Victoria Craig

I don't think anybody saw that one coming.

A pleasure.

Thanks, Mark.

Good morning from the Financial Times.

Today is Monday, May 11th, and this is your FT News Briefing.

We've got a few updates on the situation in the Strait of Hormuz, and despite warnings of jet fuel shortages, some airlines are not upping their ticket prices.

Plus, Britain's Prime Minister will step up to the podium today as calls for him to resign get louder.

I'm Victoria Craig, and here's the news you need to start your day.

We've been talking for months about how oil tankers have been stuck in the Gulf.

That's because the Strait of Hormuz has been effectively shut since the U.S.-Israeli war on Iran began back in February.

But just yesterday, a Qatari gas shipment made it through.

It's bound for Pakistan and is the first from Qatar to make it through the strait with Iran's sign-off since the war started.

The tanker's lonely journey through the waterway comes as European oil majors are reaping billions of dollars from the energy market turmoil.

Analysts estimate that Shell, BP, and Total Energies raked in as much as $4.75 billion from volatile price swings.

But as these oil giants earn a windfall from the war, Asian nations are forced to look at oil and gas alternatives, namely coal.

Shipments of the carbon-intensive fuel typically slow down by this time in the year as the heating season nears an end.

But analysts estimate that global coal imports in May are expected to be the third highest monthly figure on record.

One of the big questions around the energy crisis is how soaring fuel prices will impact the summer travel season.

Industry insiders say airlines and their customers are locked in a confidence game over whether there will even be flights available to take people to their destinations.

Despite that, and surprisingly, some airlines are cutting prices instead of raising them.