Aggregator

Jet Fuel Shortage Deepens Pressure On Global Airlines

Via City AM,

• Heathrow’s April passenger numbers fell 5% to 6.7 million, with Middle East traffic down 50%.

• Transfer traffic rose 10% as travellers rerouted through Heathrow to Asia and Oceania.

• Airlines are facing mounting pressure from jet fuel shortages and higher oil prices.

Fewer passengers were heading to Heathrow Airport in April as the war in the Middle East keeps travellers grounded.

Passenger numbers at Europe’s biggest airport fell by five per cent in April to 6.7m with the blame being attributed to the “ongoing impact of the Middle East conflict”.

For those heading to that particular region, Heathrow saw a whopping 50 per cent drop in volumes.

Still, in the year-to-date (Jan–Apr) traffic maintained modest growth at 1.2 per cent.

Transfer demand grew ten per cent in April, as travellers rerouted through Heathrow to reach Asia and Oceania, helping offset losses in direct Middle Eastern travel.

Travel to Asia remained a major growth driver, with a 5.6 per cent increase in April and a 10.6 per cent increase year-to-date.

“We know passengers want certainty when planning their hard-earned summer holidays, so we are supporting Government and airlines as they work through their plans to get passengers on their journeys,” Thomas Woldbye, Heathrow’s top boss, said. 

Jet fuel crisis ‘worse’ than Covid

Growing anxieties around the jet fuel shortage caused by the Iran war have rocked the travel industry.

Tony Fernandes, chief executive of Air Asia, said last week: “I thought I’d seen it all with Covid […] but having seen jet fuel go up almost three times — this is much worse.”

It comes after supplies for jet fuel have tumbled to their lowest level since records began, as the war blocks crucial shipping lanes for fuel.

Spirit Airlines – a US-based low-cost airline – last week collapsed under mounting pressure caused by surging oil prices. The firm had failed to secure a $500m lifeline from the Trump administration, leaving it to go out of business and cancel all flights.

Researchers at Allianz Trade warned the UK is among the most “structurally exposed” to jet fuel shortages.

Meanwhile, transport secretary Heidi Alexander has loosened “use it or lose it” rules in a bid to soften the pressures facing airlines.

Woldbye said: “While we have seen some short-term disruption linked to the Middle East conflict, demand for travel remains strong with current fuel supplies stable.”

Tyler Durden Tue, 05/12/2026 - 07:20

Trump is expected to raise a series of concerns about artificial intelligence, the global economy, trade and nuclear weapons.

'Mediator' Pakistan Hosted Iranian Military Aircraft To Insulate Them From US Attacks, Graham Fumes At Islamabad Summary

• CBS reports Pakistan sheltered Iranian military planes, Sen. Graham outraged, calls for 'reevaluation'.

• US President blasts 'piece of garbage' Iran response, says ceasefire on 'life support', reportedly mulls renewed military action; US Treasury imposes yet more sanctions.

• Trump mulls restarting Project Freedom in Hormuz and says forcibly retrieving 'nuclear dust' is still on the table, oil jumps on headline.

• Iran Foreign Ministry: "Everything we proposed in the text was reasonable and generous." However, US officials insist on their "unreasonable demands."

• Saudi Arabia condemns Iran for its latest drone attacks targeting the UAE, Qatar and Kuwait on Sunday.

• Qatari LNG tanker abruptly U-Turns In Hormuz chokepoint after earlier in weekend an initial one made it through - an unprecedented first for a Qatari tanker of the war.

//--> //--> US x Iran permanent peace deal by June 30, 2026?
Yes 40% · No 61%
View full market & trade on Polymarket

*  *  *

Pakistan Hosted Iranian Military Planes To Insulate Them From US Attacks

There's been some outrage in D.C. and among the pundit class over a late in the day Monday CBS News report alleging that US-ally Pakistan allowed Iran to park military aircraft at its airfields, and thus outside the US-Israeli strike zone during Operation Epic Fury:

As Pakistan positioned itself as a diplomatic conduit between Tehran and Washington, it quietly allowed Iranian military aircraft to park on its airfields, potentially shielding them from American airstrikes, according to U.S. officials with knowledge of the matter. 

Iran also sent civilian aircraft to park in neighboring Afghanistan. It was not clear if military aircraft were among those flights, two of the officials told CBS News. 

President Trump and admin officials have repeatedly declared the utter and total destruction of Iran's air force and navy, but apparently some planes were missed. According to more from CBS: 

Together, the movements reflected an apparent effort to insulate some of Iran's remaining military and aviation assets from the expanding conflict, even as officials publicly served as brokers for de-escalation. 

The U.S. officials, who all spoke only under condition of anonymity to discuss national security issues, told CBS News that days after President Trump announced the ceasefire with Iran in early April, Tehran sent multiple aircraft to Pakistan Air Force Base Nur Khan, a strategically important military installation located just outside the Pakistani garrison city of Rawalpindi. 

Among the first to very angrily vent outrage is you know who from South Carolina...

If this reporting is accurate, it would require a complete reevaluation of the role Pakistan is playing as mediator between Iran, the United States and other parties.

Given some of the prior statements by Pakistani defense officials towards Israel, I would not be shocked if… https://t.co/OqJ1cdVLFX

— Lindsey Graham (@LindseyGrahamSC) May 11, 2026 US Rolls Out Yet More Sanctions, & Connected to China

Per Reuters on Monday afternoon: "The U.S. government on Monday announced sanctions against three people and nine companies, including four based ​in Hong Kong and four in the ‌United Arab Emirates, for aiding Iran's shipment of oil to China. The ninth company is based in Oman."

"The Treasury move follows ​sanctions announced on Friday on individuals and companies aiding Iranian ​purchases of weapons and components used to make ⁠drones and ballistic missiles," the report adds. These new measures target some Iran-linked entities in Hong Kong/China.

As there's not a whole lot to still sanction inside Iran, it looks like the US Treasury is focused on taking aim on external entities, though this is sure to increase Washington tensions with Beijing...

As Iran’s military desperately tries to regroup, Economic Fury will continue to deprive the regime of funding for its weapons programs, terrorist proxies, and nuclear ambitions. Treasury will continue to cut the Iranian regime off from the financial networks it uses to carry out… https://t.co/nenSlWtW8T

— Treasury Secretary Scott Bessent (@SecScottBessent) May 11, 2026 Trump Mulls Military Action As Ceasefire On "Life Support"

President Trump is meeting with his national security team Monday to discuss the way forward in the Iran war, including possibly resuming military action, after negotiations with the country deadlocked on Sunday, three U.S. officials told Axios.

U.S. officials say Trump wants a deal to end the war, but Iran's rejection of many of his demands and refusal to make meaningful concessions on its nuclear program puts the military option back on the table.

This sent oil prices back to the highs of the day...

President Trump also told Fox, that he sees a 1% chance of an Iran deal materializing and succeeding, as even the ceasefire is one of "the weakest, on life support":

President Donald Trump called out the "piece of garbage" peace proposal from Iran on Monday from the Oval Office, saying only "stupid people" in Iran are questioning his resolve in guaranteeing Iran will never have a nuclear weapon.

The latest Iranian proposal reneged on a past vow to give up enriched uranium.

None of this bodes well for the prospect of the Strait of Hormuz opening up anytime soon. Oil prices have reflected general pessimism at the start of this week.

Trump Might Fully Restart Project Freedom

Fox News is reporting that President Trump is considering renewing Project Freedom, pushing oil up. According to the developing story:

President Donald Trump has stated in an interview with Fox News that he is considering renewing Project Freedom, a military operation originally launched to secure the passage of commercial vessels through the Strait of Hormuz. This operation, involving significant U.S. naval assets, had been paused amid diplomatic efforts with Iran. The initial pause was influenced by diplomatic progress mediated by Pakistan, although recent developments suggest a potential escalation.

However, the reality is that the de facto US naval blockade has remained in place. The Iranians last week fired on US warships which were escorting foreign vessels through the strait. Since then there's been an uneasy calm amid stalled negotiations. There's really no movement on either side. Trump indicated in the fresh comments that all of this could be part of a larger operation, and strangely a bit of a contradictory stance: he said of Iran's "hardline leaders" that "they are going to fold" and that "I will deal with them until they make a deal". Of course, the very label of 'hardline' would suggest the opposite. 

The same Fox correspondent was told by Trump that forcibly retrieving Iran's 'nuclear dust' is still on the table:

.@realDonaldTrump Also told me that Iranian negotiators told him the US will have to retrieve the "nuclear dust" at Iran's destroyed facilities as Iran does not have the technology to do it. pic.twitter.com/2GgLVdQQoL

— John Roberts (@johnrobertsFox) May 11, 2026 'Unreasonable Demands'

It is clear there remains a huge gap between the positions of Washington and Tehran, after the past days saw proposal and counterproposal submitted via Pakistan, with the White House issuing its final response over the weekend, as President Trump called it 'unacceptable'.

According to new Monday words from Iran’s Foreign Ministry Spokesman, Esmail Baghaei, "Everything we proposed in the text was reasonable and generous." However, US officials continue to insist on their "unreasonable demands," Baghaei stressed. He described that Iran’s demands for the war to stop, for the US to lift its blockade, and the release Iran’s frozen assets, remain legitimate. Further, Tehran is demanding safe passage through the Strait of Hormuz, along with establishing security in the region and in Lebanon.

Senior Iranian military official Mohsen Rezaee to Tasnim: There Is No Clear Prospect for a Political Agreement With the United States

"Unfortunately, the US continues to insist on its one-sided view," Baghaei added of the "reasonable, generous offer" built around Iran’s national interests. Iran has strongly suggested that the US is actually too influenced by driving Israeli interests, not American priorities. 

But per WSJ, Washington's focus remains on the nuclear issue, which Iran considers a non-starter in negotiations: "The president on Sunday said a multipage response that Iran sent to the U.S. proposal to end the war, which didn’t include commitments about Tehran’s nuclear program, was unacceptable," the publication writes.

Iran's FM Spokesperson Esmail Baghaei:

Iran has proven to be a responsible power in the region, and at the same time, we are not bullies — rather, we are anti-bullies. Just look at our conduct.

Were we the ones who launched a military campaign against America thousands of miles… pic.twitter.com/q6fz3fi75A

— Clash Report (@clashreport) May 11, 2026 KSA Condemns Sunday Drone Attacks

Saudi Arabia has condemned and blasted Iran for its latest drone attacks targeting the UAE, Qatar and Kuwait on Sunday, according to a new Foreign Ministry statement. The UAE had intercepted two drones coming from Iran, while Qatar said a drone attack hit a cargo ‌ship coming from Abu Dhabi in its waters. Kuwait in turn also said its air defenses had engaged hostile drones that entered its airspace. Kuwait, which borders Iran, has become a kind of front line for Iranian attacks and drone activity.

The Saudi Foreign Ministry reiterated its support and backing of all measures taken by Gulf states to protect their security and stability, saying, "The Kingdom demands an immediate halt to the blatant attacks on the territories and territorial waters of Gulf states, and to any attempt to close the Strait of Hormuz or disrupt international waterways."

"It emphasizes the importance of adhering to the protection of international maritime routes in accordance with relevant international laws," the ministry added.

Qatari LNG Tanker Abruptly U-Turns In Hormuz Chokepoint After Weekend Transit Breakthrough

Sunday's response by Trump to Iran's counterproposal pushed WTI crude futures nearly 3% higher to $98 a barrel as traders raised the war-risk premium tied to a prolonged disruption in the Strait of Hormuz.

Iran’s counterproposal dominated attention over the weekend, but shipping activity in the region also drew focus after Bloomberg reporter Stephen Stapczynski cited vessel-tracking data showing that an LNG tanker successfully passed through the Strait of Hormuz without incident.

The shipment marked the first time Qatar exported LNG through the strait since the war began ten weeks earlier. The tanker later docked in Pakistan. By Monday morning, Stapczynski reported that another fully loaded LNG tanker, “Mihzem,” was approaching the waterway. "Another Qatar LNG shipment is nearing the Strait of Hormuz, bound for Pakistan," Stapczynski wrote on X. He added, "Pakistan is dealing with a gas shortage, and has negotiated with Iran for several LNG shipments. If successful, this would be the second LNG cargo to transit Hormuz for Pakistan in a few days." 

Stapczynski's X post and report about the second Qatar LNG tanker attempting to transit the maritime chokepoint came early Monday. By 0700 ET, new ship-tracking data showed that the Mihzem abruptly reversed course roughly 20 miles before reaching Hormuz Island.

Tanker Leaking

There is a large oil tanker in the Strait of Hormuz spotted leaking a trail of oil, after a potential hostile strike. The incident, picked up by satellite monitoring, comes also amid reports of a large oil slick near Kharg Island; however, the Iranians have denied that the Kharg incident is a large-scale leak or oil slick.

Here's what Tanker Trackers has commented on the below open sources satellite data and imagery (first struck on May 4):

The VLCC supertanker you see in the video below is BARAKAH (9902615). She is owned by UAE’s Abu Dhabi National Oil Company (ADNOC); the country’s state-owned oil & gas producer. BARAKAH was struck by Iranian drones on 2026-05-04, which is when we found her in this state on satellite imagery for clients. She’s empty of oil cargo following a secret transfer she had to conduct east of UAE to another tanker. She was struck once heading back west to fetch more oil. ADNOC condemned the attacks.

Satellite imagery appears to show a large oil tanker in the Strait of Hormuz leaking a trail of oil following a possible strike. Intense small speedboat activity can also be seen nearby.

Explore and Compare: https://t.co/BFXDgfBrjK#StraitofHormuz #Iran #MiddleEast pic.twitter.com/UDizD4Lejn

— Soar (@SoarAtlas) May 11, 2026 Netanyahu Holds Security Meeting, Amid Lebanon Escalation

Prime Minister Benjamin Netanyahu is convening a high level security meeting in his office in Jerusalem on Monday, according to The Times of Israel. The meeting comes after President Trump rejected Iran’s response to his ceasefire proposal, and ahead of direct Israel-Lebanon talks in Washington later this week. The Lebanon front has intensified, and IDF warplanes have heavily bombed not only southern Lebanon but the Beirut suburbs over the last days. Hezbollah drone attacks have become increasingly deadly in the meantime, with many serious injuries but also this latest:

An IDF reservist was killed in a Hezbollah drone attack in northern Israel, the Israel Defense Forces said on Monday. The slain soldier was named as Warrant Officer (res.) Alexander Glovanyov, 47, a driver in the Transport Center’s 6924th Battalion, from Petah Tikva.

The attack took place around 4 p.m. on Sunday, when several explosive-laden drones launched by Hezbollah struck in Israeli territory near Manara, close to the border with Lebanon. One of the drones killed Glovanyov, according to an IDF probe.

Iran Still Wants Comprehensive Deal to Include Lebanon

Responsible Statecraft writes, "No new developments on the Lebanese front give reason for optimism that this round will yield an agreement that two prior rounds did not. The Trump administration, however, has an incentive to push for an agreement because of President Trump’s need to extract himself and the United States from the impasse involving the Strait of Hormuz."

"The fighting on the Lebanese front since then has been as one-sided in the resulting death and destruction as Israeli combat with Palestinians," the publication observes. "The Israeli assault has killed 2,700 people in Lebanon, while Israeli fatalities have been 18 military personnel and two civilians. At the height of the offensive, more than a million people — about a fifth of Lebanon’s population — were displaced, and most remain so. Israeli forces have destroyed entire villages in southern Lebanon."

⚡️Hezbollah drone strike on Israel soldiers near southern Lebanon pic.twitter.com/OD8dZndMry

— War Monitor (@WarMonitors) May 10, 2026

Iran continues to insist that any broader Iran war truce must encompass Lebanon as the conflict there flows out of the one in the Persian Gulf region. Al Jazeera meanwhile reports of the latest Monday: "Israel’s bombardment of Lebanon continues as Hezbollah claims more attacks on Israeli troops. The Lebanese Health Ministry says Israeli attacks in the past 24 hours have killed 51 people, including two medical workers."

Tyler Durden Tue, 05/12/2026 - 07:02

Nearly every team spending significantly on third base is receiving a horrendous return on investment.

Grandma Gail was ghosted herself, and she has some surprising advice.

"Neither Credible Nor Attractive": eBay Rejects GameStop's Takeover Bid

eBay's board released a statement on Tuesday morning, rejecting GameStop CEO Ryan Cohen's unsolicited, non-binding acquisition proposal, calling it "neither credible nor attractive."

"We have concluded that your proposal is neither credible nor attractive," Paul S. Pressler, eBay's chairman of the board of directors, wrote in a statement.

Pressler cited concerns over GameStop's financing, the risks of a combined business, leadership and governance questions, and the potential impact on eBay's valuation and long-term growth.

Pressler laid out the concerns:

1. eBay's standalone prospects,

2. the uncertainty regarding your financing proposal,

3. the impact of your proposal on eBay's long-term growth and profitability,

4. the leverage, operational risks, and leadership structure of a combined entity,

5. the resulting implications of these factors on valuation,

6. and GameStop's governance and executive incentives.

Recall that Cohen's $56 billion bid for eBay was, in his own words, funded by "half cash and half stock." Yet, when Cohen joined CNBC's Andrew Sorkin for an interview early last week, he struggled to explain the deal math, given that GameStop's market capitalization is only a fraction of eBay's.

Here's the most contentious part of Ryan Cohen's CNBC Squawk Box interview about the GameStop-EBAY acquisition.

This is a HEATED back and forth, uncommon for financial news. $GME

Sorkin, at one point is in disbelief at RC's repetitive answering to his question. pic.twitter.com/MWAbYWStlp

— Reese Politics (@ReesePolitics) May 4, 2026

Even Michael Burry exited his GameStop long position, saying the $56 billion cash-and-stock acquisition would likely require too much debt and would no longer align with his original thesis for the stock.

Burry wrote on X: "Wall Street does indeed mistake debt for creativity, and does so constantly. I, of all people, should have known."

Why yes they did: "GameStop's Highly Confident Letter from TD is contingent on the GME/Ebay combination being investment grade... and Moody's said it won't be": David Faber, CNBC https://t.co/uhZbUF72qn

— zerohedge (@zerohedge) May 7, 2026

GameStop's 13D filing shows that derivatives, or call options, represent 99.89% of its $EBAY position, equivalent to 22,176,000 shares. The actual common stock owned by GameStop amounts to about 25,000 shares, or 0.11% of the total position.

Polymarket odds of a GME-eBay marriage...

//--> Will GameStop acquire eBay?
Yes 21% · No 80%
View full market & trade on Polymarket

GameStop shares are down 4% in premarket trading, while eBay is down around 1%.

Related:

• eBay Nukes GameStop CEO's Account After Buyout Stunt

The conversation on institutional desks has centered on what Morgan Stanley analyst Nathan Feather noted last week: the key question in any hypothetical acquisition scenario is financing, as eBay's market cap is roughly four times GameStop's. He added, "We are also initially skeptical of potential synergies."

Tyler Durden Tue, 05/12/2026 - 06:55

"Euphoria" is once again facing backlash, with Sydney Sweeney going topless in the show's most explicit scene this season.

"Euphoria" is once again facing backlash, with Sydney Sweeney going topless in the show's most explicit scene this season.

It’s less about punishment, more about finally making the 'getting it together' part feel doable

It’s like a financial reality check that shows up uninvited — but helpful

It’s proof that even diaper bags can have a fashion agenda now

The numbers don't add up! New York City is spending a record $43 billion on its public school system—about $44,000 per student—despite plummeting enrollment.

It’s making a strong case that the next skincare wave isn’t new — it’s just finally getting global attention

A French woman who tested positive for hantavirus after disembarking from the virus-stricken cruise ship is now in a critical condition after doctors initially dismissed her symptoms as anxiety.

The company behind Canvas says it has "reached an agreement" with the hackers who disrupted thousands of colleges and universities.

Skincare that goes beyond the bouquet

Senate's Rush To Regulate AI Chatbots Is Bad For Everybody

Authored by John Coleman via RealClearPolitics,

The dawn of the AI era has sparked a wide range of reactions, from exhilaration over the technology’s capabilities to deep distress. 

Such responses to a new communicative tool are nothing new, and indeed, AI presents new and unique challenges that will require deep thought and sensitivity.

But a heavy-handed congressional response that erodes longstanding American freedoms isn’t the answer. The Senate Judiciary Committee’s markup and passage last week of SB 3062, the GUARD Act, shows the substantial risk that Congress’s “do something” energy poses to the speech rights of everyone. 

The bill regulates AI chatbots – especially so-called “AI companion” systems – through access limits, design mandates, and disclosure requirements, backed by civil and criminal penalties of up to $100,000 per violation. If enacted, it puts the federal officials squarely in the position of deciding how this technology is built and used, limiting engagement with information and compelling speech along the way.

Growing calls for a federal solution, including from the White House, to fix the fragmented landscape of state regulations reflect a clear political appetite for legislative action. And a single national standard has obvious appeal for an industry seeking consistency across jurisdictions. But consistency isn’t the same as constitutionality. If federal proposals like the GUARD Act replicate the speech restrictions found in state laws, they just hardwire those problems into federal law. 

Take the bill’s age verification requirements. The GUARD Act forces Americans to create accounts and prove their age, with minors barred from some “AI companion” systems. Existing accounts are frozen until verified, and companies are required to recheck users’ ages periodically. 

Age-verification mandates like this one force individuals to disclose their identity to seek answers and thus give up anonymity, a right the Supreme Court has repeatedly recognized as central to free expression. Faced with mandatory identity disclosure, many think twice before asking sensitive questions. Would someone trapped in an abusive relationship be more, or less, willing to seek advice from a chatbot if they had to surrender their privacy? Or how about the employee who is consistently harassed at work but is worried about asking for advice? There’s a reason that the Federalist Papers were written under the pseudonym “Publius” – even public debate sometimes requires distance from the speaker’s identity. That protection still matters today, allowing people to seek information, test ideas, and ask sensitive questions without fear of legally required exposure.

Then there are rules about content. The bill makes it unlawful to design, deploy, or make available chatbots that, in the government’s view, “encourage” or “promote” certain categories of constitutionally protected speech. Who do we want to be in charge of determining that? Those restrictions violate the First Amendment by regulating the protected editorial decisions of developers and by infringing on individuals’ rights to create and receive lawful expression.

Proposals like the GUARD Act dictate how chatbots respond and intrude on editorial judgment by putting Congress’s thumb on the scale of what’s acceptable speech. This means control over who can speak, what can be said, and how ideas are expressed.

Those choices shape the substance of speech and risk reducing a chorus of voices to a single, government-shaped note. Grok is loosely modeled on “The Hitchhiker’s Guide to the Galaxy.” Claude operates under its own internal “constitution.” Standardizing those philosophical differences flattens distinct approaches, and when fewer questions are asked, fewer answers follow.

Finally, disclaimer mandates can cross constitutional lines by compelling speech. The GUARD Act requires chatbots to deliver federally imposed messages in every interaction. While informing users, its application in every circumstance alters the content and flow of communication itself, overriding both user and developer choices with what the officials want the public to see.

All of this points to a deeper reality that AI systems cannot perfectly predict or control every output. That’s not a defect. It’s a core feature of how these models generate responses from probabilistic patterns. Developers will be forced to filter even more speech than the bill directly targets to ensure the offending content is not generated. Combined with the GUARD Act’s vague and sweeping restrictions, the result is blunter tools that sand down the rough edges of debate and offer less of what makes them useful in the first place.

Treating chatbots as expressive tools keeps the focus on the people, not the machine. Many who’ve used them – which is now well more than half of Americans – know about its potential. It lets people test arguments, explore unfamiliar ideas, and tackle everyday challenges. 

Yet artificial intelligence, particularly chatbots, has become Washington’s latest political punching bag. Accusations of manipulation and harm are driving a slew of legislative proposals to censor this emerging technology. The GUARD Act isn’t alone. The recently introduced CHATBOT Act presents many of the same threats.

The same impulse to move quickly in Congress is playing out nationwide, with proposals in states like Minnesota, Florida, and Washington targeting chatbots through access restrictions, disclosure mandates, and content-related rules. Florida Gov. Ron DeSantis is pushing an AI package that effectively requires everyone – adults and minors alike – to identify themselves before using these systems. 

But the Constitution doesn’t permit any government to address concerns about AI by broadly restricting protected expression. The First Amendment demands solutions that target illegal conduct without burdening the exchange of ideas.

John Coleman is the legislative counsel for AI and free expression for the Foundation for Individual Rights and Expression.

Tyler Durden Tue, 05/12/2026 - 06:30

"It is not about packing less — it’s about packing smarter," one expert told The Post.

Eminem’s ex-wife Kimberly Mathers — who looks rough in her latest mugshot — pleaded no contest to driving under the influence and fleeing the scene after she reportedly crashed into a parked car with her son and his friends in the car.

It’s the accessory that looks equally at home on a red carpet and at a royal engagement