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France and the United Kingdom are convening dozens of countries to advance plans for a multinational maritime force to secure the Strait of Hormuz, a critical waterway that has been closed since Iran imposed a blockade on February 28.The meeting, taking place at the Elysee presidential palace in Paris, is being chaired by French President Emmanuel Macron and British Prime Minister Keir Starmer, with around 30 to 40 countries participating in person or by video conference.The talks will focus on the Strait of Hormuz Maritime Freedom of Navigation Initiative, a defensive mission aimed at restoring free passage through the waterway once a lasting ceasefire in the US-Israel war on Iran is in place.European leaders have warned that the ongoing closure threatens consumers with higher inflation, food shortages, and flight cancellations as jet fuel supplies dwindle. Over 20,000 seafarers are trapped on board hundreds of vessels caught in the blockade.“The unconditional and immediate reopening of the strait is a global responsibility, and we need to act to get global energy and trade flowing freely again,” Starmer said, accusing Iran of “holding the world’s economy to ransom”.The initiative mirrors Europe’s earlier efforts to assemble a security force for Ukraine and carries similar conditions: deployment only when the conflict ends and security conditions allow.A French presidential official stated that allies would need “an Iranian commitment not to fire on passing ships and a US commitment not to block any ships leaving or entering the Strait of Hormuz” before any mission could proceed.Washington’s absence from the discussions is deliberate, with Macron emphasizing that the mission to provide security for shipping through the strait would be “strictly defensive” and limited to non-belligerent countries.

Air Canada announced a temporary pause on a handful of routes departing from Toronto and Montreal to New York’s John F. Kennedy airport, attributing the decision to sharply rising jet‑fuel costs. The suspension comes as airlines worldwide grapple with fuel price spikes triggered by the ongoing US‑Israel war with Iran. Although the Strait of Hormuz reopened earlier this month, easing some oil‑price pressure, jet‑fuel costs remain markedly higher than before the conflict. In a related development, Spirit Airlines has appealed to the U.S. government for emergency financing worth hundreds of millions of dollars to mitigate its own fuel‑price surge, according to industry source reports. Air Canada explained that jet‑fuel prices have doubled since the start of the Iran conflict, rendering several lower‑margin routes financially untenable. The carrier said it is implementing “schedule adjustments, including frequency reductions,” to preserve overall network viability. Effective June 1, the airline will halt one Montreal‑to‑New York flight and three Toronto‑to‑New York flights, with service slated to resume on October 25. Additional temporary suspensions include the Salt Lake City‑Toronto corridor, which will be paused from June 30 and is not expected to return until 2027, as well as a postponed launch of a Guadalajara‑to‑Montreal service. Air Canada estimates the changes will impact about 1 % of its total passenger‑carrying capacity. Affected passengers will be offered alternative travel options, with the airline continuing to operate to LaGuardia and Newark airports 34 times daily across six Canadian cities. The move mirrors broader industry pressures: British low‑cost carrier easyJet projects a pre‑tax loss of £540‑£560 million for the six‑month period ending March, while Australian airlines Qantas and Virgin Australia have announced fare hikes and reduced flight frequencies. Moreover, the International Energy Agency warned that Europe possesses only six weeks of jet‑fuel reserves, raising concerns that further supply disruptions could trigger additional flight cancellations.

A devastating fire has engulfed the largest of Australia's two oil refineries, operated by Viva Energy in Geelong, Victoria. The blaze, which began on Wednesday night, had been brought under control by Thursday noon. The refinery, which processes 120,000 barrels of oil per day, accounts for approximately 10% of Australia's fuel production.The fire was triggered by a gas leak that ignited, sending flames as high as 60m (200 feet) into the air. Fortunately, firefighters managed to contain the blaze without it spreading to other parts of the plant, which produces high-octane petrol, jet fuel, and diesel.The incident comes at a critical time for Australia, which relies on imports for 80% of its fuel needs. The country is racing to replace supply disrupted by the Middle East conflict, which has driven up energy prices worldwide. Fuel security is a growing concern in the Asia Pacific region, with Australia lacking major stockpiles.In response to the crisis, Prime Minister Anthony Albanese announced that Australia had secured an additional supply of 100 million litres of diesel from Brunei and South Korea. The government has urged Australians to avoid panic-buying fuel and to conserve petrol where possible.Australia's fuel reserves stand at approximately 38 days' worth of petrol, falling short of the 90-day minimum recommended by the International Energy Agency. The country is heavily reliant on oil shipped through the Strait of Hormuz, which has seen shipping traffic cease since the US and Israel launched their war against Iran.

Budget airline easyJet has issued a profit warning, citing the impact of the Iran conflict on fuel prices and bookings. The airline has seen fuel costs rise by £25m in the last month alone, driven by the escalating tensions in the Middle East.EasyJet expects to report an increased pre-tax loss of £540-£560m for the six months to March, up from £394m in the first half of 2024-25. The carrier typically generates most of its revenue in the second half of the year, which includes the peak summer period.The airline has hedged 70% of its fuel needs for the rest of the financial year to September, but each $100 movement in the spot price of jet fuel per metric tonne adds £40m in costs for its unhedged supply. Currently, the price is about $800 higher than before the conflict started.Chief executive Kenton Jarvis said demand remained strong in the short term, but customers were leaving it later to book due to economic uncertainty. However, he assured that fuel supplies remained normal and that any talk of having to cancel flights was pure speculation.Jarvis added that there was continued positive demand, but easyJet's financial performance had worsened year on year, impacted by the conflict in the Middle East and the competitive environment in some markets. Shares fell 3% in early trading.

Europe is projected to run out of jet fuel in about six weeks, according to the head of the International Energy Agency, raising the spectre of widespread flight cancellations.Fatih Birol told the Associated Press that without a rapid restoration of oil shipments from the Middle East, airlines could soon be forced to drop routes, warning that “some flights from city A to city B might be cancelled as a result of lack of jet fuel.”The shortage stems from the US‑Israel war on Iran, which has snarled global energy markets since the initial strikes in late February. In retaliation, Iran has effectively sealed the Strait of Hormuz, a critical artery for Gulf oil exports.Although a two‑week ceasefire was recently brokered, negotiations to end the hostilities have stalled, leaving the supply disruption unresolved.Meanwhile, Brent crude futures are trading more than 30% above pre‑war levels, intensifying pressure on fuel prices and adding to political scrutiny in the United States.Jet‑fuel shipments that departed before the conflict have largely arrived in Europe, but the remaining reserves are rapidly being drawn down, leaving the continent vulnerable.Airports Council International Europe has warned EU energy and transport commissioners that the region could face fuel shortages within three weeks, echoing industry norms that typically maintain about six weeks of fuel on hand.Birol warned that the situation represents a “dire strait” with serious ramifications for the global economy, noting that prolonged disruption would exacerbate inflation and dampen growth worldwide.The anticipated fallout includes higher petrol, gas and electricity prices, with the impact expected to be uneven across different regions.Airlines are already scrapping marginally profitable routes, especially those without robust hedging strategies, and even carriers with hedged fuel costs may need to reconsider schedules.Despite the broader concerns, British low‑cost carrier easyJet asserted it has sufficient fuel visibility through mid‑May and does not anticipate supply‑related issues in the near term.

The EU's new entry-exit system (EES) has caused significant delays at several European airports, with travellers waiting up to three hours at border checks. The system, which came into effect on Friday in the Schengen countries, requires passengers from non-EU countries to register their personal information and biometrics at the border.Passengers in airports in countries such as France, Germany, Belgium, Italy, Spain, and Greece are experiencing several hours of waiting at border checks, according to the Airports Council International (ACI) body. Olivier Jankovec, the director of the ACI European division, warned that the situation will be "simply unmanageable" in the coming weeks and peak summer months.The EES has been gradually introduced since October and has already caused long delays at some airports. On Sunday, the BBC reported that more than 100 passengers were unable to board an easyJet flight from Milan to Manchester before it took off due to delays at passport desks.Airport representatives and the European Commission held a meeting to discuss problems with the system on Tuesday. The ACI has asked to extend existing exemptions and the power to fully suspend the new checks. Jankovec told the FT that the ACI needed the ability to "fully suspend EES registration whenever there are excessive waiting times at border control that are just unmanageable".A spokesperson for the European Commission said that the system is working well, with an average registration time of 70 seconds per passenger. However, the ACI has claimed that it can take up to five minutes. The commission said that there were a "few member states where technical issues have been detected" but that they "are being addressed".The EES has registered more than 52m entries and exits, as well as more than 27,000 refusals of entry, since its introduction in October. Almost 700 people were identified as posing a security threat.

The International Energy Agency (IEA) has sharply cut its forecasts for global oil supply and demand growth, citing disruptions caused by the US-Israel war on Iran that are impacting oil flows and weighing on the global economy.According to the IEA's report, global oil demand is expected to fall by 80,000 barrels per day (bpd) this year, a significant drop from the projected year-on-year rise of 640,000 bpd in its previous monthly report.The forecast comes after the International Monetary Fund, World Bank, and IEA urged countries to avoid hoarding energy supplies and imposing export controls that could exacerbate the shock. IEA chief Fatih Birol appealed to all countries to let energy stocks flow to the markets, warning that demand destruction will spread as scarcity and higher prices persist.The IEA report highlighted that the deepest cuts in oil consumption have come from the Middle East and Asia Pacific, particularly for naphtha, LPG, and jet fuel. A projected 1.5 million bpd drop in demand in the second quarter of this year would mark the deepest contraction since the COVID-19 pandemic.The Organization of the Petroleum Exporting Countries (OPEC) also lowered its prediction for world oil demand in the second quarter, but kept its full-year outlook unchanged. The IEA noted that attacks on energy infrastructure in the Middle East and Iran's closure of the Strait of Hormuz have led to the largest oil supply disruption in history, with 10.1 million bpd lost in March.Iran's de facto control over the Strait of Hormuz, a key route for global energy shipments, sent gas and petrol prices skyrocketing around the world. The US blockade on Iranian ports has further clouded the outlook for global energy security and the supply of goods that rely on petroleum.The IEA warned that oil demand could plunge even further if the strait remains closed, and emphasized that resuming flows through the Strait of Hormuz remains the single most important variable in easing pressure on energy supplies, prices, and the global economy.Meanwhile, Russia has benefited from the disruptions, with its revenues from crude oil and refined products rising in March due to the surge in prices. Moscow's crude oil exports rose by 270,000 bpd last month to 4.6 million bpd, driven by higher seaborne shipments.

Amazon’s $11.57 B Deal to Secure Globalstar’s Satellite AssetsOn April 14, 2026, Amazon disclosed a cash transaction of **$11.57 billion** (about **$90 per share**) to acquire Globalstar, the satellite operator that powers Apple’s Emergency SOS feature. The purchase gives Amazon full control of Globalstar’s satellite constellation, ground infrastructure, and mobile‑satellite‑service spectrum licenses, bolstering the company’s nascent satellite business, Amazon Leo.Deal Structure and What Amazon GainsThe agreement transfers:All of Globalstar’s existing low‑Earth‑orbit satellites (currently **24** operational, with agreements for **50+** new units).Ground stations, network operations, and spectrum licenses needed for direct‑to‑device services.Ongoing contracts with customers such as Delta Airlines, AT&T;, Vodafone, Australia’s NBN, and NASA.Alongside the acquisition, Amazon signed a continuation agreement with Apple to keep providing satellite connectivity for iPhone and Apple Watch users.Financial Scale and Satellite Fleet NumbersThe transaction’s headline figures illustrate the market’s valuation of satellite connectivity:Deal value: **$11.57 billion** in cash.Share price: **$90** per Globalstar share.Amazon Leo’s planned constellation: **>3,200** satellites, though only **~200** have launched to date.FCC deadline: Amazon must have **~1,600** satellites in orbit by **July 2026**.Starlink comparison: **>10,000** satellites serving 150+ countries.Strategic Implications for Amazon Leo vs. StarlinkAcquiring Globalstar gives Amazon immediate access to:Established spectrum in the 1.6 GHz band, critical for low‑latency, direct‑to‑device links.A ready‑made customer base in aviation, telecom, and government sectors.Technical expertise and launch contracts (including a SpaceX agreement for replacement satellites).Combined with the recent showcase of a high‑speed antenna for commercial jets, Amazon is positioning Leo to compete directly with Starlink in the high‑value aviation and enterprise markets, while leveraging Apple’s ecosystem for consumer‑grade emergency services.Outlook: Timeline for Amazon Leo and Market ShiftsKey milestones ahead:Late 2026 – Initial commercial rollout of Amazon Leo’s direct‑to‑device services using Globalstar’s existing constellation.2028 – Deployment of Amazon’s own “thousands of advanced satellites” to enable a global, low‑latency network supporting “hundreds of millions of customer endpoints.”Mid‑2027 – Expected FCC approval of the extended satellite count deadline.If Amazon meets these targets, the satellite‑internet market could see a three‑way split among Starlink, Amazon Leo, and emerging regional players, driving down prices and expanding coverage for aviation, maritime, and remote‑area users.

The recent conflict in the Gulf has served as a harsh wake-up call for the British public regarding the state of the UK's armed forces. While air defence systems and fighter jets were swiftly deployed, the delayed arrival of a single destroyer, HMS Dragon, to Cyprus underscored concerns about Britain's military preparedness. Former Nato secretary general George Robertson criticised Keir Starmer for showing a 'corrosive complacency towards defence', warning that this put the UK in peril. In response, ministers pointed to 'decades of underinvestment' by previous governments and announced plans for the largest sustained increase in defence spending since the Cold War. The Ministry of Defence aims to spend 3.5% of GDP on defence by 2035. However, defence analysts argue that the UK's military has suffered from a 'lethal combination' of Treasury hostility to defence spending and the Ministry of Defence prioritising investment in ships and aircraft over the army. The British army has shrunk significantly since 1991, from 155,000 troops to 75,000 troops, with a reduction in armoured and infantry brigades. Defence experts, such as Ben Barry of the International Institute for Strategic Studies, blame this decline on inadequate resource allocation. Matthew Savill, director of military sciences at the Royal United Services Institute, notes that the UK has a decent spread of reasonably modern capabilities but faces several problems, including a lack of mass and reliance on allies. 'We've cut a lot of corners and in many cases we rely on our allies. That means we're particularly reliant on the US and others in certain areas and it can come back to bite,' Savill added. Britain's commitment to increase defence spending to 2.5% of GDP from April 2027 is more ambitious than France's, but experts suggest that the UK can learn from France's approach. The UK's plans have been influenced by Poland's military transformation, which has seen defence spending rise to 4.8% of GDP, the highest among Nato countries.