Russia suspends jet fuel exports

Russia suspended jet fuel exports, further upending trade in a product already hugely affected by the Iran war. The conflict has in effect closed the Strait of Hormuz, curtailing exports of oil and gas products, notably jet fuel, leading to dire warnings for the global airline industry. Though the worst has not come to pass, Moscow’s decision — driven by domestic shortfalls caused by Ukrainian attacks on Russian refineries — piles further pressure on the sector.

Airline stocks fell after JetBlue said fuel costs had risen more than expected, while a US investment group is eyeing a takeover of the UK low-cost carrier easyJet, which acknowledged its share price was “temporarily depressed due to the current situation in the Middle East.”