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• Galp doesn't expect a shortage of jet fuel in Portugal

  Galp, Portugal's sole refiner and dominant jet fuel supplier, said that it does not anticipate any disruptions in supply despite the concerns expressed by certain European airlines ahead of the holiday travel season. Galp has said that it produces around 80% jet fuel for Portuguese airports at its Sines refinery. The crude oil is sourced primarily from Galp’s offshore fields in Brazil. The import of smaller quantities is primarily to meet the European standards for sustainable aviation fuel and to cover periods of high demand. European airlines have warned of the possibility that the Iran conflict could trigger jet fuel shortages. Europe imports about 75% of its jet-fuel from 'the Middle East. Galp stated that in the past, imports were primarily sourced from refineries located in Asia and the Middle East. However, it will now prioritise the purchase of jet fuel imported from the United States and West Africa. It added that these imports are likely to be concentrated from May through October. Galp stated that "at this'stage and under the current circumstances, there are no supply disruptions expected in the next few months." The demand is fully met by the national production of the Sines refinery and the stock levels, as well as the jet fuel imported through contracts already in place. Galp has been implementing mitigation measures to bolster supply resilience since early March. These include daily monitoring of supply and demand, tracking geopolitical risk, contracting cargo earlier, increasing stocks, and diversifying sourcing.

• Norfolk Southern warns that fuel prices will put pressure on coming quarters

  Norfolk Southern announced on Friday that fuel costs will continue to impact earnings in the upcoming quarters. Fuel prices have increased sharply since the U.S. and Israeli war against Iran. This has put pressure on margins in energy-intensive industries such as transportation and logistics. On a call after earnings, chief financial officer Jason Zampi said: "Fuel will obviously be a wild card for the rest of the year. We anticipate that it will be an?headwind" in the second quarter. The average U.S. gasoline price rose to $4 per gallon for the first month in over three years in March, marking the largest monthly increase since decades. Mark George, Chief Executive of the company, said that despite a successful quarter for the company, it was affected by a "dramatic increase" in fuel prices during March. He also cited severe winter weather conditions and a rapidly changing macroeconomic environment. U.S. rail operators are seeing their operating costs increase as labor and maintenance costs remain high. Safety spending is also increasing and severe weather has disrupted networks. Zampi reported fuel expenses that were more than 40 million dollars higher than expected and 31?million dollars higher than the previous year. The surge began in late March and continued into the second quarter. Fuel surcharge revenues were the main offset for 'higher fuel costs', according to company executives. Rail operating revenue in the first quarter was $3 billion, the same as a year ago. The Atlanta-based Norfolk reported an adjusted profit per share of $2.65 for the quarter, compared to $2.69 a year ago. Union Pacific, who signed an $85 billion agreement to purchase Norfolk last year, stated on Thursday that it expects the Middle East conflict to cause fuel prices to rise, putting pressure on the railroad operator's profit margins. In morning trading, shares of the company fell by nearly 1%.

• The Iran war has left seafarers in the Gulf stranded

  Ankit Yadav is an Indian seafarer who has been stuck on a boat in an Iranian port inland for two-and-a half weeks. He and his three fellow mariners have survived on a limited ration of potatoes and tomatoes. The war in Iran has left thousands of Indian and other'seafarers' stranded around the Strait of Hormuz. Ankit, a man in his 30s, was aboard a small vessel that carried steel between Iran, Kuwait, and Oman. He claimed he would have been able to leave the conflict zone if the vessel had received permission to sail from Iran to Oman, and then be repatriated back to India. But that was not possible because of the U.S. Navy's blockade. "The shipping company that I work for is not willing to sign off on our request because they don't want to pay the higher prices of air tickets, and we can't afford to purchase them ourselves." He told me by phone that the only way to get out of this situation is with government help. Salman Siddiqui is another Indian seafarer who has also arrived in an Iranian port aboard a cargo vessel flying the Comoros flag that was heading for Oman. Siddiqui, who spoke from the vessel currently anchored at Khorramshahr, said: "The only thing that we do is pray to God not to be hit by an attack and plan how we will spend the night." He told me by phone that it was a relief to hear the ceasefire and not be bombarded with explosions as we were used to. "SCARY WHEN you see projectiles flying" India is one of the top three seafarer suppliers in the world, with more than 300,000. Seafarers are reluctant to return to the sea after recent attacks on ships. "We've heard more than 100 explosives." Siddiqui said, "It is frightening to see projectiles exploding and flying near your vessel." Surindra Chaurasia is one of the lucky ones to have been repatriated back to India. When the conflict erupted, he was on a ship near Sharjah with?20 crew members who were waiting for permission to load urea. We were stuck in the Persian Gulf about four days. Our shipping company was able negotiate with Iran to ensure safe passage. We saw drones attacking ships, and received warnings from the Islamic Revolutionary Guard Corps via VHF radio. He said that his captain had received a route for sailing from the IRGC. They sailed near Iranian and Omani water because there were mines on the opposite side. India's Shipping Ministry has helped to repatriate 2,680 Indian Seafarers since conflict began. The ongoing conflict has resulted in the deaths of three Indian sailors. On April 18, two Indian flagged vessels were attacked by the IRGC as they attempted to pass through the Strait of Hormuz. (Saurabh Singh; Editing by Sharon Singleton).

• Norfolk Southern's first-quarter profits slip as fuel costs and costs rise

  Norfolk Southern's first-quarter profits fell?on Friday as rising fuel and operating costs combined with higher operating expenses weighed down on the railroad operator's earnings. Fuel prices have increased'sharply' in the wake of U.S. and Israeli war against Iran, putting pressure on margins for energy-intensive industries such as transportation and logistics. The average U.S. gasoline price rose to $4 per gallon for the first time in over three years in March, the largest monthly increase in decades. Mark George, the Chief Executive of the company, said that the company had navigated the quarter. However, he noted the impact from the "dramatic increase" in fuel prices during March and the severe winter weather. U.S. railroad operators have seen their operating costs increase as labor and maintenance expenditures remain high, safety expenses rise and severe weather disrupts networks. Operating revenue from the railways for the first three months of this year was $3 billion, which is flat compared to a year ago. Rail volumes fell 1% on an annual basis. Norfolk, an Atlanta-based company in Georgia, reported a profit adjusted of $2.65 for the quarter. This compares to $2.69 a share compared to?the same period last year. The company's operating rate, which is a key measure for efficiency, has deteriorated 80 basis points from a year ago to 68.7%. Union Pacific, who signed a $85 billion deal last year to buy Norfolk, said on Thursday that it "expects" a spike in fuel prices triggered by conflict in the Middle East to put pressure on the railroad operator's profit margins.

• Strait of Hormuz: Only five ships can pass through in 24 hours

  Shipping data from Friday showed that only five ships have passed through the Strait of Hormuz, including an Iranian oil tanker. This is after Iran seized two container vessels this week, and the U.S. has continued to blockade Iranian ports. The shipping traffic that passes through the 'crucial waterway' at the entrance to?Gulf? during an uneasy ceasefire, between Washington and Tehran, represents only a fraction the 140 average daily passages prior to the Iran War beginning on February 28, 2008. "Most shipping companies will need to have a stable ceasefire, and both sides of conflict must reassure them that the Strait of Hormuz can be safely transited," Jakob Larsen said, Chief Safety and Security Officer? at shipping association BIMCO. In the interim, shipping will only be allowed to use routes near Iran and Oman. These routes are too narrow to safely handle the volume of shipping that normally passes through the Strait of Hormuz, Larsen said. On Friday, the MarineTraffic platform and a Kpler analysis showed that the Iranian-flagged oil products tanker Niki was one of the few vessels to leave the Strait without a destination. The U.S. Navy had imposed a blockade on the ship if she continued to sail eastward. There are few signs of a return to peace talks nearly two months after Israel and the U.S. launched their strikes against Iran. Hapag-Lloyd, a container shipping company, said Friday that one ship had crossed the strait. However, it did not give any details about the circumstances. Helga, a supertanker flying the Comoros flag, arrived Friday at an oil loading terminal in Basra's southern port. It was the second vessel to arrive in Iraq since the closure of the strait. The use by Iran of a swarming of small fast boats on Wednesday to seize two container ships near the Strait of Hormuz has raised concerns among shipping and oil companies. The?latest seizure makes it?clear that even an 'open Strait of Hormuz' is not a Strait of Hormuz safe for seafarers and ships, or cargo," Peter Sand said in a Xeneta intelligence note. Lloyd's List Intelligence analysis showed that between April 22 and April 23 seven vessels traversed the Strait. Six of them were involved in Iran related trade. The closing of the strait has disrupted the supply of a fifth of?oil in the world and of liquefied gas (LNG). This has triggered an?energy crisis worldwide. The Gulf is still stranding hundreds of ships with 20,000 seafarers. War risk insurers and the oil companies are waiting for signs that the risks have decreased so they can begin preparing to sail. (Reporting and editing by Jonathan Saul, Elke Ahlswede)

• New EU sanctions to be imposed on condensate imported from Russia's Yamal LNG

  According to the EU official journal, new European Union sanctions will prohibit condensate imports from Yamal LNG as well as other Russian projects that produce light fuels?as a byproduct of?their?liquefied... production?from 1 January 2027. The European Union approved on Thursday an official 90 billion-euro loan ($105 billion) to Ukraine, and new sanctions against Russia in advance of a informal summit of the leaders of the EU in Cyprus. As U.S. peace talks, mediated by Washington, have been paused due to the focus of the United States on the war against Iran. Since December 2022, the EU has banned?Russian oil imports and introduced a price limit?for Russian oil. Imports of Russian crude oil, coal and fuels have almost been eliminated. In 2021 it imported 43% fuels and 25% crude oil from Russia. Russia produces a light oil called?gas condensate? at two of its LNG projects: Yamal LNG, and Arctic LNG-2. In 2024, the Yamal LNG plant located in the Arctic will export 1.12 million tons of gas to Rotterdam (Netherlands), an increase of 16.3% compared to?2023. The supply of 1.2 million tonnes increased by 7.4% last year. Gas condensate can be used to make petrochemicals and motor fuel. In 2022, the EU initially excluded gas condensates as a sanction. It cited the need to guarantee LNG supply security.

• China denies Trump's claim that the intercepted Iranian ship was a 'gift' from China

  China's Foreign Ministry rejected on Friday an accusation made by U.S. president Donald Trump, that a cargo ship?flagged with Iranian flag?was seized by the United States. The "gift" from China was the armed forces. The U.S. claimed it had fired and seized a cargo ship from Iran that was trying to evade the blockade of Iranian ports. The Iranian military claimed that the ship was en route from China, and promised retaliation for what it called "armed piratery by the U.S." military." Trump told CNBC on Tuesday that the ship had "some things on it, which weren't very nice." "A gift from China, perhaps? I don't really know." The Chinese Foreign Ministry has rejected these comments. Reporters in Beijing were told by ministry spokesperson Guo Jiakun that "China is against any accusations or associations without a factual base". "Normal international commercial relations between countries shouldn't be subject to interference or disruption," he added. According to maritime security sources, the 'container ship Touska', which was boarded by U.S. forces on Sunday and seized, likely has dual-use items, that Washington considers could be used by the military, on board.

• French and Benelux stocks: Factors to watch

  Here are some company news and stories that could impact the markets in France and Benelux or individual stocks. ACCOR: The French hotel group Accor announced Q1 revenues of 1,31 billion euros - with RevPAR increasing by 5.1%. They noted that the Iran War had a greater impact on Middle East business activities from mid-March. ADYEN: Dutch payment?company Adyen has announced that it will acquire Talon.One in exchange for 750 million euros. The company also reported a 20% increase in revenue during the first quarter, reaching 628.8 millions euros. AEROPORTS de PARIS (ADP), Groupe ADP, a French airport operator, announced that it had sold securities representing around 3.4% of GAL’s equity share capital for 924 million euro to GMR Group. It also proposed a special dividend per share of 0.8 euros for 2025. A further special distribution per share of 1.0 euros could be made upon completion of the deal. BOLLORE: Bollore, a French conglomerate, reported a 6.5% increase in Q1 2026 revenues to 815 millions euros and proposed a special dividend of 1.5 euros each share. CARMILA : French shopping center operator Carmila announced a Q1 gross rental revenue of 112.3 millions euros, and proposed a dividend of 1,36 euros per share by 2025. This is 9% higher than the previous year. Clariane, a French provider of elderly care services, reported a 4.9% increase in organic revenue to 1,336 millions euros for the first quarter of 2026. FNAC DARTY The French electronics and entertainment retailer Fnac Darty announced Q1 revenues of 2,310 million Euros, with a gross margin rate that was up by 10 basis points compared to the previous quarter. It also confirmed its forecasts for 2026 and 2030. SEB: French small appliances manufacturer Groupe SEB reported Q1 2026 sales at 1,885 millions euros, an increase of 2.7% compared to the same period last year, and operating results up by 42%, reaching 72 million euros. LISI, a French aerospace fasteners manufacturer, reported Q1 2026 revenues of 468 millions euros, an increase of 10.9% on a comparable basis. The company also has a solid order backlog in the aerospace industry. SAINT-GOBAIN: Saint-Gobain, a French manufacturer of building materials, reported sales of 11.11 billion euros in Q1 - down 2.3% on a like-for-like basis and 2.3% on a local currency basis. The company also confirmed that its EBITDA target for 2026 is?over 15%. TIKEHAU CAPITAL: Tikehau Capital, a French alternative asset manager, reported 53 billion euro in assets under management for Q1 - an increase of 7% over last year. Net new money raised was 1.0 billion euro across private markets strategies. UNIBAIL-RODAMCO-WESTFIELD: European shopping center operator Unibail-Rodamco-Westfield reported Q1 proportionate total turnover of 908.2 million euros with tenant ?sales up 5.0% and ?confirmed its 2026 adjusted recurring earnings per share guidance of 9.15 to 9.30 euros. VALEO: Valeo, a French auto parts manufacturer, reported sales of 5.12 billion Euros in Q1, above the consensus estimate of?5.01billion euros. It also confirmed its outlook for 2026. VINCI: Vinci, a French construction and concessions company, reported stable Q1 revenue at 16.3 billion euro, an increase of 1% when exchange rates are constant. Net financial debt was reduced by 1.4 billion euro year-on-year, and the group confirmed its outlook for 2026. Pan-European market ?data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ ?STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top ?10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones ............... Wall Street Report ..... Nikkei 225............. Tokyo report............ London report ........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report .....

• Sources say Trump will appoint a government contracting expert as the new TSA head.

  Two sources said on Thursday that President Donald Trump plans to nominate a business executive with extensive experience in government contracts as the head of the Transportation Security Administration. Trump is planning to hire?David Cummins. He oversees Serco North America's federal, state and local government customer portfolio. Trump had proposed earlier this month to privatize much of the TSA operations and cut nearly 10,000 workers. Trump has not nominated anyone to replace David Pekoske as TSA head since his first day of office in 2025. Pekoske was nominated by Trump during his first term and Joe Biden, the former president, nominated him to serve a second 5-year term. The government shutdown that lasted six weeks in the spring caused major disruptions including long airport security lines of four or more hours. Trump's budget proposes cutting TSA more than $1.5 billion. It also wants to force smaller airports to use private security in place of TSA, as a step towards privatizing this agency that was created after September 11, 2001. The White House stated that this change will reduce the TSA's payroll by over 4,500 jobs. TSA plans to eliminate 4,800 more jobs through improved efficiency, eliminating redundant staffing and reducing exit lanes. Employee reductions would save over $500 million. TSA has lost over 1,600 employees due to government funding disruptions last fall and this spring. The Biden administration grew the TSA. The TSA screened 904 millions passengers in 2024. This was a record-breaking number and an increase of 5% over 2023. The White House stated last year that "TSA has consistently been failing audits, while implementing intrusive screen measures which violate Americans' dignity and privacy." In September, Homeland Security announced that it would remove five senior officials for suspicions of targeting Biden's political rivals with an aviation security watchlist now abolished. The TSA's Quiet Skies program, which was scrapped in late June, required an enhanced screening of some air passengers who were deemed to pose a greater security risk. (Reporting and Editing by Franklin Paul and Rod Nickel, Rod Nickel, David Shepardson)

• Trump declares that the US will not use nuclear weapons in Iran war

  Donald Trump, the U.S. president, said on Thursday that he wouldn't?use nuclear weapons in the?"war" against Iran. "Why would I use nuclear weapons?" "We've decimated them in a conventional manner without using it," Trump said to reporters at the White House, when asked if he would use a nuclear weapon. "No, I wouldn't use it." He added that a nuclear weapon must never be used. When asked how long he would be able to wait for an enduring?peace agreement with Iran, Trump replied, "Don't hurry me." He said that Iran may have loaded up its weapons "a little bit", but that the U.S. Military could do that in about one day. Their navy is gone. Their anti-aircraft, air force, and navy are all gone. "I want to get the best deal. I could do a deal now, but?I'm not interested in doing that. Trump stated that he wanted to keep the deal forever. (Reporting and writing by Trevor Hunnicutt, editing by Michelle Nichols & David Ljunggren; Ismail Shakil)

• Sources say that the demand for Russian Urals crude oil is increasing, which has led to an increase in freight rates.

  According to calculations and source data, tanker freight rates for the shipment of Urals crude oil from Russia's western ports to India firmed up this week due a?recovering?demand, as port loadings slowly re-invigorate after drone attacks. Sources said that freight costs for Urals cargoes transported from the Baltic port of Primorsk to India by Aframax tankers with 100,000 tons are currently at $18 million, compared to $16 million for a one-way trip in mid-April. Transport costs of Urals shipments from the Black Sea port Novorossiisk in India via Suezmax tankers with a capacity of?about 140,000 tons per voyage have firmed up to $20-21 million, compared to?roughly $19million a few weeks ago. Drone attacks by Ukraine could threaten supplies from Russia's west ports, and thus revenues. Early April saw an increase in exports from March, but ports like?Novorossiisk & Ust-Luga still operate below capacity. After a drone strike on Thursday, a fire broke out in a Transneft oil-pumping facility that supplies crude to Russia's biggest?export terminal?in the Baltic Port of Primorsk. Urals shipments are currently handled by shadow fleet tankers that try to avoid Western restrictions. Greek shipowners are still cautious about working with Russia because of sanctions. EU countries did not approve a complete ban on Russian oil maritime services - one the most prominent restrictions in the 20th package Russia sanctions.

• Tinubu, the Nigerian leader, seeks approval from Parliament for a $516 million road loan

  Nigerian President Bola Tinubu asked the Nigerian parliament to approve a $516m foreign loan for a?help to finance a?first section?of a national highway. This is a major transportation corridor connecting the country's southwest to its northwest. Tinubu stated in a letter that was read out by the Senate president on Thursday during a plenary meeting, the 'government' was seeking approval from Deutsche Bank for the'syndicated financing facility'. He added the loan was a part of the'medium-term borrowing program' approved by lawmakers. Tinubu wrote in his letter that the loan would be for nine years, with a grace period of up to three. The highway, which is about 1,000 km (600 miles) long, will connect Sokoto, located in the northwest of Nigeria, with the central Niger, Kwara, and coastal towns of Badagry, located in Lagos, the commercial center. Tinubu stated that the highway would improve north-south connections, reduce travel times and haulage expenses, boost trade and food security, as well as bolster national integration. Last year, Nigeria raised $747 million in a syndicated loan led by Deutsche Bank to?fund a 700 km (435 mile) coastal highway. (Reporting and writing by Elisha Gbogbo, Editing by Emelia Matarise Sithole)