had stopped at a United Arab Emirates Port in the Gulf, and had also no flag or ownership known, crossed the Strait on Monday, in its second attempt after previously turning back, according to data analytics specialists SynMax. These are just a few of the 140 ships which passed through every day before the U.S.-Israeli war against Iran began on 28 February. After Iran briefly opened the strait on Friday, more than a dozen oil tankers passed it before Tehran closed it on Saturday and fired shots at vessels. Shipbroker BRS warned in a recent note that even vessels that appear to be in good standing and can successfully transit both blockades could find themselves in trouble. The ceasefire between Iran and the U.S. appeared to be in danger on Tuesday, with Tehran refusing to commit to new peace talks while the U.S. army claimed to have seized an Iranian tanker in international waters. SEAFARERS LIVES RISKY The Gulf is still a stumbling block to hundreds of ships and over 20,000 seafarers. Arsenio Dominguez, Secretary-General of the UN shipping agency, spoke to reporters at the Singapore maritime week on Tuesday. "We witnessed what happened last weekend when on Friday some ships began to sail. After the announcement of the closure, some ships were targeted. "Thankfully, there were no casualties or damage to vessels." Iran's Army said that an Iranian tanker entered its territorial water from the Arabian Sea with the help of the Iranian Navy on Monday, despite repeated warnings from the U.S. Naval Task Force. Shipbroker BRS estimated that at the moment, 61 supertankers not related to Iran are trapped in the Gulf. 50 of these were loaded with up to 2,000,000 barrels per ship. BRS stated that "at a time of global oil shortage, 2 million additional barrels from the Middle East Gulf will be greatly appreciated."
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Uber is ordered to pay $5,000 after losing another US driver assault trial.
Uber was ordered to pay $5,000 by a federal jury in North Carolina, on Monday. The woman claimed that she had been sexually assaulted while riding with a driver booked via the Uber app. The jury verdict in?Raleigh North Carolina's followed a trial which began on April 14. The verdict comes after another jury in Arizona awarded $8.5 Million to a woman who claimed that an Uber driver raped and abused her when she was 19 years old. The jury may be more inclined to hold Uber responsible for the assaults of drivers in other cases, even though Monday's verdict was relatively modest. The verdicts in both cases could be used to determine the value of any settlements or mass resolutions of cases. The plaintiff, who is not named in court documents, claims that her Uber driver grabbed her inner leg and asked him if he can "keep it with me," prompting her?to flee the vehicle. Uber, which is known for its safety issues, claimed that North Carolina law does not apply to it because it is not a common carrier like a taxi company. Uber claimed that even if the plaintiff could prove otherwise, it would not be liable for an independent contractor's actions. The company also claimed that the plaintiff's medical history indicated long-standing mental illness and substance abuse problems prior to 2019. Uber's spokesperson stated that the jury award is a fraction of what the plaintiff was seeking and "should bring these cases closer to reality." The spokesperson stated that "that said, we are of the opinion that the jury has been?incorrectly?instructed on?question?of liability and have good grounds for appeal in this important point." Lawyers for plaintiffs said that the verdict is a 'clear signal' that Uber can't escape responsibility for their drivers' conduct and that it's'shameful' that the company made a big deal out of plaintiff's past. Uber also faces more than 500 other cases involving similar claims at a California state court. In September, the company won 'the only trial that has taken place so far in these cases. A jury found that Uber had failed to implement measures to protect plaintiffs' safety but that their negligence was not substantial in causing harm. Reporting by Daniel Wiessner, Albany, New York. Editing by Alexia Garamfalvi, Aurora Ellis.
Sources say that the Russian Tuapse refinery has ceased operations following a drone attack on April 16.
Two industry sources?said that the Russian Tuapse refinery, which exports a majority of its products, has ceased operations after a drone attack by Ukraine on April 16th.
Ukraine increased its attacks on Russia's infrastructure, as the U.S., who had mediated peace talks with Russia to end the conflict, shifted its focus?to the war in Iran. The U.S. has also lowered some sanctions against Russian oil in order to help reduce the impact of the supply disruptions in the Gulf.
According to Russian officials the 'attacks on 16 April and 20 April 'on the city of Tuapse, on the Black Sea shores, damaged the transport infrastructure and set fire to oil products storage at the port.
Sources who refused to be identified because they were not authorized to speak to journalists said that the refinery had been halted due to the fire in the port making it 'impossible' to ship the production. The sources refused to reveal when the refinery's operations would resume.
Rosneft - which owns the refinery - did not respond to a comment request.
Tuapse refinery produces diesel, fuel oil, and vacuum gasoil. It has a production capacity of 12 million metric tons or about 240,000 barrels a day. Barbara Lewis (Reporting and editing)
(source: Reuters)