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Jet fuel bidding war breaks out as airlines confront ‘global stress test’ over shortages and cancellations
Europe is urgently turning to alternative suppliers of jet fuel as imports from the Middle East remain knocked out — but the continent must “fight for every cargo” in what analysts have dubbed a “global stress test” for the airline industry. The loss of Middle Eastern jet fuel because of the Iran war is quickly […]
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Oil prices extend multi-day rally as Trump issues new threat to Iran; Brent tops $114 per barrel
Oil tankers and gas tankers were affected by the closure of the Strait of Hormuz, leading to a global energy crisis stemming from the war in the Middle East. Photos For You | Moment | Getty Images Oil prices advanced again on Wednesday as traders balanced the United Arab Emirates’ shock departure from OPEC with […]
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Trump threatens Iran with AI picture of himself with a gun: ‘No more Mr. Nice guy!’
US President Donald Trump takes questions during a press briefing in the Brady Briefing Room at the White House in Washington, DC, shortly after a shooting incident at the White House Correspondents’ Dinner on April 25, 2026. Mandel Ngan | Afp | Getty Images U.S. President Donald Trump threatened Iran in a Truth Social post […]
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UAE’s departure from the OPEC oil cartel is not without precedence. Who could be next?
Jonathan Raa | Nurphoto | Getty Images The United Arab Emirates’ shock decision to leave OPEC is reverberating across global energy markets, exposing fractures in the powerful oil cartel as production quotas risk prompting other members to follow suit. The country’s decision follows weeks of missile and drone strikes by fellow OPEC member Iran, with […]
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Major data center company pauses investment decisions in Middle East amid Iran war, CEO tells CNBC
A major data center company has paused investment in AI infrastructure projects and data centers in the Middle East amid the Iran war, its CEO has told CNBC. As oil prices have skyrocketed and supply chains have been heavily disrupted by conflict in the region, the future of huge digital infrastructure plans in the Middle […]
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U.S. warns banks of sanctions risk over China ‘teapot’ refineries handling Iranian oil
This picture taken on March 26, 2026 shows an oil tanker unloading crude oil at a port in Yantai, in China’s eastern Shandong province. CN-STR | Afp | Getty Images The U.S. Treasury warned financial institutions Tuesday that they could face sanctions if they engage in dealings with Chinese refineries that process Iranian oil. The […]
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Australia reports lower-than-expected first-quarter inflation — but price rise highest in 2 years
SYDNEY, AUSTRALIA – DECEMBER 06: Pedestrians and shoppers move along George Street on December 06, 2024 in Sydney, Australia. Lisa Maree Williams | Getty Images News | Getty Images Australia’s inflation rate soared to 4.09% in the first quarter, marking its highest level in more than two years. The first-quarter inflation figure was lower than the […]
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CNBC Daily Open: Oil takes another hit, but chips steal the spotlight
Passenger planes sit on the tarmac at Dubai International Airport in Dubai on March 11, 2026. Drones fell near Dubai airport, injuring four people, while ships were hit in or near the Strait of Hormuz on March 11 as Iran kept up its campaign disrupting oil markets and air and maritime traffic. AFP | Getty […]
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Asia markets set to open mixed after OPEC shock, tech jitters drag Wall Street stocks
An electronic stock board inside the Kabuto One building in Tokyo, Japan, on Tuesday, Jan. 28, 2025. Toru Hanai | Bloomberg | Getty Images Asia-Pacific markets were set to open mixed Wednesday, after Wall Street declined overnight as investors assess the latest developments concerning OPEC, as well as a report that pointed to weakness in […]
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U.S. airlines are hiking fares — and travelers keep booking
A United Airlines plane taxis at Los Angeles International Airport on April 21, 2026 in Los Angeles, California. Justin Sullivan | Getty Images 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 […]
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