Ata mārie and welcome to your Friday summary of global business and political news.
First up, fuel giant Shell reported a jump in profit following the sharp increase in oil prices since the beginning of the Iran war. Its profit in the first quarter was US$6.92 billion, higher than expected, and up from US$5.58b last year. Last week, rival company BP said its profit had more than doubled, the BBC said.
Shell chief executive Wael Sawan said it delivered strong results in a quarter marked by “unprecedented disruption” in global energy markets.
“The safety of our people remains our priority as we work closely with governments and customers to address their energy needs.”
Navigation could return to normal in the Strait of Hormuz if the Iran war ends and a blockade and sanctions were lifted, said Iran’s Foreign Minister Abbas Araghchi. He spoke as Iran prepared to respond to the US’s 14-point proposal to end the war, Al Jazeera reported.
US President Donald Trump had “very good talks” with Iran. “It’s very possible we’ll make a deal,” he said. An Iranian spokesperson said the most important issues currently being discussed were the ceasefire, efforts to end the war, and peace and stability in the region.
US President Donald Trump.
CNN reported that Iran was trying to force shipping firms to comply with a new protocol for transiting the Strait of Hormuz, or risk attack.
Titled “Vessel Information Declaration”, the document must be completed by all transiting vessels to ensure safe passage. Since the war started, Iran had threatened to strike any ship passing through the waterway without permission from the Islamic Revolutionary Guard Corps.
In other news, Brazil’s President Luiz Inácio Lula da Silva met with Trump at the White House on Thursday local time to discuss tariffs and other economic matters, the BBC said.
Trump posted on social media that the meeting "went very well" and additional meetings would take place in coming months.
Meanwhile, Trump is expected to be accompanied by multiple CEOs on his visit to China next week, sources told CNBC. Boeing’s Kelly Ortberg and Citigroup’s Jane Fraser had been invited on the trip.
Trump will meet with Chinese President Xi Jinping in Beijing on May 14 and 15.
To the markets, and Wall Street fell and oil prices moved around amid developments in the Middle East. Earlier, the S&P 500 fell 0.4% after hitting a new all-time intraday high. The Nasdaq eased 0.2%, while the Dow Jones lost 356 points, or 0.7%, CNBC noted.
Oil prices bounced back after trading below US$100 earlier in the session. Brent crude futures rose slightly to above US$101 per barrel.
Ukraine launched a major drone attack on numerous Russian regions ahead of Russia's upcoming Victory Day celebrations, the ABC and AP reported.
Russia's defence ministry said its forces had shot down 347 Ukrainian drones in 20 different regions, including in Moscow. Nearly 100 flights in and out of Moscow's three major airports were delayed or cancelled.
US Secretary of State Marco Rubio held a meeting with Pope Leo XIV where the pair discussed the situation in the Middle East and other topics, according to the US State Department.
“The meeting underscored the strong relationship between the United States and the Holy See and their shared commitment to promoting peace and human dignity,” it said.
The visit followed Trump’s criticisms of Pope Leo after the pontiff expressed his opposition to the US military operation in Iran.
