Europe could see jet fuel shortages if the Strait of Hormuz does not reopen in the next three weeks, the trade body for European airports has warned. The Gulf is a major source of aviation fuel, accounting for about 50% of Europe's imports. Airports Council International (ACI) Europe said its members had "increasing concerns" about the availability of jet fuel, particularly with the approach of the summer tourism season. It warned smaller airports are particularly vulnerable. A government...

The last-minute ceasefire agreed by the US and Iran, has been met with cautious relief, but the situation will remain critical for months. Marine insurers have expressed early relief at the announcement of the ceasefire agreed by Donald Trump and the Iranian regime just a few minutes before the US President’s deadline was due. But they have also warned that it will be a long way back to normal trade for ships operating across the region. Speaking for the Lloyd’s Market Association earlier...

The US and Iran agreed to a two-week conditional ceasefire on Tuesday evening, which included a temporary reopening of the strait of Hormuz, after a last-minute diplomatic intervention led by Pakistan, canceling an ultimatum from Donald Trump for Iran to surrender or face widespread destruction. Trump’s announcement of the ceasefire agreement came less than two hours before the US president’s self-imposed 8pm Eastern time deadline to bomb Iran’s power plants and bridges in a move that legal...