May 2nd: Impact of US-Iran War on International Economy, Financial Markets, and Livelihoods
The US-Iran war has significantly impacted the global economy and financial markets. Japan made its first purchase of Russian crude oil after the Strait of Hormuz blockade, while US low-cost airline Spirit Airlines ceased operations due to soaring fuel prices. Iran faces severe inflation and unemployment, prompting the US to impose new sanctions targeting Iran's financial networks.
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- 📰 Published: May 2, 2026 at 19:32
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US-Iran War Key News
Central News Agency
(Central News Agency, Taipei, 2nd, comprehensive foreign reports) Japan has made its first purchase of Russian-produced crude oil after the blockade of the Strait of Hormuz. A tanker carrying crude oil produced from the "Sakhalin-2" development project is expected to arrive in Japan. US low-cost airline Spirit Airlines announced that due to soaring fuel prices, it has initiated an "orderly cessation of operations."
● Japan's First Purchase of Russian Crude Oil After Strait of Hormuz Blockade; Tanker to Arrive in Ehime Prefecture
The prospect of resuming crude oil transportation from the Middle East remains unclear. Importing Russian crude oil is part of Japan's efforts to diversify its crude oil procurement. A tanker carrying crude oil produced from the "Sakhalin-2" oil and gas development project in the Russian Far East departed from Sakhalin in late April and is expected to arrive in Ehime Prefecture, Japan.
Sakhalin-2 is a development project led by the natural gas giant Gazprom, with participation from Japan's Mitsui & Co. and Mitsubishi Corporation. It began year-round oil production in 2008 and started exporting liquefied natural gas (LNG) in 2009.
● US Low-Cost Airline Spirit Airlines Ceases Operations; Iran War Becomes the Last Straw
Spirit Airlines' parent company, Spirit Aviation Holdings, issued a press release stating, "The company has initiated an orderly cessation of operations, effective immediately."
Dave Davis, President and CEO of Spirit Airlines, stated in the press release: "The sudden and sustained increase in fuel prices in recent weeks has left us with no choice but to initiate an orderly cessation of the company's operations."
Since the outbreak of the Iran war in February, aviation fuel prices have doubled, prompting several major US airlines to revise down their profit forecasts, adjust capacity growth plans, or do both simultaneously.
● Iran's Supreme Leader Calls for Economic Resistance, Urges Consumption of Domestic Goods to Stabilize Employment
Despite the ceasefire, US forces continue to blockade Iranian ports, disrupting oil transportation. Iran's inflation rate has exceeded 50% in recent weeks, and its currency, the rial, fell to a historic low against the US dollar this week. Affected by the war, over 191,000 people have lost their jobs and applied for benefits.
Iran's Supreme Leader Ayatollah Mojtaba Khamenei urged the people to "prioritize the consumption of domestically produced goods" and wage an economic war to "disappoint and defeat" the enemy.
● US Implements New Sanctions to Combat Iran's Financial Network and Targets Chinese Oil Terminal
The US Treasury Department stated that Iran's "shadow banking network processes tens of billions of dollars in trade annually, most of which comes from Iran's overseas sales of oil and petrochemical products."
As part of new measures against Iran, the US State Department announced that it would impose sanctions on "Qingdao Haiye Oil Terminal Co., Ltd.," stating that the company has imported "tens of millions of barrels" of Iranian crude oil, helping Iran generate billions of dollars in revenue. (Editor: He Hong-ru) 1150502
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Central News Agency
(Central News Agency, Taipei, 2nd, comprehensive foreign reports) Japan has made its first purchase of Russian-produced crude oil after the blockade of the Strait of Hormuz. A tanker carrying crude oil produced from the "Sakhalin-2" development project is expected to arrive in Japan. US low-cost airline Spirit Airlines announced that due to soaring fuel prices, it has initiated an "orderly cessation of operations."
● Japan's First Purchase of Russian Crude Oil After Strait of Hormuz Blockade; Tanker to Arrive in Ehime Prefecture
The prospect of resuming crude oil transportation from the Middle East remains unclear. Importing Russian crude oil is part of Japan's efforts to diversify its crude oil procurement. A tanker carrying crude oil produced from the "Sakhalin-2" oil and gas development project in the Russian Far East departed from Sakhalin in late April and is expected to arrive in Ehime Prefecture, Japan.
Sakhalin-2 is a development project led by the natural gas giant Gazprom, with participation from Japan's Mitsui & Co. and Mitsubishi Corporation. It began year-round oil production in 2008 and started exporting liquefied natural gas (LNG) in 2009.
● US Low-Cost Airline Spirit Airlines Ceases Operations; Iran War Becomes the Last Straw
Spirit Airlines' parent company, Spirit Aviation Holdings, issued a press release stating, "The company has initiated an orderly cessation of operations, effective immediately."
Dave Davis, President and CEO of Spirit Airlines, stated in the press release: "The sudden and sustained increase in fuel prices in recent weeks has left us with no choice but to initiate an orderly cessation of the company's operations."
Since the outbreak of the Iran war in February, aviation fuel prices have doubled, prompting several major US airlines to revise down their profit forecasts, adjust capacity growth plans, or do both simultaneously.
● Iran's Supreme Leader Calls for Economic Resistance, Urges Consumption of Domestic Goods to Stabilize Employment
Despite the ceasefire, US forces continue to blockade Iranian ports, disrupting oil transportation. Iran's inflation rate has exceeded 50% in recent weeks, and its currency, the rial, fell to a historic low against the US dollar this week. Affected by the war, over 191,000 people have lost their jobs and applied for benefits.
Iran's Supreme Leader Ayatollah Mojtaba Khamenei urged the people to "prioritize the consumption of domestically produced goods" and wage an economic war to "disappoint and defeat" the enemy.
● US Implements New Sanctions to Combat Iran's Financial Network and Targets Chinese Oil Terminal
The US Treasury Department stated that Iran's "shadow banking network processes tens of billions of dollars in trade annually, most of which comes from Iran's overseas sales of oil and petrochemical products."
As part of new measures against Iran, the US State Department announced that it would impose sanctions on "Qingdao Haiye Oil Terminal Co., Ltd.," stating that the company has imported "tens of millions of barrels" of Iranian crude oil, helping Iran generate billions of dollars in revenue. (Editor: He Hong-ru) 1150502
Choose to stand with facts; every sponsorship you provide is a force to protect press freedom.
Download the Central News Agency 'First-hand News' APP to stay updated with the latest news.
The text, images, and audio-visual content on this website may not be reproduced, publicly broadcast, publicly transmitted, or utilized without authorization.