Travelers face persistently high airfares globally, up 25-30% from 2025, driven by soaring jet fuel prices from the US-Iran conflict, refinery shortages, Boeing and Airbus delivery delays, FAA staffing issues, and resilient travel demand.
Europe faces severe disruption as record low water levels on the Rhine and Danube hinder cargo transport, forcing industries like chemicals, oil, and steel to reduce output. Nuclear power plants in Hungary and Romania have shut down reactors, increasing reliance on imports and raising power prices, while Serbia's fuel and grain shipments are also affected.
UN debates peacekeeping options in Lebanon. US House committee removes amendment to end aid to Israel amid shifting public opinion. Washington imposes new sanctions on Cuba, threatening regime change. EU seeks deeper ties with South Caucasus nations. Russian oil refining shows signs of recovery after a June slump.
Polish PM Donald Tusk cautioned against a political conflict with Ukraine, calling it a strategic mistake. This follows Poland revoking Zelenskyy's top honor after he supported renaming a unit after nationalists who massacred Poles in WWII. Meanwhile, Ukraine's attacks on Russian fuel supplies in Crimea have led to civilian gas sales suspension.
Ukraine has successfully attacked an oil refinery in Russia's Tyumen region, over 2,000km from its border, using newly developed long-range drones. President Zelenskyy confirmed the operation, highlighting the drones' capability to travel over 3,000km. Meanwhile, Russia struck Zaporizhzhia, killing five people.
Ukrainian President Volodymyr Zelensky announced that Ukrainian drones struck an oil refinery in Russia's Tyumen Region, over 2,000 km from Ukraine. He also revealed the development of new long-range drones capable of operating over 3,000 km.
Ukrainian President Zelenskyy gave Belarus one week to remove Russian military equipment used in attacks on Ukraine, threatening to do so himself. He also highlighted Belarus's role in supplying Russia's oil refining industry and the Russian army. Meanwhile, EU leaders discussed diplomatic channels with Russia, and Poland's president threatened to revoke an honor for Zelenskyy over renaming a military unit.
China's oil and gas production increased by 1.3% and 2.7% respectively in January-April 2026. However, oil refining saw a 0.5% decrease. Russia remains China's top energy supplier, with oil imports down but LNG and Power of Siberia pipeline gas up.
China has launched its first domestically produced racing fuel, debuting at the China Taklimakan Rally. Developed by Sinopec Group and Zhenhai Refining & Chemical, it aims to end reliance on imports for high-level competitions, addressing issues of cost and supply chain instability.
Observers say pressure on IMO negotiations appears to be linked to countries that have invested heavily in gasAbout a fifth of the world’s oil and liquefied natural gas (LNG) passed through the strait of Hormuz, a strip of sea less than 30 miles wide at its narrowest point, before it was in effect closed by the US-Israeli attack on Iran, which sent the price of oil soaring and left an estimated 20,000 seafarers on 2,000 vessels stranded.Their plight has shone a spotlight on the complex and dirty relationship between shipping and the fossil fuel industry. The sector is one of the most polluting, with most ship engines fuelled by what has been called the dregs of the oil refining process, heavy and carbon-intensive diesel too filthy for any other purpose. Shipping produces about 3% of global greenhouse gases, a portion set to rise as trade globalises further. Continue reading...
