Authored by Victoria Friedman via The Epoch Times (emphasis ours),
Sweden may need to consider options to reduce energy consumption, including rationing, if the disruption to the flow of fuel supplies continues as a result of the Iran war, the country’s prime minister and finance minister said on on April 23.
Prime Minister of Sweden Ulf Kristersson speaks at a summit of European Union leaders in Brussels on Dec. 19, 2024. Johanna Geron/Reuters“We are not planning any rationing right now, but we are prepared for it to happen,” Prime Minister Ulf Kristersson said at a press conference, according to Swedish daily newspaper Aftonbladet.
Speaking alongside the prime minister, Minister of Finance Elisabeth Svantesson described the situation as “the worst crisis in a very long time, when it comes to energy.”
“Government rationing is something that you absolutely want to avoid in every situation. That is why we are working on measures that will ensure that we do not get there,” Svantesson said.
Kristersson also said the Swedish economy is now in a worse scenario than it was before the conflict.
The warnings from Sweden come as other countries in Europe are bracing for the impact of surging energy prices.
On April 22, Germany’s economy ministry cut its growth forecasts in half for 2026, with Minister for Economic Affairs and Energy Katherina Reiche saying economic recovery will be “slowed down by external geopolitical shocks.”
Germany now expects 0.5 percent growth for this year, down from an earlier projection of 1 percent. Next year’s growth outlook has also been cut 0.9 percent from 1.3 percent.
The Federal Ministry for Economic Affairs and Climate Action said the Iran war, and the closure of the Strait of Hormuz “especially,” has led to shortages and a rise in the price of energy and other commodities.
The ministry now expects inflation to increase to 2.7 percent this year and 2.8 percent in 2027, up from 2.2 percent last year.
Airlines ImpactedAirlines are increasing prices, cutting back on perks, and dropping routes to save money and fuel.
United Airlines said on April 22 it may have to increase ticket prices by up to 20 percent to offset the rise in jet fuel costs.
The airline’s CEO Scott Kirby made the announcement to investors during a quarterly earnings call, saying United’s goal “is to do whatever it takes to recover 100 percent of the increase in jet fuel prices as quickly as possible.”
“Yields need to increase by about 15 percent to 20 percent,” Kirby said, adding that the company is assuming fuel prices could remain elevated for longer, according to a transcript of the call published on financial commentary and analysis site Seeking Alpha.
“Realistically, there probably isn’t enough time to make up 100 percent of the fuel price increase this year. But I feel very good about 100 percent recovery and getting to double-digit margins in 2027.”
Lufthansa announced on April 21 that 20,000 short-haul flights would be canceled this summer.
The German carrier said in a statement that the flights “will be removed from the schedule through October, equivalent to approximately 40,000 metric tons of jet fuel, the price of which has doubled since the outbreak of the Iran conflict.”
A Qantas Boeing 737-800 taxis down the runway as a Qantas Boeing 717 comes in for a landing at Sydney International Airport, Australia, on June 7, 2024. Davis Gray/AFP via Getty ImagesElsewhere, Air Canada said last week it would stop flying to New York City’s John F. Kennedy International Airport and raise baggage fees on some flights because of rising fuel costs.
Virgin Australia said last week that it was raising fares, and Australian carrier Qantas Airways said last month that it would increase fares on its international routes in response to the surge in jet fuel costs.
Guy Birchall and Owen Evans contributed to this report.
Tyler Durden Fri, 04/24/2026 - 05:00It's no secret that Europe and western satellite nations like Canada and Australia have been rather hostile in rhetoric when it comes to the US. This trend started well before the war in Iran and is owed largely to the ideological break between American conservative movements and European globalists and "multiculturalists".
The Trump Administration's trade tariffs are a big factor, but they are ultimately just another reflection of the separation of ideals between the US and its liberal "allies". At bottom, US tariffs against allied economies are merely a response to decades of allies using tariffs against the US. Tensions between western powers are rooted in a conflict of principles, not economics.
Despite these tensions and the fact that countries like Australia have made it clear that they will not aid the US in reopening the Strait of Hormuz (which Australia relies on for the majority of its energy supplies), Trump has offered considerable help to prevent Australia from facing total economic collapse.
Australians are calling it the "Ship of Shame" - A series of refined fuel imports from the US over the course of the past month which are preventing the country crossing the "dry up" threshold. Australia imports around 90% of all it's refined fuels, including diesel which the nation relies on heavily for industrial needs and freight needs. Around 60% of Australia's refined fuels are produced in Asia using oil that passes through the Strait of Hormuz.
Without these US shipments, the country was four weeks away from critical shortages and potential industry shutdowns. Australian political leaders have proven to be either incompetent or indolent in their responsibilities to prepare the country for energy emergency.
Critics will argue that Australia would not have to worry about fuel shortages were it not for US intervention in Iran. But, as we warned in March, the blame rests squarely on the shoulders of the liberal Australian government, which has crippled their own economy with strict "green" polices, carbon taxation and their continuous efforts to thwart homegrown energy production.
Australia's economic weakness is a product of many years of mismanagement and has nothing to do with the Trump Administration or the war in Iran.
The US sent around 240,000 metric tons of fuel products in March alone, the largest amount to Australia in over 30 years, with more on the way. Along with some alternative supplies coming from Africa, Malaysia and other markets, Australia's emergency reserves are actually greater than they were before the war in Iran (with an extra 10 days of supply on top of their previous totals).
However, there is still a threat of "long tail" shortages and price hikes if the closure of the Hormuz lasts longer than a couple of months.
The lesson is clear; economic interdependency is a mistake and "just in time" supply chains are foolish. Furthermore, green energy is utterly useless and a form of economic suicide. Australia is a perfect model for what not to do when developing a national energy policy.
The country's sudden desperate need for aid from Trump and the US will hopefully wake up the Australian public to the fact that their current far-left political leadership is inept at best, and self destructive at worst.
Tyler Durden Fri, 04/24/2026 - 04:15Two Israeli air force technicians who were operating at the Tel Nof Air Base near the city of Ashdod are set to be charged with espionage for Iran in the US-Israeli war launched against the Islamic Republic in late February, Israeli media reported Wednesday.
This marks the latest case in what has been referred to as an "espionage epidemic" in Israel. According to a report by Israel’s Broadcasting Corporation (KAN), the technicians worked on Israel's F15 jets. The two were identified as Asaf Shitrit and Sagi Haik.
Israeli Air Force imageThe report says they handed over documents detailing engine diagrams and photos showing a flight instructor's face, violating military censorship regulations.
The two technicians were also enlisted to gather intelligence on Israeli National Security Minister Itamar Ben Gvir and former army chief Herzi Halevi.
KAN revealed that authorities are mulling stepping up the charges to treason against one of the air force technicians. Eight other soldiers are being accused of knowing about the spying and failing to report it.
The Tel Nof base commander summoned the troops for a security briefing and informed them that he has been asked to clarify the incident to Israel’s Shin Bet security agency.
Over 50 indictments have been filed against Israeli citizens for spying for Iran since October 2023, Mondoweiss revealed in a report.
Security analysts and commentators in Israel have described the situation as an "espionage epidemic" fueled by public distrust of political leadership, corruption, and general discontent among Israelis.
Recent cases in 2026 alone include an Iron Dome reservist accused of passing system details for $1,000, multiple active-duty soldiers charged with espionage, and a thwarted plot to assassinate former Prime Minister Naftali Bennett.
The Iron Dome reservist, Raz Cohen, was arrested in a joint operation by the Shin Bet and the police's Lahav 433 major crimes unit. According to the indictment filed by the Jerusalem District Attorney's Office, Cohen had been communicating with an Iranian agent since December via the Telegram messaging app.
The reservist allegedly took photographs and videos that he shared with his Iranian handlers and provided coordinates for several locations, including the Hatzor, Hatzerim, Nevatim, and Tel Nof air bases, as well as an additional classified facility.
Tyler Durden Fri, 04/24/2026 - 03:30Trump unveils three week extended ceasefire in Lebanon, wants country to "protect itself from Hezbollah".
Israeli media says Iran Parliament Speaker resigns from negotiating team under IRGC pressure, oil spikes. Iran rejects report as completely false.
Trump orders US Navy 'shoot & kill' small Iranian boats amid concern over mines in Hormuz. Says US now "doesn't need a deal". Says he has "all the time in the world, Iran does not" - to end the war.
Overnight, US military intercepted two more Iranian oil supertankers that tried to evade the blockade And in Indian Ocean US conducted a maritime interdiction and right-of-visit boarding of the sanctioned stateless vessel M/T Majestic X transporting oil from Iran.
Media sources confirm based on prior Trump post that US has extended the ceasefire indefinitely until 'unified proposal' can be brought forward by Tehran.
Iran announces first Hormuz tolls paid to the country's central bank. Also asserts US blockade breached & could build atomic bomb "if we wanted to".
* * *
Lebanon Breakthrough Announced By TrumpA huge breakthrough in Lebanon, where President Trump has declared an extended ceasefire for three weeks - though there have still been reports of sporadic fighting involving Israel and Hezbollah - the latter which hasn't signed on to a ceasefire:
Israel and Lebanon agreed to extend their ceasefire by three weeks following a meeting in the White House with top U.S. officials, President Donald Trump said Thursday.
“The Meeting went very well!” Trump said in a Truth Social post announcing the extension of the temporary truce.
“The United States is going to work with Lebanon in order to help it protect itself from Hezbollah,” Trump wrote, referring to the Iran-backed militia group.
“The Ceasefire between Israel and Lebanon will be extended by THREE WEEKS,” he wrote.
Meanwhile, that Iran timeline keeps getting more and more open-ended...
From a “little excursion” to “Don’t rush me. We were in Vietnam for 18 years.” https://t.co/xsWkT3ILN8
— Justin Amash (@justinamash) April 23, 2026 Reuters: Israel Ambassador to the US Yechiel Leiter, US Ambassador to Lebanon Michel Issa, Lebanon Ambassador to the US Nada Hamadeh Moawad, US President Donald Trump, US Secretary of State Marco Rubio, and US Vice President JD Vance in the Oval Office Thursday Trump: All the Time in the WorldPresident Trump pushes back on claims he is anxious to end the war; says he has all the time in the world, Iran does not. However, consumer prices and at the pump could steadily rise and next fall's Congressional midterms might beg to differ. Here's some of what Trump said:
• Iran’s Navy is lying at the bottom of the Sea, their Air Force is demolished, their Anti Aircraft and Radar Weaponry is gone, their leaders are no longer with us, the Blockade is airtight and strong and, from there, it only gets worse — Time is not on their side!
• A Deal will only be made when it’s appropriate and good for the United States of America, our Allies and, in fact, the rest of the World.
Iran Says Just a Drill, & Denies Reports That Ghalibaf QuitThe earlier reports of 'air defenses active over Tehran' was the result of a drill, Iran says. And more importantly, Tehran is rejecting Israeli media reports of a big shake-up centered on Iran's Parliament Speaker.
Iranian Journalist says "news that Ghalibaf has resigned is completely false." https://t.co/dsVB01TJqF
— zerohedge (@zerohedge) April 23, 2026 'Air Defenses Active' Over Tehran Reports: Oil Spikes to 2-Week HighNour News says cause still unclear, and this could be another drill, or false alarm, or a mere lone drone. Israel is denying it has launched an attack. But oil immediately reacted:
Parliament Speaker Resigns after IRGC InterventionIsrael's N12 News has issued a breaking headline claiming that Speaker of the Iranian Parliament Ghalibaf, who has appeared to run the day to day over the civilian government, has resigned from the country's negotiating team following the intervention of the IRGC. There have been rumors and unverified murmurings that he was even arrested.
Of course, given this comes via Israel - which is a party to the conflict - it should be taken with a grain of salt until verified; however Newsquawk notes it was enough to hit stocks and cause a spike in crude...
Meanwhile, Iranian social media accounts of Iran's two highest civilian officials have sought to push back against the current White House/MSM consensus that Washington is dealing with a fractured, divided Iranian nation when it comes to negotiations:
Same person controlling Iran's top X accounts: Pezeshkian and Ghalibab publish identical posts 1 minute apart pic.twitter.com/fTVMm6jB9i
— zerohedge (@zerohedge) April 23, 2026 Iran Asserts US Blockade Breached; Could Build Nuke "If We Wanted To"US CENTCOM on Thursday announced its forces have redirected 33 Iran-linked vessels in the Hormuz Strait since the start of the blockade; however, Iranian state media is citing the below public source tanker data (in a Telegram post) to proclaim that four Iranian oil tankers successfully crossed the US blockade and enter Iranian waters.
According to the latest statements out of top Iran officials, Tehran is demonstrating "strength" in the strait, and also the foreign ministry has insisted that while the country is still not seeking nuclear weapons, it possesses the capability to create a bomb if needed. Via Al Jazeera: "We are not seeking to manufacture a nuclear bomb from our stockpile of highly enriched uranium, and if we wanted to, we could."
Meanwhile Iran's foreign ministry has commented on the freeze on Pakistan talks, saying it has not decided to participate as of yet, but emphasized too that it is "not an option" to transfer out of the country its highly enriched uranium.
Based on today's (2026‑04‑23) imagery, we have identified 9 Iranian tankers at Chabahar, Iran. There were 5 on 2026‑04‑21. HERO2 (9362073) and M.T HEDY (9212888) are back in Chabahar after exfiltrating the blockade line. DIONA (9569695), unmentioned below; has also returned. https://t.co/sx5KjSkAXN pic.twitter.com/6e1SQGzlxs
— TankerTrackers.com, Inc. (@TankerTrackers) April 23, 2026 Iran Confirms First Hormuz Toll Payments to Central BankOn Thursday Iran publicly announced for the first time that initial toll payments have been successfully transferred to the state-operated Central Bank of Iran (CBI):
The Iranian authorities have received revenue from tolls for ships crossing the Strait of Hormuz for the first time, Parliament Deputy Speaker Hamid Reza Hajibabai said.
"The first revenue received from tolls in the Strait of Hormuz has been transferred to the Central Bank's account," the Fars news agency quoted him as saying.
A specific monetary amount was not given - but it can go up to $2 million per tanker, officials have indicated. This week has seen reports that several Iranian tankers, with transponders off, have made it past the US Navy's blockade - which the Pentagon has denied.
Latest From Trump: 'Doesn't Need a Deal'Talks have stalled, and don't appear to be any closer - despite some optimistic Thursday early headlines - as the two sides are as far away as ever on the nuclear issue. This is perhaps why Trump has agreed the US 'doesn't need a deal' to get what it wants from Iran. The president shared a Washington Post article wherein the author argues that Iran is running out of [oil] storage, money, and time.
The below fresh Truth Social commentary also generally reflects recent reporting and the outlook of WaPo's Marc Thiessen, of Iraq War infamy as a former longtime speechwriter for Donald Rumsfeld and President George W. Bush:
It should be noted that this is some of Marc Thiessen's prior content and 'reporting'. He's the most hawkish of all the hawkish pundits, lately also appearing on Mark Levin. And...
Mark Thiessen, in Mark Levin interview Trump urged all his followers to watch, makes the case for troops on the ground in Iran: "We have to get what Donald Trump correctly calls 'the nuclear dust.'"
Thiessen also tries to connect Iran to Al-Qaeda and 9/11. https://t.co/7u7fii1C80 pic.twitter.com/R4nJ6JHCZH
Despite a ceasefire still technically being on, President Trump has just ordered the US Navy to "shoot and kill" any small Iranian boat which poses a threat to the Strait of Hormuz, especially ones "putting mines in the waters" of the strait. This risks rapid escalation already amid tit-for-tat tanker seizures, and it means a shooting war could soon open up in the contested vital waterway.
Oil, and markets reacted immediately on the escalatory order from Washington:
Status of Stalled Pakistan Negotiations: 'Breakthrough' Soon?US hours began with a somewhat optimistic headline, picked up by Reuters, which was strangely enough first issued by Chinese media. Iranian sources said preparations for Iran-US negotiations could produce a breakthrough "tonight or tomorrow," according to Chinese state broadcaster CCTV. However, this supposed 'breakthrough' speaks to merely getting to the table, which last weekend the sides failed to do in what was the planned, but canceled, second round.
Meanwhile a reported Pakistani proposal calls for reopening the Strait of Hormuz in exchange for a partial lifting of sanctions on Iran.
Pakistani officials blamed the US blockade, not internal divisions in Iran, for the stalled talks, while President Trump apparently having extended the ceasefire indefinitely, citing what he described as "fractured" leadership in Tehran.
Trump has extended the ceasefire indefinitely. From a Tuesday Truth Social Post: "Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal."
Another US Boarding... in Indian OceanUS forces conducted "a maritime interdiction and right-of-visit boarding of the sanctioned stateless vessel M/T Majestic X transporting oil from Iran in the Indian Ocean" overnight, the US Department of Defense said on X.
The statement said the vessel was operating within the area of responsibility of United States Indo-Pacific Command. "We will continue global maritime enforcement to disrupt illicit networks and interdict vessels providing material support to Iran, wherever they operate," it said. "International waters cannot be used as a shield by sanctioned actors. The Department of War will continue to deny illicit actors and their vessels freedom of maneuver in the maritime domain."
The interdiction video put out by US Central Command:
Overnight, U.S. forces carried out a maritime interdiction and right-of-visit boarding of the sanctioned stateless vessel M/T Majestic X transporting oil from Iran, in the Indian Ocean within the INDOPACOM area of responsibility.
We will continue global maritime enforcement to… pic.twitter.com/SWF6Jt9Ci4
The Hormuz chokepoint standoff between Tehran and the US military has become the center of the nearly two-month conflict. This standoff marks the next phase following an extended ceasefire with Iran after a second round of peace talks was canceled in Pakistan earlier this week.
On Wednesday, White House Press Secretary Karoline Leavitt said President Donald Trump is allowing Iran more time to respond to US demands, but expects Tehran to present a "unified proposal."
"So, again, the president's offering them a little bit of flexibility because we want to see a unified proposal to the president's very strong proposal. And he's made his red lines very clear," Leavitt said.
Iran has stated that it will not resume negotiations with US officials while a US naval blockade on its ports remains in place, and the US military said it intercepted two Iranian oil supertankers that tried to evade the blockade.
— Department of War 🇺🇸 (@DeptofWar) April 23, 2026This comes after Iranian forces seized two ships on Wednesday.
MOMENT masked Iran special forces STORM bridge of Epaminondas
1 of ships that 'endangered maritime safety by operating without necessary permits and tampering with navigation systems' https://t.co/nlLhdY4i9M pic.twitter.com/JssF4aYK5Q
In response to Trump's ceasefire extension, Iran's state TV cited the foreign ministry as saying it is monitoring developments and that the armed forces are ready for any threat.
With Hormuz effectively shut this week, roughly a fifth of global oil and LNG flows remain highly disrupted as the energy shock ripples from the Middle East to Asia, Africa, Europe, and finally the West Coast of the US.
A new Department of War assessment cited by The Washington Post said it would take US forces six months to clear the maritime chokepoint of mines deployed by Iranian naval forces.
Other overnight news includes Pentagon spokesperson Sean Parnell announcing that Secretary John C. Phelan will be stepping down. "On behalf of the Secretary of War and Deputy Secretary of War, we are grateful to Secretary Phelan for his service to the Department and the United States Navy," Parnell said in a statement. "We wish him well in his future endeavors."
Latest overnight headlines (courtesy of Bloomberg):
Ceasefire Extension
US President Donald Trump extended a ceasefire with Iran indefinitely on Tuesday evening with no deadline for its expiry
Iran has said it will not resume negotiations while a US naval blockade on its port remains in place
Vice President JD Vance had been prepared to fly to Islamabad for peace talks, but Tehran says it has no plans to take part in negotiations imminently
Hormuz
Traffic through the Strait of Hormuz ground to a halt on Thursday after Iran fired on commercial ships and seized at least two vessels
Iran's Islamic Revolutionary Guard Corps seized the MSC Francesca and another ship identified as 'Epaminondes' on Wednesday
Iran has collected its first revenue from tolls imposed on the Strait of Hormuz, according to an Iranian lawmaker
Blockade
The US military intercepted two Iranian oil supertankers Hedy and Hero II that tried to evade its blockade earlier this week
At least two fully laden Iranian tankers sailed past a US blockade this week, ferrying roughly 9 million barrels of oil to market
Iranian gunboats fired on commercial ships in the Strait of Hormuz on Wednesday while two of its own oil supertankers tested the US blockade
Market Impacts
Energy prices are rising again due to the impasse and worsening tension over the Strait of Hormuz
Emirates is operating at 65% of capacity with about 13% of airports in its network still cut off
Honeywell's outlook assumes the conflict will last through the second quarter and decrease revenue by about $100 million to $150 million
Sweden may need to restrict energy use if supplies from the Middle East remain disrupted, with the government examining potential limits on fuel use
Chart of the Day (via UBS)
Commentary on energy markets from UBS analyst Catherine Gordon:
The UBS oil & gas team continues to argue the scale of disruption is underpriced in both oil and equities: the UBS base case had de-escalation in early April and gradual resumption of flows over 2Q26, keeping Brent at $100/bbl in 2Q26 and in the low to mid-$80s in 2H26, but this path requires actual improvements in flows very soon, rather than only a ceasefire.
Absent progress toward normalizing energy flows via the Strait of Hormuz within the next week or two, UBS warns the market risks a significant spike in oil and LNG prices, with longer disruption into May breaching recent highs of ~$120/bbl for front month and ~$150/bbl for Dated Brent.
Energy‑dedicated investors continue to focus on barrels versus rhetoric: each day of stalemate implies a forfeiture of roughly 12–15mb/d of production. The market is now moving into an energy “air pocket,” which should drive a convergence between dated and forward oil prices, or between divergent price expectations in the physical and paper energy markets.
From a trading perspective, broader equities have remained resilient on “de‑escalation” headlines, but the setup still feels very fragile, with technicals having done much of the work (CTAs slowing), positioning has caught up, and index‑level valuations are pricing in relatively little disruption.
Brent crude futures are trading at $103 a barrel.
*This is the running blog of the US-Iran conflict for Thursday.
Tyler Durden Fri, 04/24/2026 - 02:59Ukraine has hailed the long awaited approval and release of a whopping a €90 billion loan by the European Union, which belatedly happened Thursday after months of negotiations.
"The European support loan for Ukraine has been unblocked - €90 billion over two years," Ukrainian President Volodymyr Zelensky wrote on X.
European Union photo"For us this is important, and it will strengthen, of course, our army, Ukrainian forces, and allow us to boost production of air defense systems and work more to protect our energy system for the winter. Together we will solve many issues of protecting lives. And of course, we will keep working to push Russia to real diplomacy to end this war," he said.
Hungary and Slovakia, which had blocked the package, did not object before the 3 p.m. deadline, clearing final approval. This after a major Hungarian election wherein PM Viktor Orban suffered defeat, and rapid political transition is underway.
These countries lifted their vetoes after oil flows through the Druzhba pipeline finally resumed Thursday following earlier damage from Russian strikes. The timing interestingly corresponded with Hungarian opposition leader Péter Magyar cinching victory in a historic election.
European Commission President Ursula von der Leyen welcomed the decision while traveling to Cyprus for talks with European leaders on the Middle East-driven energy crisis.
"While Russia doubles down on its aggression, we are doubling down on our support to the brave Ukrainian nation enabling Ukraine to defend itself," von der Leyen wrote on X.
The loan is heavily weighted toward military spending, and the NY Times says that it signifies that Kiev's Western backers see peace as being very far away. And additionally, this was unleashed by Brussels:
The latest EU sanctions against Russia – the 20th round since the invasion – blacklist Russian banks and energy companies, as well as entities in the United Arab Emirates, Thailand and China, including Hong Kong, for helping Moscow evade western restrictions.
Again, as for what changed to finally unlocked the loan, Washington Post bluntly points out the obvious big elephant in the room...
"The two-year loan is moving forward after its main opponent, Hungarian Prime Minister Viktor Orban, lost his campaign for reelection this month," WaPo writes.
Tyler Durden Fri, 04/24/2026 - 02:45