Chevron CEO Mike Wirth on Monday said that shortages in the oil supply chain will start appearing around the world because of the closure of the Strait of Hormuz amid the Iran war.

Wirth made the comments during a discussion at the Milken Institute’s Global Conference about global economic growth and said that economies in Asia will be the first to shrink as demand adjusts to the disruption of oil supplies.

“We will start to see physical shortages,” Wirth said, adding that surplus supply in commercial markets, tankers in so-called shadow fleets avoiding sanctions, and national strategic reserves were being absorbed.

“Demand needs to move to meet supply,” he said. “Economies are going to have to slow.”

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Asian countries are the most reliant on oil produced and refined by countries near the Persian Gulf and are likely to see shortages first, followed by European countries, Wirth said.

He said that the U.S. as a net exporter of crude oil would be less affected than other parts of the world, but eventually the effects of the supply constraints will be felt there as well.

Wirth noted that the last scheduled shipment of oil from the Gulf was being offloaded at the Port of Long Beach, which supplies Los Angeles and Southern California.

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The overall impact of the closure of the Strait of Hormuz is “potentially as big as in the 1970s,” Wirth said of the energy crises that stemmed from the Yom Kippur War and the Iranian revolution that disrupted oil exports from the Middle East.

Energy prices have spiked amid the Iran war, with prices for global crude oil benchmarks West Texas Intermediate and Brent both trading over $100 a barrel after surging above $110 a barrel due to the conflict.

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Surging oil prices have pushed gas prices higher, with AAA data showing that the national average price of gas at more than $4.48 a gallon as of Tuesday – up more than 41% from the $3.16 a gallon average that prevailed one year ago.

Jet fuel prices have also risen dramatically, topping $4 a gallon since the outbreak of the war after it cost less than $2.50 a gallon before the war began.

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The dramatic rise in jet fuel prices contributed to the failure of Spirit Airlines as its bankruptcy exit plan was upended by mounting costs.

Reuters contributed to this report.

The narrative around markets has been gloomy. Geopolitical tensions, tariff uncertainty, and slowing global growth have kept investors cautious. But Deepak Shenoy, Founder and CEO of Capitalmind MF, thinks the ground reality is considerably better than the headlines suggest — and he has the data to back it up.

Earnings are holding up better than feared

Speaking to ET Now, Shenoy noted that corporate results coming in have been “meaningfully interesting,” with the actual impact of recent global disruptions proving far less severe than widely expected. “The worst may be ahead of us,” he acknowledged, “but it does not seem like it is as bad as it sounds.”
Market prices have reflected this shift in sentiment. April was an encouraging month for Indian equities, and Shenoy sees that price action as a signal worth paying attention to — particularly in sectors where fundamental tailwinds are building.

The credit data tells a bullish story

One of the most compelling data points Shenoy cited was the latest bank credit numbers. MSME credit grew 34% year-on-year. Large industry credit — a segment that had essentially stopped borrowing — clocked growth of 10.5%, the highest since 2013.
“To the extent that corporates are borrowing again… industrial credit, especially capex, is kind of encouraging,” Shenoy said. Credit growth, he explained, typically acts as a precursor to capital expenditure, making this a forward-looking positive signal for the broader economy.

Where Shenoy is putting money to work

On sector allocation, Shenoy is unambiguous. His preference is industrials, import substitution, and manufacturing — with defence and semiconductors as high-conviction bets within that theme. Both sectors, he argues, have revenue upside that the current market narrative is underpricing.
“There is cause for that to be a primary kind of allocation,” he said of defence and semiconductor names, pointing to strong demand visibility and the potential for significant revenue jumps.Financials, by contrast, remain a lower priority for now. While NBFC credit demand is showing signs of life, Shenoy considers the sector “still weak” relative to the opportunities available elsewhere.

His more contrarian call is on oil exploration. Once the current geopolitical uncertainty eases, he expects domestic oil and gas exploration — particularly in basins with prior discoveries — to attract significant long-term interest.

Don’t make a long-term bet on high oil prices

On crude oil itself, Shenoy’s medium-term view is decisively bearish. He expects prices to fall below $80 per barrel within a year, driven by rising supply from the US, potential re-entry of Russian oil into global markets, UAE’s push to increase output outside OPEC constraints, and new domestic discoveries by India and China.

“Any bet on oil remaining at this level forever is probably a very bad idea,” he said flatly. Long-term electrification trends add further downward pressure, though he places that impact two to four years out.

On Tata Tech and the EV technology theme: Wait for orders first

Shenoy was cautious on the buzz around Tata Technologies and the broader EV technology outsourcing theme. While he acknowledged the opportunity is real, he cautioned that entry timelines in this space are long, competition is fierce, and major players like Tesla and Chinese automakers do not meaningfully outsource to India.

His advice: wait for actual order wins before treating the narrative as an investment thesis. “There is a better set of plays out there in plain old semiconductors or industrials,” he said, rather than making a specific bet on IT names riding the EV upgrade cycle.

Renewable energy player KPI Green Energy on Wednesday reported a net profit of Rs 155 crore in the fourth quarter of FY26, marking a jump of 46% from Rs 104 crore posted in the year-ago period.

The company’s revenue from operations came in at Rs 810 crore, an impressive 40% increase from Rs 578 crore recorded in the corresponding quarter of the previous financial year.

The sharp gain in revenue was driven by strong execution momentum across renewable energy projects and higher contributions from key business verticals.

EBITDA rose to Rs 305 crore in Q4 FY25–26, marking an 80% increase from Rs 169 crore in the same period last year. This came on the back of a larger scale of operations, improved operating leverage and disciplined cost management.

Profit before tax (PBT) stood at Rs 214 crore, up 54% year-on-year from Rs 139 crore. The increase was largely supported by stronger project execution, a better revenue mix and improved operational efficiencies.

The company’s EBITDA margin improved to 36.6% from 28.3% year-on-year.
For the full year, total revenue came in at Rs 2,742 crore, marking a 56% increase from Rs 1,755 crore in FY24–25. KPI’s profit after tax (PAT) rose to Rs 509 crore, up 57% from Rs 325 crore, the company said in a regulatory filing.Alongside earnings, the company has recommended a final dividend of Re 0.25 per equity share and a special dividend of Re 0.15 per share following the successful energisation of its 1 GW IPP project. This takes the total dividend to Re 0.40 per equity share of face value Rs 5 each for FY25–26, subject to shareholder approval at the upcoming Annual General Meeting.

KPI management said: The year marked important progress in the Company’s transition towards an asset-backed renewable energy platform, with strengthened long-term revenue visibility from contracted IPP projects, continued order wins from marquee customers, successful project energisation, financial closure of new projects and entry into utility-scale Battery Energy Storage Systems.

Investors cheered the Q4 results as KPI Green shares rallied 10% to an intraday high of Rs 501 on the BSE on Wenesday.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

NEW YORK — Persistent online speculation about a possible divorce between Blake Lively and Ryan Reynolds has surged in recent weeks, fueled by the actress’s high-profile legal dispute with Justin Baldoni, yet sources close to the couple insist their marriage remains strong and the rumors are unfounded.

As of early May 2026, no divorce filings have appeared in court records, and the Hollywood power couple continues to present a united front through public support, joint appearances and dismissive responses to split chatter. The rumors gained traction after Lively’s lawsuit against her “It Ends With Us” co-star and director, which has drawn intense media scrutiny and personal attacks on the family.

Ryan Reynolds has directly addressed the speculation, publicly praising his wife’s strength and integrity during the legal battle. In a recent interview, the “Deadpool” star distanced himself from divorce talk and expressed admiration for how Lively is handling the situation, calling her “resilient” and emphasizing their solid partnership.

Origins of the Rumors

The chatter intensified after Lively attended certain events without Reynolds and amid reports of strain from the Baldoni lawsuit. Online forums and social media amplified unverified claims, with some suggesting the legal stress was taking a toll on their 12-year marriage. Tabloid headlines and TikTok videos speculated about everything from separate living arrangements to hidden tensions, often linking it to Lively’s public image challenges.

However, multiple insiders and recent sightings tell a different story. The couple was spotted together at a Wales football match in March 2026 showing affectionate moments, and Reynolds has repeatedly voiced support for his wife amid her professional battles. Blake Lively herself responded lightheartedly to a fan comment about the rumors on Instagram, writing “Haha they wish,” signaling the couple is unbothered by the noise.

Current State of the Marriage

Sources close to the family describe Lively and Reynolds as committed partners who prioritize their four children and shared life despite external pressures. The couple, who married in 2012 and are known for their playful public banter, has faced scrutiny before but consistently emerged stronger. Reynolds’ recent comments dismissing divorce talk align with this pattern of unity.

Friends say the Baldoni lawsuit has been stressful but has also brought the couple closer as they navigate the challenges together. No credible reports indicate separation or impending filings, and both continue to appear supportive in public and private.

Legal Battle Context

The divorce rumors are largely tied to Lively’s ongoing dispute with Justin Baldoni over “It Ends With Us.” The high-profile case, which involved allegations of harassment and a toxic work environment, recently saw some claims dismissed while others moved forward. The intense media coverage and personal attacks have spilled over into speculation about Lively’s personal life.

Reynolds has been vocal in his support, and the couple attended high-profile events like the 2026 Met Gala together, further countering split narratives. Insiders note that the rumors appear manufactured for clicks rather than rooted in reality.

Public and Industry Reaction

Social media remains divided, with some users fueling speculation while others defend the couple as one of Hollywood’s more stable pairings. Celebrity watchers note that Lively and Reynolds have long been targets for rumor mills due to their high visibility and successful careers.

Industry sources emphasize that both stars maintain busy schedules — Reynolds with film projects and his ownership stakes, Lively with her own ventures and family life — but prioritize time together. Their four children remain central to their decisions.

Looking Ahead

As the Baldoni case continues and summer approaches, observers expect the couple to maintain a relatively low profile while focusing on family. Reynolds has upcoming projects, including potential “Deadpool” developments, while Lively balances professional commitments with motherhood.

For now, the divorce rumors appear to be just that — rumors. The couple’s history of weathering storms together, combined with recent public affirmations, suggests their marriage is intact despite the noise. Hollywood relationships often face intense scrutiny, but Lively and Reynolds continue demonstrating resilience and unity.

Fans and followers are advised to approach unverified claims with skepticism and await any official statements from representatives. As of May 2026, Blake Lively and Ryan Reynolds remain married and appear committed to their life together, turning the latest rumor cycle into another chapter in their enduring partnership.

The situation remains fluid as public interest stays high, but current evidence points to a strong marriage weathering temporary storms rather than heading toward dissolution.

A lawyer for Spirit Airlines said Tuesday that the surge in jet fuel prices left the company with “no remaining way out” of bankruptcy and caused it to cease operations last weekend, while it seeks permission to sell assets on an ongoing basis and pay bonuses to remaining employees.

Marshall Huebner, a lawyer representing the airline, said at a bankruptcy court hearing that Spirit learned last Thursday that a proposed $500 million bailout from the Trump administration wouldn’t proceed due to the objections of some of the airline’s creditors.

Huebner apologized to customers and the American public on behalf of the airline and said that Spirit continued to operate on Friday, transporting 50,000 passengers, as it sought to wind down operations before making the news public.

Earlier this year, Spirit announced a plan to exit its second bankruptcy, but the plan’s assumptions about the costs the airline would face were upended by the outbreak of the Iran war, which sent oil prices surging and ultimately pushed jet fuel prices beyond what it could manage.

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Spirit had been struggling to turn a profit before the fuel shock and has faced $100 million in fuel costs since March 1. Huebner noted that Spirit faced many hundreds of millions of dollars in high fuel costs over the rest of the year if it were to continue to operate.

The company is seeking approval from the court to pay $10.7 million in retention bonuses to employees who remain with Spirit while it winds down its operations.

The bonuses average $76,000 per participant and the request would see the top three executives paid more, though that amount was undisclosed. The U.S. Trustee, which is the Justice Department’s bankruptcy watchdog, raised concerns about the bonuses.

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Spirit also raised concerns that it doesn’t have the funds to conduct an organized auction of its aircraft, engines and other equipment – so it’s seeking court permission to conduct fast sales or to abandon the equipment to allow the lenders to repossess.

The airline ceased operations on Saturday, canceling all flights as it began winding down operations “effective immediately.”

BUDGET AIRLINES SEEK FEDERAL AID AS SPIRIT SHUTS DOWN AFTER FAILED RESCUE

The company said that customers who booked flights directly with Spirit with their credit or debit card would automatically be refunded to their original form of payment. 

Most of those refunds were processed as of Saturday evening, though some may take additional time to process and appear in customer’s accounts.

Travelers who bought tickets through third-party vendors, such as travel agencies, will need to reach out to those providers to request refunds, according to the airline.

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Passengers who used vouchers, travel credits or loyalty points to book face more uncertainty, as those claims will be handled through Spirit’s bankruptcy process, with more details on the airline’s restructuring website.

FOX Business’ Sophia Compton and Reuters contributed to this report.