Energy
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White House-backed USA Rare Earth makes $3 billion acquisition into South America to combat Chinese dominance
USA Rare Earth, a Trump administration-backed miner and manufacturer, is expanding into a larger global player through a nearly $3 billion acquisition of the Serra Verde Group, owner of Brazil’s Pela Ema rare earths mine and processing plant. The April 20 deal—for more than $2.5 billion in stock and $300 million in cash—helps turn USA
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Spirit Airlines looked it was in the clear of reemerging from bankruptcy, but rising fuel costs threaten its exit
Spirit Airlines’ emergence out of its second bankruptcy in as many years is under pressure as jet fuel prices soar. On Feb. 24, just days before the war in Iran began, Spirit announced that it expected to exit Chapter 11 bankruptcy in the late spring or early summer, after striking a deal with its lenders
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Southeast Asia’s short-term solution to the global energy crunch? Russian crude.
The Middle East conflict, and Iran’s shuttering of the Strait of Hormuz, has thrown the world into its worst energy crisis in decades. Southeast Asia, which relies on the region for over half of its oil and LNG imports, has been particularly hard hit, with governments frantically looking for alternate sources of oil and gas.
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Markets shudder as Strait of Hormuz starts resembling a combat zone. ‘We’re prepared to subject you to disabling fire’
Stock futures tumbled and oil prices jumped on Sunday after hopes that the Strait of Hormuz would fully reopen were deflated over the weekend by renewed gunfire. Futures tied to the Dow Jones industrial average fell 407 points, or 0.82%. S&P 500 futures were down 0.67%, and Nasdaq futures lost 0.57%. U.S. oil futures jumped 7.14% to $89.94 a
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The jet-fuel surge is making global flight connections disappear
Airline passengers should brace for more aggravation in the next few months as carriers around the world deepen cancellations and ground planes to cope with stratospheric increases in jet-fuel prices. Dutch flag carrier KLM is the latest company to cut its schedule, saying Thursday it will scrap 80 return flights at Amsterdam’s Schiphol Airport in
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U.S. extends waiver on Russian oil sanctions to ease Iran war shortages, just days after Treasury Secretary Scott Bessent ruled it out
The U.S. Treasury Department on Friday extended its pause on sanctions on Russian oil shipments to ease shortages from the Iran war, days after Secretary Scott Bessent ruled out such a move. The so-called general license means U.S. sanctions will not apply for 30 days on deliveries of Russian oil that has been loaded on
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Air Canada suspends all summer flights to New York’s JFK airport on Iran-surging fuel price
Air Canada will suspend service to New York’s JFK International airport over the summer as the war in Iran creates jet fuel shortages that have sent prices soaring. Canada’s flag carrier said Friday that service from Toronto and Montreal to JFK will cease June 1 and resume Oct. 25. Service to the New York metropolitan
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Oil is back to early war days, S&P 500 jumps to all-time high
Oil prices dropped back to where they were in the early days of the Iran war, and U.S. stocks raced to another record Friday after Iran said the Strait of Hormuz is open again for commercial tankers carrying crude from the Persian Gulf to customers worldwide. The S&P 500 leaped 1.2% to an all-time high
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Iran and White House say the Strait of Hormuz is ‘completely open.’ But it definitely isn’t—at least for now
Iran and the White House both declared the valuable Strait of Hormuz chokepoint “completely open” on April 17, and benchmark crude oil prices plunged below $90 per barrel for the first time since early March. But Iran is still asserting its control over the strait and President Donald Trump maintained that the U.S. blockade on
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Iran has reopened the Strait of Hormuz—but experts say it now holds a card that works ‘almost like a nuclear deterrent’
Iran’s foreign minister declared the Strait of Hormuz “completely open” for commercial shipping on Friday, sending Brent crude down roughly $10 to around $89 a barrel within minutes and U.S. stocks to a fresh record high. President Donald Trump quickly claimed credit on Truth Social, writing that the Strait is “COMPLETELY OPEN AND READY FOR