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Sources say that India allows Reliance to dock Iranian oil tankers
Three industry sources confirmed that the Indian shipping ministry had granted Reliance Industries' request to allow?four vessels carrying Iranian crude oil to dock at Sikka in western India. India, which is the?third largest?oil consumer and importer in the world, hasn't received a shipment from Tehran since May 2019, following U.S. pressuring it not to purchase Iranian crude. The U.S. temporarily lifted sanctions last month on the purchase at sea of Iranian oil to lower oil prices. The waiver will expire on April 19, 2019. Reliance, the Indian oil ministry and the?shipping minister did not respond when asked for comments. Iranian oil is frequently transported by a "shadow fleet" of vessels, which lack international insurance and safety certifications. This is not possible as Indian law requires that ships be berthed under special conditions. EXEMPTION ONE TIME ONLY According to one source, the Shipping Ministry has granted an 'exceptional'?one-time exception for vessels requested by Reliance, the operator of the largest refining complex in the world, because of?the emergency created by the?closure of the Strait of Hormuz. A second source confirmed that, in addition to the aframax Kaviz, which is flagged by Comoros, and Lenore (a very large crude carrier, or VLCC), which is registered under Curacao, Felicity and Hedy are VLCCs flying the Iranian flag. The four vessels sanctioned by the United States are all older than 20 years. Each VLCC can carry up to 2 million barrels. India requires that tankers older than 20 years have a seaworthiness certificate from either a member of industry's leading organization, the International Association of Classification Societies or?an entity authorized by India's maritime administration. According to United Against Nuclear Iran's analysis, the Hedy was positioned in Chabahar Port since April 1, and the Felicity has been spotted there since April 3. The group monitors Iran related tanker traffic via ship and satellite tracking. Charlie Brown, UANI's senior adviser and UANI representative, said that the Kaviz left the Gulf on Friday while the Lenore loaded crude oil from Iran's Kharg Island in March 20. Another source stated that despite being granted a?permission, Reliance was not sure if it would process Iranian oil. It wants to make'sure transactions are compliant with Indian laws and sanctions. Ship tracking data indicates that Indian Oil Corp., the nation's largest refiner, purchased Iranian oil transported in the tanker Jaya. (Reporting and editing by David Holmes and Rod Nickel; Nidhi verma)
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Ireland faces a'very serious' situation because of protestor fuel blockades.
On Friday, protesters in Ireland demanded government action over surging fuel prices. They used tractors and truck to block a port, fuel depot and oil refinery. The prime minister was forced to warn that the country might have to turn fuel deliveries away. Micheal Martin, who spoke on Friday, said that the blockades of Irish oil pipelines, which were triggered by the more than 20 percent increase in diesel prices following the U.S./Iran war, will cause serious economic damage. Fuels for Ireland, an industry?group, said that more than 100 petrol?stations had run out of fuel. "The situation is extremely severe right now." In an interview with RTE, Martin said that he didn't believe people were aware of the severity of the situation. He said that "we are on the brink of turning oil from the country," citing a problem with a tanker at Galway Port, and the halting of refining operations at the Whitegate Oil Refinery near Cork. It is unconscionable. It is illogical. It is hard to understand. Martin stated that the police and the army were ready to assist in clearing the protests, if needed. He also said "clearly the law will be enforced." Martin called for dialogue in order to resolve the issue. DPD, a delivery firm, said that it would suspend services in Ireland due to protests on Saturday. Last month, the government announced a package worth 250 million euros ($293.2 millions) to temporarily reduce taxes on petrol and diesel in order to offset the cost of the Middle East war. However, protesters are calling for more drastic measures, such as a price ceiling.
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Tel Aviv stocks reach record highs as truce hopes spur Tel Aviv's shares to hit a 1995 peak against the dollar.
Tel Aviv's share indexes reached all-time peaks - and the Israeli shekel rose - to a 30-year high - against the dollar on Friday, on the apparent hope that the U.S.-Iran talks scheduled for Saturday would maintain a ceasefire. The blue-chip Tel Aviv index and the broader TA-125 closed higher by 1.9%, extending to over 6% gains since the U.S. and Israel led air war began in February '28. The?shekel rose 0.7% against the dollar, reaching a rate 3.031 - its highest level since October 1995. Israel and Hezbollah traded fire in Lebanon, and the Strait of Hormuz was closed. The U.S. and Iran will meet in Islamabad on Saturday to try to reach a deal, including the reopening of the strait.
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Airports warn that Europe could be facing a jet fuel shortage within weeks
The European airport industry has warned of a possible systemic shortage of jet fuel in just three weeks, if the Strait of Hormuz does not open up. They have called for urgent EU-wide actions to secure supplies ahead the summer peak travel season. Airports Council International Europe, in a letter dated April 9 to the European Commission (ACI), said that a fuel shortage would "significantly hurt the European economy" and compound the macroeconomic effects of the rising oil prices caused by the Middle East conflict. Financial Times was the first publication to cover this letter. The Commission didn't immediately respond to an?ask for comment. According to ACI's study, data from up until 2019 shows that air connectivity is responsible for 851 billion euro ($997.03billion) of gross domestic product in Europe. Airports also handle 26% of Europe’s exports. ACI's Olivier Jankovec, the director general of ACI, wrote in a letter that despite a meeting held by the European Commission oil coordination group last week, there is currently no EU-wide mapping or assessment of jet fuel availability and production. The Commission was asked to map jet fuel availability and demand, to identify alternative sources of import, to assess the threats to intra-EU fuel flow, and to evaluate commercial and strategic reserve levels. In recent weeks, jet fuel prices have doubled from $150 to $200 a 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. The letter also called for a series of immediate policies interventions, such as the lifting of temporary import restrictions on jet-fuel, specifically those imposed by the new EU methane regulation that will be in force from January 2027. Jankovec said that the rules have already discouraged third-country sellers of fuel from signing contracts this summer. The group also suggested that the EU purchase 'jet fuel collectively and impose refinery obligations on specific refineries to safeguard production. It also recommended including airports, airlines, and ground handlers as recipients of state aids.
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Early April, Russia increases oil exports through western ports despite drone attacks
Trading and port sources reported that Russia's crude exports increased in early April, compared to March. Calculations also showed this, despite the disruptions to loadings caused by drone attacks on energy infrastructure. In late March, Ukraine increased drone attacks against Russian oil export ports on the Baltic Sea, Black Sea, and major Russian refineries. This could lead to the state cutting its crude production due to disruptions in supply chains. Three trading sources and port sources reported that the Baltic ports of Primorsk, Ust-Luga and Novorossiisk loaded a total of about 2 million barrels of crude oil per day in the first seven days of April. This compares to a daily average of around 1.9 million barrels in March. Sources claim that Primorsk was the main source of the loadings. The city had been hit by a UAV attack late in March but resumed loadings soon after. After a drone strike on March 25, oil loadings were stopped at Ust-Luga. They resumed only?April 6 leaving very little oil at the beginning of the month. After a suspension of four days due to a drone strike, Russia's Black Sea Port?Novorossiisk re-started fuel and oil loadings at its Sheskharis terminal late Thursday. Sources said that a sudden increase in Primorsk loadings?in April and high export volumes from Novorossiisk in the first few days of the month before a drone strike have helped to offset the Black Sea exports halt. The Sheskharis Terminal was the target of a major drone attack in early March. This led to a five day halt on crude loading and delays with exports. (Reporting and Editing by Emelia Matarise Sithole)
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City Airlines strikes pay deal as Lufthansa strikes, disrupting tens thousands of passengers
Cabin crew from 'Lufthansa' and its regional unit Lufthansa CityLine went on strike for a full day, while Lufthansa City Airlines signed its first contract. The union UFO organized the industrial action, which will run from midnight to 10:00 pm (2000 GMT). Fraport, operator of Frankfurt Airport said on Friday morning that 580 flights had been cancelled. This affected 72,000 passengers, out of the 1,350 scheduled flights, and the 155,000 'passengers' expected for the day. Fraport said that the figures are for all airlines at the airport and not just Lufthansa. They may change throughout the day. CITY AIRLINES SHARPLY CONTRASTS WITH OTHER AIRLINES CityLine cabin staff walked out in nine airports, while the Lufthansa strike affected both Frankfurt and Munich, its major hubs. Jens Ritter, the brand chief of Lufthansa, criticized the strike as being "completely out of proportion." UFO negotiators claimed that escalation is inevitable due to the stalled talks. The walkout is in stark contrast to the developments at Lufthansa's newest subsidiary, City Airlines. There, Verdi, a rival union, secured the first collective wage agreement for 500 cabin and cockpit staff. Verdi stated that the deal reached last week after marathon talks will increase basic salaries between 20% and 35 % in three stages until March 2029. It also includes additional days off, more vacation, improved rostering, and expanded pension support. Impact of?Low-Cost Competition The differing?fortunes between the two subsidiaries are a reflection of a wider restructuring within the Lufthansa group. CityLine has historically handled short-haul flights and long-haul routes in Europe. CityLine's feeder operations will be transferred to City Airlines. City Airlines was founded in 2022 as an alternative cost-effective solution for the growing competition in Europe's Aviation Industry. CityLine staff are angry about the closure plan, as they fear losing their jobs and an uncertain future. (Reporting and writing by Klaus Lauer, Kirsti Knolle, Miranda Murray and David Holmes).
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Gains in UAE stocks ahead of US-Iran talks
As U.S.-Iran talks begin in Pakistan, and Israel is seeking to talk with Lebanon, the equity markets of the United Arab Emirates rose a little on Friday. This raised hopes for an easing of Middle East tensions and a reduction of the risk of disruptions in the Strait of Hormuz. On Saturday, delegates from Washington and Tehran will hold talks in Pakistan. Benjamin Netanyahu, Israeli Prime Minister, said on Thursday that he was'seeking direct discussions with Beirut. A day after the worst bombing of the war in Lebanon killed more than 300 and put Donald?Trump’s U.S. Iran ceasefire at risk. Dubai's main stock market recovered from early losses to close 0.4% higher. This was aided by gains in financial and industrial stocks. Air Arabia, a low-cost carrier, jumped 4.8% while Emirates NBD Bank, the largest lender in the UAE, climbed 3.4%. Abu Dhabi's benchmark stock index rose 0.02%, boosted by gains of 4.1% in the hypermarket operator Lulu Retail Holdings and 3.9% in Dana Gas. The?index's gains were hampered by a decline of 3.1% in Aldar Properties, the UAE's largest real estate firm. Due to the Iran crisis, Dubai has limited foreign airlines to only one flight per day to its airports. This has caused Indian carriers to be concerned about revenue losses, as they had more flights planned than any other airline. According to LSEG, the Dubai index grew by 4.2%, its biggest weekly gain in over ten months. Abu Dhabi also posted a 2.5% weekly increase.
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Turkish Airlines replaces its CEO and Chairman, but withholds dividends citing geopolitical risk
Turkish Airlines underwent a major management revamp, replacing its CEO and Chairman, while also opting not to pay dividends from earnings in 2025, citing increased uncertainty across the operating environment, as well as geopolitical instability. Ahmet Olmustur has been named CEO of Turkey's airline following the retirement from Bilal Eksi, who was previously Chief Commercial Officer. Turkish Airlines announced to the Public Disclosure Platform that Murat Seker, the new chairman of the board who replaces Ahmet Bolat (who resigned), was named. Changes are being made as the aviation industry struggles with fuel prices that fluctuate, capacity constraints and persistent disruptions caused by conflicts in the Middle East. The board appointed Metin Gulsen as the 'chief financial officer'. Harun Basturk was previously a senior vice-president for regional sales and had been named senior vice-president of accounting. The airline announced in a separate statement that it would not distribute any dividends from its net profit of 2.65 billion dollars ($118.2 billion) for 2025. Instead, they will retain the earnings to conserve cash. The company stated that the decision was made because it believed that maintaining a solid cash position would better serve the long-term interest of shareholders given the current war in the Middle East and the uncertainty this brings. Turkish Airlines has been paying out dividends to its shareholders for the past few years. The last time Turkish Airlines did not pay a dividend was in 2023. In 2025, it approved a cash payout of?6.88 Lira ($0.1540), per share from its 2024 profits. Turkish Airlines shares rose 1.1%, while Turkey's BIST 100 index grew 1.37%
Middle East War Highlights Florida's Fuel Supply Vulnerability
Analysts say that Florida residents are paying significantly more for gasoline and diesel than the national average in recent weeks due to the U.S. - Israeli war with Iran, which forces the Sunshine State into competition?with Europe and Asia over fuel produced by 'Texas' and other U.S. States.
The high-end, rare premiums show how Iran's blockade of Strait of Hormuz exposed vulnerabilities to oil and fuel supply chain around the world.
Florida is not a refinery state, due to its hurricane-prone nature. There are also no pipelines that deliver fuel from U.S. Gulf Coast refining plants.
Fuel delivered by the Colonial Pipeline to Georgia is transported into Florida via trucks. However, the bulk of Florida's fuel requirements are met with barges from the U.S. Gulf Coast.
Export margins have improved for fuel producers as they have prioritised?exports from the U.S. to Europe and Asia, since international markets were hit the hardest by the Strait of Hormuz closing.
Tom Kloza is the chief energy advisor at Gulf Oil. He said that "ships that would normally transport product from lower Mississippi ports or Houston to Florida port are mostly headed elsewhere."
GasBuddy data showed that Florida residents paid as much as 15 cents per gallon for gasoline this month, which is nearly 4% higher than the national average. For diesel, they paid as much as 35 cents or 6% more, according to GasBuddy. Prices in Florida are typically lower than the national average.
The data revealed that Floridians paid the highest premiums for gasoline since 2013 and for diesel ever. California and Hawaii continue to pay the highest fuel prices.
Gasoline in Florida was back below the national average on Friday, at $4.06 per gallon. A ceasefire agreement with Iran helped ease supply worries. Diesel prices, however, were still?about six cents above the national standard at $5.77 per gallon.
As they prepare for the midterm elections in November, President Donald Trump and the Republican Party are concerned about high gasoline and diesel costs. The president and other Republicans, such as outgoing Florida Governor Ron DeSantis have repeatedly attacked Democrats over high fuel prices in states like California.
Patrick De Haan is the head of Petroleum Analysis at GasBuddy. He said that Florida is unique in its vulnerability to this problem because most of the fuel is imported via barges, with the exception of the panhandle.
Gulf Oil's Kloza stated that high freight rates have added another layer of complexity for Florida. The barges still bringing in fuel were doing so at "almost nonsensical" freight rates.
The Strait of Hormuz Blockade has caused freight rates to increase globally, and in particular, on the U.S. Gulf Coast.
GasBuddy's De Haan stated that Florida's dependence on barge supplies from the U.S. Gulf Coast is a growing concern due to the?rapid growth of the population, which has led to a higher demand.
The U.S. Energy Information Administration reported that the total gasoline consumption in Florida reached 224 million barrels by 2023. This is a 32-million barrel increase compared to 2011, and represents the largest jump in this period in the U.S., except for Texas. (Reporting from Shariq Khan, New York; editing by Nia Williams.)
(source: Reuters)