Europe has only six weeks’ supply of jet fuel left owing to Iran war, says energy chief

Europe has only six weeks of jet fuel left before shortages will hit because of the Iran war, according to the head of a global energy watchdog.Fatih Birol, the executive director of the International Energy Agency, said there would be flight cancellations “soon” if oil supplies from the Middle East were not restored within the coming weeks.“I can tell you soon we will hear the news that some of the flights from city A to city B might be cancelled as a result of lack of jet fuel,” he told the Associated Press.KLM, part of the Air France-KLM group, said on Thursday it would cut 160 flights in the coming month because of high kerosene jet fuel prices. Although less than 1% of its schedule, the cancellations underline the financial pressures on the airline industry

Metro Bank boss handed record £2.6m a year after slashing 1,000 jobs

Metro Bank’s chief executive has been handed a £2.6m pay packet – the largest in its history – a year after slashing 1,000 jobs in response to the lender’s near collapse.The figure is more than double the £1.2m Dan Frumkin was paid in 2024. Metro pushed through the pay bump and complex bonus scheme for the former RBS and Northern Rock banker at a shareholder meeting last year

Tesco warns profits could fall amid Iran war uncertainty

Tesco has warned that profits could fall back in the year ahead, citing increased uncertainty caused by the conflict in the Middle East.Ken Murphy, its chief executive, said that despite concerns about the impact of the closure of the strait of Hormuz on oil, gas and linked chemicals, the UK’s largest supermarket chain was “in good shape” on stocks of fuel for its petrol stations and distribution network.He said Tesco was not currently seeing problems with the supply of food or groceries, or “meaningful” inflation except at the pump on its forecourts.Murphy said he did not recognise predictions from the UK’s Food and Drink Federation that food inflation could hit 9% amid fears of shortages. “None of our growers, suppliers or manufacturers have flagged any supply issues,” he said

UK could face gaps on supermarket shelves by summer if Iran war continues

The UK could face some gaps on supermarket shelves this summer if disruption caused by the Iran war continues, with shortages of carbon dioxide potentially hitting supplies of chicken, pork and fizzy drinks.Government ministers are drawing up contingency plans for a “reasonable worst-case scenario” if the key shipping lane of the strait of Hormuz does not reopen, disrupting supplies of the CO2 required by the food industry.Officials from departments including No 10, the Treasury and the Ministry of Defence have run a planning operation named Exercise Turnstone to rehearse various scenarios of how British industry could be affected by a long closure of the strait.The planning exercise run by the government’s Cobra emergency committee, details of which were first reported by the Times, was based on multiple disruptive events happening at once, including the strait still being closed in June, a lack of a permanent peace deal between the US and Iran, and a mechanical failure at one of the UK’s key CO2 plants.The business secretary said on Thursday that the public should be “reassured” by the fact ministers were making contingency plans for possible repercussions from the war, adding that supplies of CO2 were “not a concern” for the UK economy

EasyJet warns of impact on profits as Iran war hits bookings and fuel prices

The budget airline easyJet has warned the impact of the Iran war on bookings and oil prices will hit its profits, having driven up fuel costs by £25m in the last month alone.It said it expected to report an increased pre-tax loss of £540-£560m for the six months to March, up from £394m in the first half of 2024-25. The carrier typically makes its money in the second half of the year which includes the peak summer period.The airline said it remained confident in its fuel supply. While it has hedged 70% of its needs for the rest of the financial year to September, it said that each $100 (£74) movement in the spot price jet of fuel per metric tonne was adding £40m in costs for its unhedged supply – and currently the price is about $800 higher than before the conflict started

UK economy showed surprise 0.5% growth before Iran war

UK GDP expanded by a stronger than expected 0.5% in February, official figures show, suggesting the economy was gaining momentum before the onset of war in the Middle East dashed hopes of recovery.The jump, reported by the Office for National Statistics (ONS), was significantly bigger than the 0.1% forecast by economists. January’s flatlining figure was also revised up, to 0