Energy

May 8 (Asia Today) — South Korean President Lee Jae-myung spoke by phone Friday with Canadian Prime Minister Mark Carney to discuss ways to strengthen cooperation between the two countries, the presidential office said.

The two leaders agreed that South Korea and Canada should work more closely with the international community to support a peaceful resolution to tensions in the Middle East, secure freedom of navigation in the Strait of Hormuz and maintain stable energy supplies.

Kang Yu-jung, senior presidential spokesperson, announced the details in a written briefing.

Lee and Carney also reviewed follow-up measures from their bilateral summit held on the sidelines of last year’s Asia-Pacific Economic Cooperation summit in Gyeongju, South Korea, and assessed that the efforts were proceeding smoothly.

The leaders agreed that bilateral relations are expanding beyond security cooperation into the economy, energy, advanced industries and culture. They pledged to deepen strategic cooperation based on that momentum.

“For South Korea, Canada is a key partner,” Lee said. “At a time when the international order is increasingly complex and global energy supply chains remain unstable, I hope South Korea and Canada will further strengthen cooperation in security, the economy, energy, critical minerals and advanced industries.”

Carney expressed agreement and said it was important for middle powers such as Canada and South Korea to strengthen solidarity through a more practical approach.

The two leaders agreed to maintain frequent communication and direct officials at various levels to pursue concrete results across multiple areas of cooperation.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260508010001895

Brent crude rises amid clashes in critical waterway.

Oil prices have jumped after clashes between United States and Iran in the Strait of Hormuz pushed their tenuous ceasefire to the brink.

Futures for Brent crude rose as much as 7.5 percent during a volatile trading session on Thursday, before easing as Asia’s markets opened on Friday morning.

The international benchmark stood at $101.12 per barrel as of 03:00 GMT, down from the day’s high of $103.70.

The latest rise came after the US and Iran exchanged fire in the critical strait, a conduit for about one-fifth of global oil and natural gas supplies, despite the truce announced between the sides on April 7.

US Central Command (CENTCOM) said it launched strikes on Iran after three US Navy guided-missile destroyers came under attack from Iranian missiles, drones and small boats in the strait.

Iran’s Khatam al-Anbiya Central Headquarters earlier accused the US of violating the ceasefire by attacking an Iranian oil tanker and another vessel in the vicinity of the waterway.

The Iranian military headquarters also accused the US of targeting civilian areas, including Qeshm Island.

US President Donald Trump on Thursday appeared to downplay the clashes, saying the ceasefire remained in effect, while Iran’s state-run Press TV said the situation had gone “back to normal”.

Shipping in the strait has been at a near standstill since late February amid the threat of Iranian attacks on the massive oil tankers that usually transport much of the world’s energy supplies.

Brent prices are up about 40 percent compared with before the war amid an estimated shortfall in daily production of 14.5 million barrels.

Asian stock markets opened lower on Friday amid the heightened tensions, with Japan’s benchmark Nikkei 225, South Korea’s KOSPI and Hong Kong’s Hang Seng Index each falling more than 1 percent.

On Wall Street, the benchmark S&P 500 fell about 0.4 percent overnight after hitting an all-time high the previous day.

May 6 (UPI) — Global oil prices fell sharply and financial markets rallied Wednesday after U.S. President Donald Trump paused a military operation to reopen the Hormuz Strait to commercial shipping to give advanced peace talks with Iran a chance to deliver “a complete and final deal.”

Falls in Brent crude of more than $10 a barrel to $99, American crude by $13 to $92 a barrel and rallies in Asian stock markets overnight that fed into Europe when bourses opened there failed to feed through to U.S. gas prices, which jumped 5 cents a gallon to their highest level of the war.

AAA motor club figures showed a national average of $4.54 for a gallon of petrol and $5.67 for diesel, meaning drivers were paying 53% and 51% more than before the war started on Feb. 28, with the caveat that fuel price adjustments normally lag crude oil price movements by several days.

The White House believes a draft one-page, 14-point memorandum of understanding to end the war and create a structure for more in-depth nuclear talks could succeed in breaking the deadlock, two U.S. officials and two other sources said.

An Iranian foreign ministry spokesman confirmed to CNBC that Iran was in receipt of the U.S. proposal and was “evaluating it.”

The Trump administration anticipates Iran will give its response with regard to the most critical elements of the plan in the next two days and although nothing has been finalized it was being seen as significant because it was the closest the sides had been to a deal since the beginning of the war.

However, Trump also appeared ambivalent, saying Wednesday it was “perhaps” too big of a stretch to believe Iran would take the deal and threatening to order the U.S. military to restart its airborne offensive against the country if it didn’t.

Analysts said investor confidence was boosted mainly by the fact the cease-fire was holding and signs that the economy was nowhere near as badly affected by the war as feared.

“This helped oil prices to come back down again and ease fears about a renewed escalation, with investors a bit more hopeful that an extended stagflationary shock would be avoided,” Deutsche Bank wrote in a note.

It added that investor confidence was also bolstered by new U.S. economic data showing among other positive indicators, that job vacancies declined less than anticipated in March, saying the numbers “cemented the case that the conflict’s wider economic impact was still fairly muted.”

“This helped oil prices to come back down again and ease fears about a renewed escalation, with investors a bit more hopeful that an extended stagflationary shock would be avoided,” they added.

Hopes were also riding on the possibility China would prevail on visiting Iranian foreign minister Abbas Araghchi to persuade Iran to uphold the current truce with the United States, so as not to throw a wrench into Trump’s visit to Beijing on May 14, the first by any U.S. president in almost a decade.

China is one of Iran’s largest customers for its oil exports.

In June 2017, with President Trump newly installed in office for the first time, one of the biggest battles with the administration was about oil. He’d just named the chief executive of Exxon Mobil, Rex Tillerson, as his secretary of State, even though great reporting — in this newspaper among others — had recently shown that the company knew all about, and lied all about, climate change as far back as the 1980s.

Back east, the attorneys general of New York and Massachusetts were trying to take the oil giant on, initiating investigations of the company to try to hold it accountable. Environmental advocates and consumer groups were pressing hard for California Atty. Gen. Kamala Harris to join in, and she seemed to be considering it. Then she left the office to assume her new U.S. Senate seat, and the decision fell to her replacement, Xavier Becerra — now a leading candidate for California governor.

As I wrote in these pages at the time, it was a great test for him, and a great curiosity that he was staying silent, “since the rest of Sacramento is hard at work dealing with climate change.” I was not the only one who noticed. Seventy thousand Californians signed petitions demanding action. Eight California representatives in Congress — including Jared Huffman and Ted Lieu — sent him a letter demanding a “vigorous” inquiry and pointing out that it was particularly important because the newly elected Trump administration was clearly favoring the oil industry. “California has led the world in responding to the dangers of climate change, and we know that it will continue to do so,” they wrote. “You now have a leading role in that effort.” But ultimately Becerra did not have a leading role, or indeed any role at all: He punted, as this editorial page pointed out. What Sen. Ted Cruz (R-Texas) is now trying to do by statute — immunize the big oil companies from prosecution for climate liability — Becerra accomplished by sheer silence.

In the years since, of course, California has paid a huge price for our inaction on climate. Just looking at wildfire, there were of course the great blazes that Los Angeles County will never forget in 2025, but also the 2020 August Complex fire in Humboldt and Mendocino counties, the 2021 Dixie fire up north, the 2017 conflagration across Napa and Sonoma counties, the 2017 Thomas fire in Ventura and Santa Barbara counties, the 2018 Camp fire that devastated Paradise — the list goes sadly on and on and on.

Meanwhile, Big Oil and its friends at Big Utility have racked up huge profits, and Californians have faced ever higher bills. An unhobbled oil industry played a huge role in reelecting Trump in 2024 and in taking us to war with Iran.

And through it all, during his years as attorney general, Becerra did little or nothing to help. As I said all those years ago, it’s a mystery why, though I fear the mystery gets clearer with each campaign funding filing over his long career. As California’s top prosecutor, he took big donations from oil industry giants such as Chevron, and also from energy companies Sempra and Southern California Edison. As a member of Congress, he took larger checks from Pacific Gas and Electric and Edison International.

This time around, as he seeks the governor’s office, Chevron has maxed out its contributions to his campaign, the first time they’ve found a gubernatorial candidate to back in a decade. Meanwhile, across the country, leading progressives have signed a pledge refusing fossil fuel donations. Another gubernatorial contender, Katie Porter, is among them. Needless to say, Becerra is not.

The California chapters of Third Act — a group of Americans over 60 that I helped found — canvassed their members last month and issued an endorsement of Tom Steyer, on the grounds that he had worked hard over the years to address energy and climate issues. Instead of taking money from Big Oil, he’s given money, time and counsel to those of us volunteering in the fight against the industry. In fact, I think that whether one is most concerned about lowering utility bills with clean energy or protecting California’s forests, beaches and insurance rates from the global warming threat, he’d be the most climate-conscious elected official in America.

But Third Act was also founded to help protect our democracy. And that means disconnecting public policy from campaign donations. We need leaders who will do the right thing for us, not for their donors. Steyer has called on Becerra to return his donations from Big Oil. That would be a start, but it doesn’t really make up for the wasted decade we’ll never get back.

Bill McKibben is the founder of Third Act and the author, most recently, of “Here Comes the Sun: A Last Chance for the Climate, a Fresh Chance for Our Civilization.”

Movie theaters are no longer just for watching stories — they’re becoming live entertainment portals. In a pivot toward live music entertainment, AMC is launching a real-time, interactive concert experience across 300 of its locations.

Unlike the static concert films of the past, the new tech allows artists on a remote stage to see, hear, and respond to the theater audience, effectively turning your local cinema into a stadium.

Pop stars Bebe Rexha, Paris Hilton, Kim Petras and Maren Morris are the first headliners for the concert series hitting AMC screens this June. The program moves away from pre-recorded content, opting instead for live broadcasts that allow artists to perform for a national theater audience in real time.

The movie theater chain is partnering with live entertainment company, Arena One, to bring this technology to 89 markets across the country.

“This is a highly immersive, communal experience, combining the energy of a live concert with the scale, comfort, accessibility and affordability unique to AMC,” Adam Aron, the chief executive officer of AMC Entertainment said during an earnings call Tuesday afternoon.

These one-night-only live events are meant to simulate the look and feel of going to a concert in-person — without the often-pricey cost of admission. According to AMC, the prices for these tickets will range from $40 to $75, depending on the artist and the market.

“The next chapter of live shows isn’t about proximity to big venues, it’s about creating visceral, intimate, affordable live connection between artists and fans no matter where they are,” Rohit Kapoor, Arena One’s founder, said in a statement.

“Arena One gives artists a new cinema-native canvas to create live performances, while amplifying the raw energy and shared fandom that makes live shows unforgettable.”

Music has been a hot topic for movie theaters of late as the industry continues to navigate rough waters amid hopes of a durable post-pandemic recovery.

Between box office-topping biopics like “Michael,” documentaries like “EPiC: Elvis Presley in Concert” and concert films like the forthcoming Billie Eilish movie “Hit Me Hard and Soft: The Tour,” movies rooted in music are consistently drawing sizable and enthusiastic theater audiences.

Aron, AMC’s CEO, added, “We believe that this innovation can open an entirely new chapter in live entertainment while driving incremental attendance and revenue across our circuit.”

Iran has attacked a UAE petroleum site in Fujairah, just days after the United Arab Emirates announced it was leaving OPEC. As the Strait of Hormuz crisis deepens and oil prices keep rising, could this accelerate the shift to renewables, or are we heading into an era of energy volatility?

In this episode: 

• Jim Krane (@jimkrane), Co-director of the Middle East Energy Roundtable, Rice University’s Baker Institute for Public Policy

Episode credits:

This episode was produced by David Enders and Sarí el-Khalili with Chloe K. Li, Catherine Nouhan, Tuleen Barakat, and our guest host, Kevin Hirten. It was edited by Tamara Khandaker. 

Our sound designer is Alex Roldan. Our video editors are Hisham Abu Salah and Mohannad al-Melhem. Alexandra Locke is The Take’s executive producer. 

Connect with us:

@AJEPodcasts on X, Instagram, Facebook, and YouTube

Caracas, May 5, 2026 (venezuelanalysis.com) – Venezuelan Acting President Delcy Rodríguez called US President Donald Trump a “man of action” and reiterated her commitment to long-term relations with Washington during a ceremony at Miraflores Palace on May 1.

Rodríguez received a delegation of US officials and business executives led by Jarrod Agen, executive director of the Trump administration’s National Energy Dominance Council.

“Please tell President Trump, who is a man of action, that in Venezuela there are men and women of action, but also of their word,” she told the US guests during a televised broadcast. “And we have made a commitment to build solid, long-term relations between the US and Venezuela.”

For his part, Agen first referred to Trump as a “man of action” and claimed that US-Venezuela relations are currently moving at “Trump speed” and that the White House is looking to promote oil, gas, and mining investments in the Caribbean nation.

The public statements followed the signing of contracts with Overseas Oil Company and Crossover Energy Holding for oil and gas projects in Anzoátegui, Barinas, and Monagas states, with investments of up to US $2 billion planned. Venezuelan authorities provided no details about the ventures, with Rodríguez only stating that the natural gas output would be used to strengthen the country’s electricity generation.

According to Argus Media, the two corporations will “work with” Venezuelan state oil company PDVSA on extra-heavy crude projects in the Orinoco Oil Belt. Venezuela’s recent pro-business overhaul of the Hydrocarbon Law allows PDVSA to lease out projects in exchange for a portion of the output.

While Crossover Energy does not have a track record of any past energy initiatives, Overseas Oil is a subsidiary of Hunt Oil, a 90-year-old company founded by Texas magnate H.L. Hunt. Hunt Oil previously used its close ties to the George W. Bush administration to secure oil contracts in Iraqi Kurdistan following the 2003 US invasion.

The latest oil agreements follow major energy deals struck by Chevron, Eni, Repsol, and Shell under the favorable conditions of the reformed Hydrocarbon Law, which include expanded control over operations and sales as well as reduced taxes and royalties.

On May 1, the acting Rodríguez administration also signed a memorandum of understanding in the mining sector with the US’ Heeney Capital and Switzerland’s Mercuria Energy Group.

In a statement, Mercuria, one of the world’s largest commodity traders with a history of involvement in international mining projects, explained that it had entered into “a series of strategic offtake agreements” to purchase around $2.2 billion a year of Venezuelan bulk commodities and gold. 

“The transactions align with ongoing efforts by US authorities to encourage responsible foreign investment in Venezuela’s extractive industries and to facilitate offtake structures that prioritize supply to Western markets,” the communiqué read.

Mercuria and Heeney likewise expressed interest in aluminum, nickel, and ferrous products “opportunities” that could represent a further $3 billion in annual exports.

Heeney co-founder and partner Sean Pi, who signed the agreement on behalf of the foreign companies, thanked Trump for his “leadership” in defending US access to critical minerals. Pi testified before the US House of Representatives in February to back legislative initiatives deregulating and streamlining mining projects to bolster the US supply of critical minerals.

Venezuelan Mining Minister Héctor Silva hailed the deal a “first step for the strengthening of mining ties between the US and Venezuela.” The Venezuelan National Assembly recently approved a new Mining Law that establishes incentives for Western conglomerates to exploit the South American country’s vast mineral resources.

The US delegation for the energy and mining deals with Caracas arrived on board the first direct flight between the US and Venezuela. American Airlines will hold a daily Miami-Caracas connection and will add a second one beginning on May 21 due to high demand.

US Chargé d’Affaires in Venezuela John Barrett held a ribbon-cutting ceremony alongside Venezuelan Transport Minister Jacqueline Faría to mark the resumption of the direct flights. 

Addressing reporters, Barrett stated that the reestablished air connection was a “milestone” and a “clear sign that Venezuela is open for business.”

Caracas and Washington fast-tracked a diplomatic rapprochement in the wake of the January 3 US military strikes and kidnapping of President Nicolás Maduro. Acting President Rodríguez has hosted several White House officials and touted investment opportunities for US corporations. For its part the Trump administration has issued sanctions waivers allowing select Western companies to participate in the Venezuelan energy and mining sectors but imposing control over Venezuelan export revenues.

Edited by Lucas Koerner in Caracas.

Thailand has formally scrapped a 25 year old agreement with Cambodia aimed at jointly exploring offshore energy resources in disputed waters. The decision, announced by Prime Minister Anutin Charnvirakul, marks a significant shift in bilateral relations and raises fresh uncertainty over the future of energy cooperation in the region.

The agreement, known as Memorandum of Understanding 44, was signed in 2001 to create a framework for joint exploration of oil and gas reserves in overlapping maritime claims within the Gulf of Thailand. Despite its ambitious goals, the pact has seen little tangible progress over the past two and a half decades.

A Long Stalled Framework

Memorandum of Understanding 44 was designed as a dual track mechanism. It sought to enable joint resource exploration while allowing both countries to continue negotiations over maritime boundary demarcation. However, repeated political disruptions, competing national interests, and periodic tensions prevented meaningful advancement.

Thai officials have increasingly argued that the agreement failed to deliver results, with no concrete development of hydrocarbon resources despite years of dialogue.

Domestic Politics and Strategic Timing

The cancellation also reflects domestic political dynamics in Thailand. Anutin, who secured reelection following a surge in nationalist sentiment, had pledged to withdraw from the agreement as part of his campaign platform.

Although he has stated that the decision is not directly linked to recent border conflicts, the broader context suggests otherwise. Nationalist pressures and public opinion have played a role in shaping policy, particularly after violent clashes between the two countries last year.

Cambodia’s Response and Regional Implications

Cambodia has previously expressed strong opposition to Thailand’s plan to withdraw, describing it as deeply regrettable and reaffirming its commitment to the agreement. The lack of immediate response following the announcement leaves open questions about Phnom Penh’s next steps.

The termination of the pact could complicate future negotiations, especially in resource rich areas where both nations maintain overlapping claims. It may also delay potential energy development projects that could have benefited both economies.

From Cooperation to Legal Frameworks

Thailand has indicated that it will now rely on the United Nations Convention on the Law of the Sea as the basis for any future discussions. This shift signals a move away from cooperative frameworks toward a more formal and potentially contentious legal approach to resolving maritime disputes.

While UNCLOS provides established mechanisms for dispute resolution, negotiations under its framework can be lengthy and politically sensitive.

Conflict and Fragile Stability

The backdrop to this decision includes two recent rounds of armed conflict along the Thailand Cambodia border, which resulted in significant casualties and large scale displacement. Although a ceasefire has been in place since late December, tensions remain high, and mutual distrust persists.

Each side continues to blame the other for initiating the clashes, underscoring the fragile nature of the current peace.

Analysis

Thailand’s withdrawal from the joint energy agreement reflects a broader shift from cooperative engagement to assertive unilateralism. While the official rationale centers on lack of progress, the timing and political context suggest that strategic and domestic considerations are equally influential.

For Thailand, the move reinforces national sovereignty and responds to domestic expectations. However, it also risks escalating tensions with Cambodia and undermining long term opportunities for shared economic gains.

For Cambodia, the collapse of the agreement represents both a diplomatic setback and a potential loss of access to jointly developed energy resources. It may now seek alternative avenues, including international arbitration or renewed bilateral negotiations under different terms.

At a regional level, the decision highlights the challenges of managing overlapping territorial claims in resource rich areas. Without effective cooperation mechanisms, such disputes are more likely to shift toward legal confrontation or political escalation.

Ultimately, the end of this long standing pact underscores a key reality in international relations. Agreements that lack sustained political commitment and mutual trust are unlikely to endure, particularly in environments shaped by nationalism and unresolved territorial disputes.

With information from Reuters.

Dealing with emissions could help alleviate effects of Iran crisis on global energy supply, says report.

Tackling methane emissions in the fossil fuel sector would help efforts to hold back climate change and increase energy security, especially as the Iran crisis threatens global supplies, according to a report by the International Energy Agency (IEA).

The oil, gas and coal industries account for about 35 percent of all methane emissions from human activity, notes the IEA’s Global Methane Tracker 2026, released on Monday. However, there is little progress in reducing them, the report points out.

“There is still no sign that methane emissions from fossil fuel operations are falling, despite well-known and proven mitigation pathways,” the IEA said.

Methane, the second-biggest contributor to climate change, stays in the atmosphere for far less time than carbon dioxide, but its warming effect is roughly 80 times more potent over a 20-year period.

The IEA estimates that methane emissions from oil, gas and coal total 124 million tonnes a year. Oil is the largest source at 45 million tonnes (Mt), followed by coal at 43 Mt, and natural gas at 36 Mt.

“A further 20 Mt comes from bioenergy production and consumption, largely from the incomplete combustion of traditional biomass used for cooking and heating in developing economies,” the report added.

Oil prices have soared since the United States and Israel launched their war against Iran in late February and Tehran closed the Strait of Hormuz in response. An April ceasefire between the sides is currently holding, but global energy supplies remain limited.

The ongoing crisis is reshaping the global energy system and disrupting about 20 percent of global liquefied natural gas (LNG) trade flows.

Nearly 100 billion cubic metres of natural gas could be made available annually through a global effort to cut methane from oil and gas operations, the IEA said, estimating that nearly 15 billion cubic metres could be made available in a sufficiently short period of time to provide some relief to gas markets.

A further 100 billion cubic metres would be unlocked through the elimination of non-emergency flaring worldwide, it added.

Paris initiative

France, using its role as rotating chair of the Group of Seven (G7) bloc of industrialised powers, convened government officials, industry leaders and experts on Monday to build momentum on cutting methane emissions.

The conference aimed at reducing methane emissions ahead of the United Nations’ November COP31 summit.

“I sincerely hope that the discussions we will have today will enable us to join our forces to accelerate the implementation of effective solutions to reduce methane emissions,” French Ecological Transition Minister Monique Barbut said in a speech.

“Of course, action on methane is not a fight of any single actor and nobody can win it alone,” she added, noting that the world remains “very far” from meeting a pledge to cut methane emissions by 30 percent by 2030 compared with 2020 levels.

“Reducing methane emissions remains one of the best things we can do to slow global warming while cleaning up our air, improving public health, and increasing our energy security,” British Secretary of State for Energy Security Ed Miliband said in a video message.

May 3 (UPI) — Oil exports from the United States have increased by more than 30% the U.S.-Israeli war in Iran started and the Strait of Hormuz was blockaded in response.

The Port of Corpus Christie has overtaken the ports in Saudi Arabia and Iraq in the last few weeks as the two Persian Gulf ports have been cut off from the rest of the world since the Strait has been blockaded.

Over the past two months, the United States has sold more than 250 million barrels of oil to foreign buyers as exports have increased by 30%, from 3.9 million barrels per day in February to 5.2 million barrels per day in April, Bloomberg and CNBC reported.

Experts have warned, however, that domestic oil inventories are depleting stockpiles and there is a question of how long the country will be able to continue replacing oil on the market that is stuck in the Strait.

Although selling oil is good for business, oil producers are struggling to keep up with the demand and it is possible that selling so much could have an add-on effect of pushing gas prices for American consumers even higher than they have gone since the war started.

“Ships are coming to take our oil, but once significant volumes of are leaving the United States, it can be expected that balances will tighten,” Clayton Seigle, senior fellow at the Center for Strategic and International Studies, told Bloomberg.

“We are digging ourselves a hole in terms of spending down inventories,” he said.

Roughly 20% of global oil supplies pass through the Strait of Hormuz and Iran’s shutting of it has caused gas and fuel prices to skyrocket over the last two months, including massive effects on the airline industry, which has seen seen the price of jet fuel double since before the war.

Oil from the United States, Latin America and West Africa could for a short time be a substitute for Middle Eastern oil for countries in Asia, which has been hurt the most, but it is not ideal, Matt Smith, director of commodity research at Kpler, told CNBC.

“Asian markets are buying whatever they can get their hands on, so they’re taking a lot of light sweet [American] crude [oil],” Smith said, but their refineries are optimized for the heavier oil produced in the Middle East.

“It’a hole that can’t be plugged,” Smith told CNBC. “The answer has to be ensuring secure supply from the Middle East.”

[kicker]

May 3 (UPI) — Iran said on Sunday that it is reviewing the United States’ response to its most recent peace proposal, a 14-point plan that was reviewed by President Donald Trump on Saturday night.

The response was delivered to Iranian negotiators on Sunday, Iranian state media outlets PressTV and Tasnim reported, with officials clarifying some reports on the plan they said have been incorrect.

The 14-point plan is entirely focused on bringing an end to the two-month-old conflict, with no provisions about nuclear materials or other weapons, Esmaeil Baghaei, spokesperson for Iran’s foreign ministry, said in an interview.

When asked about Iran’s new plan on Saturday, Trump expressed doubt that it would meet U.S. requirements but said that he would be reviewing its exact language last night.

“The plan we have presented is centered on ending the war,” Baghaei said. “There are absolutely no details regarding the country’s nuclear issues in this proposal.”

The basics of Iran’s proposal are focused on ending hostilities and then opening a 30-day period for intense negotiation of other issues, including the withdrawal of U.S. military forces from areas around the country, lifting the U.S. naval blockade and ending the war on all fronts, including in Lebanon, Tasnim reported.

But Baghaei said that reports of a suspension of nuclear activities or U.S.-Iran cooperation on clearing mines from the Strait of Hormuz are not true.

“These are among the things that I believe are fabricated by the imagination of some media outlets,” Baghaei said. “We are not currently engaged in any negotiations over the nuclear issue and decisions about the future will be made in due course.”

Iranian officials said that the U.S. proposal had included a two-month cease-fire, which Iran countered with a 30-day period to resolve issues and to actually end the war.

Spirit Airlines, a budget carrier in the United States, has begun winding down operations, cancelling all flights, after talks with the Trump administration to secure a $500m bailout failed. Experts say a spike in aviation fuel prices from the US-Israel war on Iran dealt the final blow to the struggling airline that pioneered the ultralow-cost carrier model.

The airline’s shutdown after 34 years has left some 17,000 staff members unemployed, many passengers stranded, and raised doubts about the future of budget air travel.

How did Spirit Airlines reach this point? Did the US-Israel war on Iran deliver the final blow?

Here’s what we know:

What has Spirit Airlines said?

On Saturday, Spirit Aviation Holdings, the airline’s parent company, said the company had started to wind down operations.

“Spirit Aviation Holdings, Inc … today regretfully announced that the Company has started an orderly wind-down of operations, effective immediately. All Spirit flights have been cancelled, and Spirit Guests should not go to the airport,” the company said in a statement on Saturday.

The statement added that, despite its efforts, “the recent material increase in oil prices and other pressures on the business have significantly impacted Spirit’s financial outlook”.

Spirit Airlines, whose airfares were lower compared with other US airlines, had 4,119 domestic flights scheduled between May 1 and May 15, offering 809,638 seats, according to the latest data from Cirium, an aviation analytics firm.

The carrier’s parent firm started as a long-haul trucking company in 1964. It shifted to aviation around 1983. The carrier rebranded from Charter One Airlines to Spirit in 1992.

How did Spirit Airlines reach this point?

The airline had been struggling financially for years and had filed for bankruptcy twice – in November 2024 and then in August 2025 – due to continued losses, high debt, and intense competition from other airlines.

According to a May 2 report by the Reuters news agency, Spirit had recently reached a deal with its lenders that would have helped it emerge from its second bankruptcy by late spring or early summer.

But the war on Iran, which led to a significant increase in aviation turbine fuel (ATF) prices, added to Spirit’s financial struggles and complicated its bankruptcy exit.

Spirit’s restructuring plan assumed ATF costs of about $2.24 a gallon in 2026 and $2.14 in 2027, but prices had climbed to about $4.51 a gallon by the end of April, leaving the carrier unable to survive without new financing.

A Spirit board meeting ended without an agreement to rescue the company, a person close to the discussions told Reuters late on Friday.

US Transportation Secretary Sean Duffy told Reuters he tried to get many airlines to buy Spirit but found no takers. “What would someone buy?” Duffy asked. “If no one else wants to buy them, why would we buy them?”

US President Donald Trump also said he had tried to bail out the airline with a $500m financing package.

“If we can help them, we will, but we have to come first,” Trump told reporters. “If we could do it, we’d do it, but only if it’s a good deal.”

However, a creditor close to the deal told Reuters, “The Trump administration made an extraordinary effort to try and save Spirit, but you can’t breathe life into a corpse. Given that, the company should make its intentions clear for the sake of its customers and employees.”

Anita Mendiratta, special adviser to the UN Tourism secretary-general, noted that while war and geopolitical instability may not have caused Spirit’s collapse, they likely delivered the final blow.

“Surging fuel costs exposed the vulnerability of airlines operating on thin margins with little room for shock absorption,” she told Al Jazeera.

“Spirit’s weaknesses were already there – it had already gone through two bankruptcy filings in the two years prior; global instability simply accelerated the inevitable. In today’s aviation market, volatility is no longer an exception; it is the operating environment,” Mendiratta said.

Are other airlines also under pressure due to the Iran war?

The war on Iran has disrupted global oil and gas prices, with Brent crude rising above $111 a barrel on Friday. The high crude oil prices have also caused ATF prices to rise, affecting budget airlines badly.

Across the globe, airlines have been increasing prices to reflect the high ATF prices, and some have also reduced their flight operations.

German airline Lufthansa said last month it cancelled 20,000 flights in a bid to protect itself from the soaring ATF costs.

On Friday, leading Indian carrier Air India said it has increased fuel surcharges on all flights, adding that it will reduce 100 flights a day across its domestic and international routes.

Mendiratta noted that the aviation industry is on alert as airlines carrying high debt, facing fuel cost volatility, labour cost pressures, fleet constraints, and sustained pricing pressure remain exposed [to the war], especially those operating through a low-cost carrier model.

“What happens next is a defining test of aviation leadership. The rapid response from rival airlines to protect stranded passengers reflects an industry that understands its most valuable asset is not aircraft or market share, it is customer trust [both traveller and cargo],” she said.

“Just as importantly, how airlines support displaced employees, reassure markets, and reinforce operational stability will shape confidence in the sector’s long-term recovery,” she added.

Ministry of Commerce says sanctions against refineries accused of importing Iranian oil violate international law.

China has announced an injunction to block US sanctions placed on five Chinese refiners accused ‌of buying oil from Iran.

The sanctions announced by the United States Department of the Treasury late last month bar the companies from the US financial system and seek to penalise anyone doing business with the firms.

In a statement on Saturday, China’s Ministry of Commerce said the sanctions “improperly” restrict business between Chinese enterprises and third countries “in violation of international law and the basic norms governing international relations”.

The Commerce Ministry said it had issued a “prohibition order” stipulating that the sanctions “shall not be recognized, enforced, or complied with” to “safeguard national sovereignty, security, and development interests”.

“The Chinese government has consistently opposed unilateral sanctions that lack UN authorisation and basis in international law,” the ministry added.

It said the order blocked US measures against Hengli Petrochemical (Dalian) Refinery and four other so-called “teapot” refineries: Shandong Jincheng Petrochemical Group, Hebei Xinhai Chemical Group, Shouguang Luqing Petrochemical and Shandong ⁠Shengxing Chemical.

Announcing the sanctions on April 24, the US Treasury Department called Hengli “one of Tehran’s most valued customers”, saying it had generated hundreds of millions of dollars in revenue for the Iranian military through crude oil purchases.

The Trump administration imposed sanctions on the other four refineries named by the Chinese ministry, among other facilities, last year.

China gets more than half of its oil from the Middle East, much of it from Iran.

According to commodities data firm Kpler, China bought more than 80 percent of the oil Iran shipped in 2025.

China’s “teapot” refineries operate independently and are generally smaller than the facilities run by state-owned oil giants, such as Sinopec.

The facilities, which have been crucial to China’s efforts to secure its oil supplies, capitalise on heavily discounted crude sold by countries under sanctions, such as Iran, Russia and Venezuela.

Teapots account for a quarter of Chinese ⁠refinery capacity, operate with narrow and sometimes negative margins, and have been squeezed recently by tepid domestic demand.

US sanctions have created additional hurdles for refiners, including difficulties selling refined products under their correct place-of-origin markings.

It was a brotherly battle at UCLA’s spring football game on a clear Saturday afternoon at the Rose Bowl.

At the helm of the opposing white and blue teams, respectively, quarterbacks Nico and Madden Iamaleava led the split halves of the Bruins squad during a well-attended end to the first spring camp under the direction of new coach Bob Chesney.

Fittingly, Madden tossed the go-ahead touchdown pass from near the logo to a wide-open Kenneth Moore III, putting his blue team up 24-17, the eventual final score.

“It’s been a while since I’ve seen him just play football,” Nico said of his brother. “So it was fun seeing him out there operate.”

UCLA defensive back Osiris Gilbert knocks the ball out of the hand of UCLA receiver Shane Rosenthal during the spring game at the Rose Bowl on Saturday.

(Allen J. Schaben/Los Angeles Times)

Nico’s team, with play-calling help from Bruins women’s basketball coach Cori Close throughout the second half, got to fourth-and-goal situations twice as the game wound down. One ended in a missed field goal by Mateo Orosco, who had made a 57-yarder, and the other concluded with the blue team storming the field after a pass from quarterback Ty Dieffenbach was incomplete with 10 seconds left.

The addition of the guest play-callers, Close and women’s water polo coach Adam Wright, led to a variety of trick plays throughout the game. Multiple flea-flickers went for big yards, and offensive lineman Mike McDonald took a rushing attempt as a part of the fun atmosphere that Chesney said he wanted to foster at the game.

To come up with one of the plays, Chesney said, Close messaged Rams coach Sean McVay for advice.

“We put some of those plays in so that she would be able to execute what she wanted to. She just came up a little short and I think she did a really good job of motivating her team,” Chesney said of Close’s second-half calls. “Coach Wright just really dialed it in and was able to strike when he had to and put that game away.”

Just before Moore caught his first touchdown in a Bruins uniform, he was running another deep route when he ran into a referee, breaking up what may have been an explosive play.

“Why’d you let the referee cover you?” Chesney asked, posing as a reporter during Moore’s interview.

“That was great defense,” Moore said in response, sporting a smile. “He was so stealthy.”

It had been a few years since the Bruins held a traditional spring game at the Rose Bowl, with previous coaches favoring lower-profile practices that were dubbed spring showcases. This year’s game also comes after the Bruins in February announced that the iconic Pasadena stadium would remain their home, at least this year, amid ongoing litigation over the university’s right to potentially break its lease and play home games at SoFi Stadium.

UCLA receiver Landon Ellis catches a touchdown pass in front of Jhase McMillan (23) and Curtis Gerrand (35) during the spring game at the Rose Bowl Saturday.

(Allen J. Schaben/Los Angeles Times)

Chesney said holding a traditional spring game was like a “practice run” for the upcoming season. Ahead of Saturday’s game, the Bruins stayed in a hotel together and had walk-throughs on the field as well as meetings and pretty much anything else they could do to simulate a game. Chesney and many players got their first look at the Rose Bowl lit up at night during a visit Friday.

“To get a chance to walk in here and just feel this and see all of these surroundings and the things that took place in this venue is pretty special,” Chesney said. “We addressed that a little bit last night as a team, and made sure we understand the respect that this place deserves and understand the attitude of gratitude that we should have for the ability to play here.”

Defensive back Cole Martin, a Pasadena native who was on the blue team, called this spring game “magnificent” when asked to compare it to last year’s spring football practice finale. He specifically noted playing at the Rose Bowl as a reason for the strong atmosphere and an important experience for new UCLA players.

“First time in the Rose Bowl, first touchdown as a college player, I mean, it’s awesome,” Martin said, looking at the freshman Moore. “It doesn’t get better than that.”

Walking by reporters during the game, Bob Stiles, who made a famous goal-line stop on a two-point conversion to seal UCLA’s upset win over Michigan State in the 1966 Rose Bowl, concurred. “This is fun,” Stiles said.

Running back Anthony Woods was a standout on the white team, scoring the first touchdown of the game on a six-yard run and going for multiple big gains early.

Receivers Mikey Matthews for white and Landon Ellis for blue scored the other two touchdowns on red zone crossing routes.

The other 10 points, besides the four touchdowns and field goal, were given out equally for victories in side competitions in between the first and second quarters and third and fourth quarters. Both were won by blue, aiding its seven-point win.

On defense, cornerback Osiris Gilbert broke up multiple passes and had a few hard hits, linebacker Samuel Omosigho earned a sack, and linebacker Malaki Soliai-Tui forced a fumble.

Chesney said he was happy with his team’s performance, noting penalties, like the various defensive pass interference calls, as a key area for improvement.

UCLA coach Bob Chesney pats running back Anthony Woods on the helmet during the team’s spring game at the Rose Bowl on Saturday.

(Allen J. Schaben/Los Angeles Times)

“It went well,” Chesney said. “I wouldn’t say unbelievable. I wouldn’t say terrible. Most of the time, it was somewhere in between.”

Both Nico Iamaleava, for the offense, and Martin, for the defense, said the units had things to work on, but they were proud of how much they improved during spring camp. With a bit of a break before preparation for the fall ramps up, Iamaleava’s message to the team was simple: “Stay together.”

Chesney echoed the sentiment, saying building on the intensity and development from the spring, rather than starting again during the summer, will be key to the Bruins succeeding during the season.

“We’re back, baby,” Chesney said to fans right before the fourth quarter began. “We’re back.”

Syria is receiving hundreds of Iraqi oil trucks hauling crude overland to its Baniyas port as an alternative energy corridor to Europe, creating a costly but crucial workaround while the Strait of Hormuz is largely blocked by the US-Israeli war on Iran.

May 1 (UPI) — Former U.S. Rep. David Rivera, R-Fla., was found guilty on Friday of being paid to secretly lobby elected U.S. officials to ease sanctions against Venezuela.

Rivera and a co-conspirator were each found guilty of taking payment from Nicholas Maduro to try to repair ties between the South American nation and the United States but never registering as an agent of a foreign country, The Miami Herald and NBC News reported.

A 12-person jury found the former Miami-Dade congressman and consultant Esther Nuhfer guilty of lobbying Secretary of State Marco Rubio and Rep. Pete Sessions, R-Texas, and attempting to set meetings up for Delcy Rodriguez, Venezuela’s then-foreign minister and current acting president.

Rivera was also found guilty of conspiring to commit money laundering and tax evasion.

Rivera had long been friends with his former roommate Rubio and became friends with Sessions when he was in Congress, and after Maduro gave him a $50 million contract he attempted to leverage those relationships.

Both Rivera and Nuhfer were caught having not registered themselves of lobbying for the federal government on behalf of another nation.

The convictions come after a 5-week trial that saw Rubio, who was in the Senate in 2017, when he met with Rivera and was told a plan to convince Maduro to step down was afoot.

Rivera denied that he was working on behalf of Maduro and the Venezuelan government, insisting that he was working to overthrow the now-deposed ruler rather than to promote his interests.

Nuhfur was released on bond ahead of her sentencing, while Rivera was judged to be a flight risk and will remain in jail until he is sentenced.

Rivera also still faces charges in another foreign lobbying case, as well.

The United Arab Emirates’ announcement of its withdrawal from OPEC and the OPEC+ alliance, effective May 1, 2026, represents a major strategic shift in the global energy market, with direct and significant implications for China, the world’s largest oil importer. The primary impact of this UAE withdrawal on China is the enhancement of Chinese energy security, as it will increase available supplies. The UAE will now be able to raise its production towards its target of 5 million barrels per day by 2027, without being bound by OPEC quotas. This expansion will provide China with a substantial and stable source of oil outside the constraints of production alliances. Furthermore, the UAE’s withdrawal from OPEC will impact China’s diversification policy, as China relies on imports to cover approximately 70% of its oil needs. The UAE’s departure will grant Beijing greater flexibility in purchasing from the spot market at potentially more competitive prices.

This also has a significant impact on import costs (prices) through prolonged downward pressure. The UAE’s increased oil production (up to 680,000 barrels per day above previous levels) is expected to put downward pressure on global Brent crude prices in the medium term (12-24 months), thus reducing China’s energy import bill. This could lead to short-term volatility, as, despite the potential benefit, the closure of the Strait of Hormuz (due to current regional tensions in April 2026) limits the immediate ability to capitalize on the UAE’s withdrawal from OPEC, since most of the UAE’s exports to China pass through this waterway.

China could benefit from the UAE’s withdrawal from OPEC by enhancing its capacity for financial and trade cooperation and expanding trade in local currencies, particularly the Chinese yuan. The UAE’s departure from OPEC could (facilitate the expansion of oil trade agreements) in rubles, rupees, and yuan, moving away from OPEC’s traditional dollar pricing. This aligns with China’s drive to internationalize the yuan. Such a move could boost joint investments, given China’s existing stakes in UAE oil concessions. With Abu Dhabi freed from restrictions, these Chinese investments could generate higher returns through increased production. Furthermore, China might leverage the UAE’s withdrawal from OPEC to bolster the strategic and geopolitical value of weakening OPEC’s influence. This withdrawal diminishes OPEC’s ability to control global supply, which benefits major consuming nations like China by reducing the likelihood of price shocks resulting from collective production cuts.

In this context, Chinese discussions and analyses have intensified, examining the potential benefits for China from the UAE’s withdrawal from OPEC. Chinese experts are analyzing the likelihood and impact of such a move should it materialize, particularly given the UAE’s increasing production capacity and its desire for greater flexibility. If we assume the UAE’s withdrawal from OPEC is indeed the case, China stands to be the biggest beneficiary for the following reasons. First, it would break the dominance of the petrodollar. The departure of a player the size of the UAE from traditional OPEC constraints opens the door wide to bilateral agreements for pricing oil in digital yuan (or Chinese yuan), thus supporting Beijing’s strategy of internationalizing the yuan to reduce its dependence on the Western financial system (SWIFT). In addition to the increased Chinese-Emirati supply, since Chinese companies such as CNPC and CNOOC hold stakes in oil concessions in Abu Dhabi, the UAE’s release from OPEC production quotas means these companies can increase production and secure China’s growing energy needs at preferential prices and with favorable terms. This facilitates the revitalization of joint UAE-China investments, allowing for deeper Chinese capital flow into the UAE’s refining and petrochemical sector. The exchange of finished goods and crude oil within an economic cycle based on local currencies reduces conversion costs and the risks associated with dollar fluctuations. This supports China’s policy of moving towards BRICS+. As the UAE is a member of the BRICS group, any move away from traditional OPEC frameworks aligns with the group’s overall direction to create a parallel financial system that supports the ruble, rupee, and yuan. This scenario, if it were to occur, would transform the relationship from one of buyer and seller to a comprehensive strategic partnership, making energy the driving force behind the new financial system that China seeks to lead.

Accordingly, the UAE’s withdrawal represents a strategic gain for China in terms of increased supply and potential cost reductions, but maximizing the benefit remains contingent on the stability of shipping lanes in the Arabian Gulf.

Takaichi signs six agreements with Vietnam, including on technology, agriculture and space, during a trip to Hanoi.

Japan’s Prime Minister Sanae Takaichi says the country will boost ties with Vietnam, with a focus on energy and critical minerals.

Takaichi met her Vietnamese counterpart, Le Minh Hung, on Saturday in Hanoi, where they signed six agreements on issues ranging from infrastructure to agriculture to space cooperation.

“The two sides identified economic security as a new priority area for bilateral ‌cooperation,” Takaichi told reporters after the meeting.

“With regard to critical minerals … both sides agreed to strengthen close coordination to ensure stable supplies and reinforce supply chains,” she added.

Hung said the two leaders also “reaffirmed the importance of resolving disputes in the South China Sea through peaceful means based on international law”.

Japan and Vietnam share concerns about China’s territorial claims in the East and South China Seas, and both have sought to hedge against United States-driven trade disruptions by broadening economic and security ties.

Crude oil supplies

The push for deeper cooperation between the two states comes after ⁠new investment in Vietnam from Japan, one of its largest foreign investors, fell about 75 percent year-on-year to $233m in the first quarter, even as bilateral trade rose 12.3 percent to $13.7bn over the same ⁠period, according to Vietnamese government and customs data.

Vietnam ⁠has been seeking support from Japan and other countries ⁠for oil supplies as conflict in the Middle East drives prices higher and disrupts supply chains.

Under the $10bn Power Asia Initiative to support Asian countries’ energy self-reliance, Japan will assist in arranging crude oil supplies ⁠for Vietnam’s Nghi Son Refinery and Petrochemical Complex, Hung said.

Takaichi was also set to meet President To Lam, who is also the general secretary of the Communist Party of Vietnam, on Saturday afternoon and deliver ⁠a keynote speech at Vietnam National University, marking a decade since former Prime Minister Shinzo Abe introduced Japan’s “Free and Open Indo-Pacific” strategy.

Workers are gathering in cities around the world to mark International Labour Day, with some demonstrations, such as those in Istanbul, Turkiye, turning to scuffles with police.

Trade Unions are calling for solidarity and the protection of workers’ rights as the United States-Israeli war on Iran and rising energy costs raise concerns about the global economy.

“Working people refuse to pay the price for Donald Trump’s war in the Middle East,” the European Trade Union Confederation, which represents 93 trade union organisations in 41 European countries, told the media. “Today’s rallies show working people will not stand by and see their jobs and living standards destroyed.”

Josua Mata, leader of the SENTRO umbrella group of workers’ groups in the Philippines, said: “Every Filipino worker now is aware that the situation here is deeply connected to the global crisis.”

Renato Reyes, a leader of the left-wing political group Bayan in the Philippines, told The Associated Press: “There will be a louder call for higher wages and economic relief because of the unprecedented spikes in fuel prices.”

In Indonesia, Said Iqbal, president of the Indonesian Trade Union Confederation, told reporters: “Workers are already living pay cheque to pay cheque.”

Some of the largest demonstrations are being held in South America, including in Chile, Bolivia and Venezuela. In Argentina, angry workers protested on Thursday in the capital of Buenos Aires over President Javier Milei’s recent overhaul of long-held labour protections.

In Cuba, the foreign ministry held a gathering on Thursday in defiance of what it called the US’s “aggressions, threats, intensified blockade, and energy siege”.

On Friday, Cubans are expected to mark International Labour Day with a mass rally and a march in Havana.

In many countries, Labour Day rallies attract large crowds because May 1 is a public holiday. In the Turkish city of Istanbul, roads around Taksim Square were closed to make way for marches during the day. Later on Friday, demonstrators clashed with police, international media reported.

In France, where most people have the day off for May Day, workers’ unions using the slogan “bread, peace and freedom” called for protests in Paris and other cities.

Global recession fears

Fears of a global recession are looming over Labour Day rallies at a time when income inequality is growing.

In Gaza, Palestinian workers have cancelled May Day events because of the economic crisis caused by Israel’s genocidal war on Gaza and poor conditions on the ground.

The Palestinian General Federation of Trade Unions said that about 550,000 workers across Gaza and the West Bank have no income and that the situation is unprecedented.

The International Trade Union Confederation has reported that at least four CEOs of major corporations each pocketed more than $100m in pay and bonuses last year, while many workers are facing potential job cuts.

Workers’ rights coalitions are calling for urgent action to curb extreme wealth. They want governments to impose higher, fairer taxes on the wealthiest and limit excessive executive pay.

While Labour Day began in the US, when workers protested for an eight-hour workday in the 1880s, the US does not count May Day as a public holiday.

However, an umbrella group of activist and workers’ groups known as May Day Strong has called for protests under the slogan, “workers over billionaires”. Hundreds of demonstrations and marches have been planned across the US.

April 30 (UPI) — Oil prices briefly topped $126 a barrel in Asian trade overnight as markets reacted to news the United States might resume its military offensive against Iran and fears the Hormuz Strait might remain closed for much longer than anticipated.

Brent crude, the global benchmark, surged to $126.31, its highest level since Russia invaded Ukraine in 2022, after a report that U.S. military commanders were pitching a campaign of “short and powerful” strikes to U.S. President Donald Trump, to force Iran back to the negotiating table.

The price retreated to around $120 by the time markets in Europe opened on Thursday and continued to fall through the morning. The Brent contract for June delivery was trading at $113.91 a barrel in mid-afternoon trade in London, while American crude for June delivery was changing hands at $104.82.

Oil prices have already elevated since the war began on Feb. 28 and began climbing further on Wednesday after Trump met with executives of U.S. oil companies the previous day about how to deal with supply disruption from the closure of the Strait of Hormuz by Iran, which has vowed it will continue until the United States’ blockade of its ports is lifted.

The group discussed “steps we could take to continue the current blockade for months if needed and minimize impact on American consumers,” a White House official said.

Around 25% of the world’s oil supply passes through the strait and the prospect of it remaining effectively closed for months has set alarm bells ringing in markets as traders’ faith in an early resolution fades and “the reality of the supply situation” sets in.

“The breakdown of talks between the U.S. and Iran, along with President Trump reportedly rejecting Iran’s proposal for a reopening of the Strait of Hormuz, has the market losing hope for any quick resumption in oil flows,” said William Patterson, ING’s Singapore-based head of commodities strategy.

Trump has said he believes the regime in Tehran will blink first, saying they were less afraid of the bombing than the blockade, with U.S. officials banking it will force Iran to shutter oil production because the oil has nowhere to go and the country lacks sufficient storage facilities.