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Airline Sector Hit as Iran Conflict Pushes Fuel Prices Higher

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The global airline industry faced fresh volatility on Thursday as rising jet fuel prices and widespread flight disruptions followed the escalating conflict involving Iran and joint strikes by the United States and Israel. Several Middle Eastern airspaces were closed due to missile risks, forcing airlines to cancel or reroute flights. Operations at Dubai International Airport, the world’s busiest international hub, began slowly resuming after coming close to a halt earlier in the week.

Airline stocks showed mixed movement as the crisis affected routes and fuel costs. Shares of carriers such as Cathay Pacific and Qantas Airways recovered slightly, while others like Wizz Air dropped sharply after warning the conflict could cut about $58 million from its profits. Analysts say airlines with strong exposure to Middle Eastern routes are particularly vulnerable as jet fuel prices surge and flight paths become longer due to airspace restrictions.

Meanwhile, airlines including Emirates, Etihad Airways and Qatar Airways have started limited services through safer corridors while governments organize evacuation flights for stranded citizens. More than 17,000 Americans have already returned home, while other countries continue repatriation efforts as the aviation sector closely watches how the conflict around Iran unfolds.

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French Court Lowers Charge Against Officer in Teen Shooting Case

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A French appeals court has reduced the charges against a police officer accused of fatally shooting a teenager during a traffic stop in 2023. The court ruled that the officer, Florian M., will face trial for voluntary assault leading to death instead of the more serious charge of murder. The case centres on the shooting of 17-year-old Nahel Merzouk, who was shot after allegedly failing to comply with police orders to stop his car.

The teenager later died from his injuries, triggering widespread protests and unrest across France. Prosecutors had earlier said the officer should stand trial for murder, but the appeals court concluded that there was insufficient evidence to prove the officer intended to kill when he fired his weapon. Under French law, the revised charge carries a maximum sentence of 20 years in prison, compared with up to 30 years for murder.

The decision has sparked strong reactions from both sides. The officer’s lawyer welcomed the reduced charge but argued that his client should not face trial at all, maintaining that the shooting was justified. Meanwhile, the victim’s family condemned the ruling, saying it prevents a jury from examining whether there was intent to kill and calling the decision deeply unjust.

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EU Diplomat Says Iran’s Actions Risk Its Own Downfall

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European Union foreign policy chief Kaja Kallas said Iran’s government is undermining its own future by launching indiscriminate attacks across the region. Speaking to reporters, she accused Tehran of pursuing a strategy aimed at spreading instability and escalating conflict in the Middle East, warning that such actions could ultimately backfire on the Iranian leadership.

Tensions escalated further after Turkey reported that NATO air defence systems intercepted an Iranian ballistic missile heading toward Turkish airspace. Radosław Sikorski, Poland’s foreign minister, criticised Iran’s actions, saying the country was widening the conflict by targeting nations that were not directly involved in the war.

Kallas also warned that the growing Middle East crisis risks diverting international attention away from the war in Ukraine. While she noted that the conflict could weaken Russia by costing it a regional ally, she cautioned that Moscow might still benefit from rising global oil prices triggered by the escalating tensions.

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U.S.–Spain Rift Deepens Over Military Cooperation

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The White House said Spain has agreed to cooperate with the U.S. military after pressure from Donald Trump, but Spanish officials quickly denied any such agreement. Trump had earlier threatened to cut off trade with Spain over its refusal to allow U.S. forces to use military bases in the country for operations linked to strikes on Iran.

White House press secretary Karoline Leavitt told reporters that Spain had “heard the president’s message loud and clear” and had agreed to cooperate with the U.S. military. However, Spain’s foreign minister Jose Manuel Albares rejected the claim, stating that Madrid had not changed its stance and denying that any such deal had been made.

Spain has strongly criticized the U.S.–Israeli attacks on Iran and has refused to allow American aircraft to use joint bases in southern Spain. Prime Minister Pedro Sanchez reiterated the country’s anti-war position, warning that the escalating conflict in the Middle East could trigger a broader global crisis.

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Sánchez Rejects Trump Trade Threat, Reaffirms Spain’s ‘No to War’ Stance

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Spanish Prime Minister Pedro Sánchez has firmly rejected US President Donald Trump’s threat to sever trade ties with Spain, reiterating Madrid’s opposition to war and what he described as breaches of international law. In a televised address from the Moncloa Palace, Sánchez said Spain’s position on conflicts in Ukraine, Gaza and Iran could be summed up as “no to war.” Trump had warned he would cut off trade with Spain after Madrid reportedly refused to allow US forces to use the jointly operated bases at Morón and Rota for strikes on Iran, calling Spain a “terrible partner” in NATO.

Sánchez avoided directly mentioning Trump’s trade ultimatum but stressed that “you cannot answer one illegality with another,” warning that escalating military actions risked wider catastrophe. He said Spain was assessing economic measures to shield citizens from the fallout of global tensions. The Spanish leader drew parallels with the 2003 Iraq invasion, recalling the “Azores trio” meeting between former US President George W. Bush, UK Prime Minister Tony Blair and Spain’s then-leader José María Aznar, and argued that intervention had left the world less secure.

European leaders rallied behind Madrid, with French President Emmanuel Macron and European Council President António Costa expressing solidarity. Domestically, Sánchez’s stance may resonate with voters, as recent polling suggests a strong majority of Spaniards hold negative views of Trump. However, uncertainty remains over whether Washington will follow through on its economic threats, adding pressure to Sánchez’s already fragile coalition government amid ongoing political and corruption challenges.

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Greek Appeals Court Upholds Criminal Organisation Convictions Against Golden Dawn

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An appeals court in Athens has upheld the landmark 2020 ruling that senior figures of the far-right Golden Dawn operated as a criminal organisation under the guise of a political party. Founder Nikos Mihaloliakos and six other top officials were again found guilty of leading the group, while another 24 defendants — including 11 former MPs — were convicted of membership. The court also reaffirmed convictions linked to the 2013 murder of left-wing musician Pavlos Fyssas and the violent assault on Egyptian fishermen in Athens.

The defendants face sentences of up to 15 years in prison. The appeal process began in 2022, and last December prosecutor Kyriaki Stefanatou urged judges to maintain the original verdicts, describing Golden Dawn as a “genuine child of Nazi ideology” whose actions were motivated by extremist beliefs targeting political opponents and migrants. More than 200 people gathered outside the Athens court to welcome the ruling, marking another significant moment in Greece’s long-running legal battle against the party.

Golden Dawn rose to prominence during Greece’s financial crisis, entering parliament in 2012 with 18 seats amid public anger over austerity and immigration. However, its support declined sharply after Fyssas’ murder, which led to the arrest of key members, including Mihaloliakos. Although he accepted “political responsibility” for the killing, he denied criminal liability and was released on health grounds in September 2025 before completing his 13-year sentence. The party has failed to return to parliament since 2019, while a newer far-right group, the Spartans — endorsed by former Golden Dawn spokesman Ilias Kasidiaris — has since secured two seats.

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German Intelligence Alleges Russia Concealing True War-Related Budget Deficit

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Germany’s foreign intelligence service, Federal Intelligence Service (BND), has accused Moscow of understating the economic toll of its war in Ukraine, estimating that Russia’s 2025 budget deficit is significantly higher than officially reported. In a LinkedIn post, the BND said the actual federal deficit stood at 8.01 trillion roubles, compared with the official figure of 5.65 trillion roubles, or 2.6% of GDP. The agency claimed the shortfall was about 2.36 trillion roubles ($30.45 billion) greater than acknowledged by Russian authorities.

The BND said Western sanctions were having a “clear effect” on the Russian economy, compounded by sharply lower oil and gas revenues due to falling global energy prices. According to the agency, Russia has been forced to sell oil at steep discounts amid sanctions and pressure from the United States on key buyers. It also estimated that Russia’s consolidated budget deficit, including regional accounts, widened to 8.3 trillion roubles in 2025, or 3.9% of GDP — more than double the level recorded in 2024.

The Kremlin dismissed concerns about deteriorating public finances, describing falling revenues and a widening deficit as “routine difficulties” that could be managed thanks to overall macroeconomic stability. Russia’s Finance Ministry has not publicly responded to the BND’s assessment. Although global oil prices have recently risen following U.S. and Israeli strikes on Iran, Reuters calculations suggest the rebound remains insufficient to balance Russia’s budget.

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Euro Zone Services Growth Picks Up Slightly as Demand Improves

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Services activity across the euro zone expanded at a slightly faster pace in February as demand conditions improved, according to a Purchasing Managers’ Index (PMI) survey compiled by S&P Global. The HCOB euro zone services PMI rose to 51.9 from 51.6 in January, signalling continued growth, though the pace of expansion remained modest. Economists noted that while momentum improved compared with the previous month, overall performance in the sector was still subdued.

New business volumes increased modestly, extending an expansion trend that began in August, while companies continued reducing backlogs of work for a fourth consecutive month. However, hiring growth slowed to a five-month low as business confidence softened. At the same time, cost pressures intensified sharply, with firms reporting rising wages, energy prices and transportation costs pushing input inflation to its highest level in nearly three years.

The data suggests the European Central Bank may remain cautious about cutting interest rates further, as persistent price pressures remain a concern. Among major economies, Germany recorded the strongest services growth, while activity slowed in Italy and Spain, and France’s services sector continued to contract, albeit at a slower pace. The services rebound helped lift the euro zone’s composite PMI to a three-month high, extending the region’s economic expansion to 14 months.

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Trump Threatens Trade Embargo on Spain Over Military Base Dispute

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U.S. President Donald Trump has threatened to halt all trade with Spain after Madrid refused to allow American forces to use its military bases for operations linked to strikes on Iran. Speaking during a meeting with German Chancellor Friedrich Merz, Trump said he had instructed U.S. officials to consider cutting off economic dealings with Spain, accusing the NATO ally of failing to support U.S. security objectives and defence commitments.

The dispute follows Spain’s decision to deny the use of the Rota and Moron air bases for Iran-related military missions, prompting the relocation of U.S. aircraft stationed there. Trump also criticised Spain for not meeting proposed NATO defence spending targets and argued that U.S. law could allow trade restrictions or embargoes under emergency powers. However, legal experts noted that imposing a full trade embargo would require declaring Spain an extraordinary national security threat — a move considered difficult to justify.

Spain responded by stressing respect for international law, private business autonomy, and existing European Union trade agreements with Washington. Madrid said it was prepared to manage any economic impact while continuing to support free trade. Spain exports products such as olive oil, auto parts, steel, and chemicals to the U.S., though America currently maintains a trade surplus with Spain, highlighting the broader economic stakes of the escalating diplomatic tension.

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EU ‘Made in Europe’ Auto Plan Risks Trade Tensions

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The European Union is preparing to introduce stricter “Made in EU” requirements for automakers as part of a proposed Industrial Accelerator Act aimed at reviving domestic manufacturing. Under draft rules, electric vehicles would need at least 70% of their parts’ value — excluding the battery — produced within the bloc to qualify for subsidies, alongside minimum EU-based battery content. The move is designed to counter mounting pressure from cheaper Chinese electric vehicle imports and prevent further industrial decline.

However, the plan has exposed divisions within the EU. France has pushed for stronger protection of local suppliers, warning of further factory closures and job losses without firm local-content mandates. Germany, whose carmakers depend heavily on exports to China, fears that stricter rules could trigger retaliatory trade measures. Industry groups caution that global auto supply chains are deeply integrated, making compliance complex and raising the risk of disrupting production networks.

Non-EU countries such as Britain and Turkey, key manufacturing hubs for European brands, are lobbying to be included in the framework. Automakers warn that excluding these partners could weaken EU production itself, while including them may create loopholes for Chinese firms to benefit indirectly. With billions of euros in subsidies and thousands of jobs at stake, policymakers are walking a tightrope between strengthening European industry and avoiding backlash from global trading partners.

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