Spirit Airlines has ceased all operations, becoming the first major airline to collapse amid soaring fuel prices triggered by the Iran war, disrupting millions of passengers.
US Commerce Department data shows Q1 2026 GDP grew 2%, recovering from the prolonged federal government shutdown. However, soaring energy prices and supply chain disruptions caused by the Iran war cast uncertainty over the economic outlook for the second half of the year.
BBC analysis shows the US-Israeli war in Iran has unexpectedly elevated Ukraine’s international standing, with Zelensky signing defence deals with three Gulf states.
The US announces plans to withdraw approximately 5,000 troops from Germany over the next 6 to 12 months, with NATO saying it is ‘working to understand the details’ of the decision amid escalating US-Europe tensions over the Iran conflict.
Bloomberg analysis suggests the upcoming US jobs report is expected to show continued labor market resilience despite the uncertainty caused by the Iran war.
Yara International, one of the world’s largest fertilizer producers, warns that the Iran conflict’s disruption to fertilizer supplies could reduce crop yields and drive up food prices globally.
US gasoline prices have jumped nearly 30 cents in one week to $4.30 per gallon, driven by the Iran war and the Strait of Hormuz blockade.
The Trump administration declares its Iran military operations ’terminated’ before the 60-day War Powers Act deadline. Defense Secretary Hegseth testifies for two days before Congress, arguing the ceasefire pauses the authorization clock.
A US-based think tank report reveals that the United States has lost up to $2.8 billion worth of aerial equipment in the conflict with Iran, highlighting the heavy material cost of the military operation.
The Bank of England’s Monetary Policy Committee votes to hold the base rate at 3.75%, but warns that energy price shocks from the Iran conflict could force rate hikes within the year.