Jet fuel prices have surged this year since the attacks on Iran that began two months ago led to the Strait of Hormuz effectively closing. For now, airline executives say travelers are still flying, increasingly covering the bill. The price spike hit just ahead of spring break and is eating into airline profits this year….
OPEC will be less powerful without one of its leading members, the United Arab Emirates. The question is: How much? The emergence of the United States as the world’s largest oil producer has diminished the grip that the Organization of the Petroleum Exporting Countries had over the global market, as has the departure of several…
As Iran stares down the economic consequences of a prolonged blockade of the Strait of Hormuz, attention is shifting north. With Gulf shipping lanes disrupted and oil exports constrained, Tehran may seek to depend less on the Gulf and more on a patchwork of railways, Caspian ports and sanctions-era trade networks linking it to Russia….
King Charles III quoted Oscar Wilde, joking that the British have everything in common with America “except, of course, language.” President Trump said the morning’s gloomy rain reminded him of a “beautiful British day” and noted that his mother thought young Prince Charles was “so cute.” Both men waxed poetic about the bonds between their…
As Saudi Arabia prepared to host a summit of Gulf Arab leaders on Tuesday, political commentators in the neighboring United Arab Emirates began furiously dropping hints online that major news was coming. For weeks, Emirati officials had been openly expressing frustration with their Arab neighbors, complaining about their weak stance toward Iran, which had fired…
The British government said Tuesday that it had summoned the Iranian ambassador in response to what it called “unacceptable and inflammatory comments” posted by the Iranian Embassy on social media. The summons, a formal diplomatic tool, comes as the relationship between Britain and Iran has grown particularly fraught amid the war in the Middle East….
The Trump administration on Tuesday ratcheted up economic pressure on Iran, warning financial institutions not to allow independent Chinese refineries to buy Iranian oil and cracking down on Iran’s “shadow” banking sector. The measures were the latest actions taken as part of the Treasury Department’s “Operation Economic Fury,” which aims to cripple Iran’s economy and…
The United Arab Emirates dealt a major blow to some of the world’s biggest oil producers on Tuesday when it announced that it was leaving the OPEC oil cartel that has for decades sought to control global prices and fuel supplies. A coalition of around a dozen oil exporters, OPEC has steered prices by setting…
European airlines will fail if the price of jet fuel remains elevated over the summer, the CEO of budget airline Ryanair warned. Speaking to CNBC on Thursday, CEO Michael O’Leary said that his airline was protected because it had hedged 80% of its fuel but predicted “real failures” for other airlines if the price of…
The United States is considering a new proposal from Iran to end the ongoing war amid a fragile ceasefire between the longtime adversaries. The offer focuses on reopening the strategic Strait of Hormuz while postponing a deal on Iran’s nuclear programme, arguably the most contentious issue between Tehran and Washington. Recommended Stories list of 3…
