Morgan Stanley analysts said U.S. airline ticket prices in May were 26.7% higher than a year earlier, the steepest rise since the war in Iran pushed jet fuel costs up. Prices jumped from a 15% increase in March to over 20% in April, and analysts expect another double‑digit hike through June as demand stays strong.

Kpler analysts warned that reopening the Strait of Hormuz could unleash a brief surge as 118 oil‑laden tankers trapped in the Gulf resume transits. In a fast‑return scenario, daily movements might briefly top pre‑war levels, but the base case projects flows climbing from 15 to 40 vessels per day by month‑end, with tankers making up about 60% of traffic.

German auto lobby chief Hildegard Mueller hailed the European Parliament’s approval of the U.S.–EU tariff agreement, urging swift formal adoption. She said the deal, first outlined in 2025, offers a stable regulatory framework essential for German manufacturers and calls for the U.S. president to drop pending tariff threats once the EU fulfills its commitments. The agreement removes a major trade uncertainty for the auto sector overall.