Brent crude futures fell 64 cents, or 0.59%, to $107.53 a barrel by ‌2308 GMT ⁠after settling ⁠down $2.23 on Friday.

U.S. West Texas Intermediate was at $101.10 a barrel, down 84 cents, or 0.82%, following a $3.13 loss on Friday.

“For the good of Iran, the Middle East, and the United States, we have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business,” Trump ⁠wrote in a ‌post on his Truth Social site on Sunday.

Oil prices remained above $100 a barrel with no peace deal in sight and ⁠traffic in the Strait of Hormuz still limited. Negotiations between the U.S. and Iran continued over the weekend with the countries assessing responses from each other.

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“Peace talks have been stalled as both sides refuse to move on their respective red lines,” ANZ analysts said in a note.
Trump has made a nuclear deal with Tehran a priority, while Iran has proposed to set aside nuclear issues until after ‌the war ends and the foes agree to lift opposing blockades on Gulf shipping. On Sunday, the Organization of the Petroleum Exporting Countries and their allies, or ⁠OPEC+, said they will raise oil output targets by 188,000 barrels per day in June for seven members, the third consecutive monthly rise.

The increase is the same as that agreed for May minus the share of the United Arab Emirates, which left OPEC on May 1. However, the higher volume will remain largely on paper as long as the Iran war continues to disrupt Gulf oil supplies through the Strait of Hormuz.

A United Airlines international flight struck a light pole and tractor trailer while approaching Newark Liberty International Airport on Sunday, injuring a truck driver on the ground, authorities said.

Flight 169, traveling from Venice, Italy to New Jersey, made contact with the pole during its descent at around 2 p.m., the airline and police told FOX Business. The plane landed safely and taxied to the gate. All 221 passengers and 10 crew members were unharmed.

“Upon its final approach into Newark International Airport, United flight 169 came into contact with a light pole,” United said in a statement to FOX Business. “The aircraft landed safely, taxied to the gate normally and no passengers or crew were injured.”

UNITED PILOT REPORTS MIDAIR DRONE SCARE NEAR AIRPORT DURING LANDING APPROACH

United said its maintenance teams are inspecting the aircraft for possible damage and conducting a full safety review. (Patrick Oyulu via Storyful / Storyful)

United said its maintenance teams are inspecting the aircraft for possible damage and conducting a full safety review. The crew members on board have been temporarily removed from service.

New Jersey State Police said troopers responded at around 1:58 p.m. near the New Jersey Turnpike.

A preliminary investigation found the plane’s landing gear and underside struck a pole and a tractor-trailer, sending the pole into a Jeep traveling on the roadway. 

The tractor-trailer driver was taken to a hospital with non-life-threatening injuries, according to New Jersey State Police.

UNITED AIRLINES RAISING TICKET PRICES UP TO 20% AS FUEL COSTS SURGE AMID IRAN WAR

Federal authorities have also launched investigations into the incident.  (Patrick Oyulu via Storyful / Storyful)

“The crash remains under investigation, and no additional information is available,” New Jersey State Police told FOX Business.

Federal authorities have also launched investigations into the incident. 

The Federal Aviation Administration (FAA) confirmed the aircraft struck the pole at roughly 2 p.m. local time and said it is investigating.

The National Transportation Safety Board (NTSB) also opened a probe and said an investigator is expected to arrive in Newark on Monday.

TRUMP TRANSPORTATION SECRETARY DUFFY ANNOUNCES RELIEF FOR SPIRIT AIRLINES FLYERS, EMPLOYEES

United Airlines planes are seen at the gate at Newark Liberty International Airport in Newark, New Jersey, on May 7, 2025.  (KENA BETANCUR/AFP via Getty Images / Getty Images)

“The agency has directed United Airlines to secure and provide both the cockpit voice recorder and flight data recorder to support the investigation. A preliminary report outlining the facts and circumstances of the event is expected within 30 days,” NTSB told FOX Business in an email.

The incident comes just days after a United pilot reported a possible drone encounter while approaching San Diego International Airport, according to air traffic audio.

CLICK HERE TO GET FOX BUSINESS ON THE GO

The FAA did not immediately respond to FOX Business’ request for comment.

FOX Business’ Bonny Chu contributed to this report.

Kaynar Group founder Kyle Ringin has been named the First Amongst Equals at the 2026 40under40 business awards, taking out the top honour recognising Western Australia’s emerging business leaders. 

More than 600 people took to Crown to celebrate the tradie-turned-entrepreneur and 39 others in the 25^th year of the Business News awards gala on Friday evening.

Attendees were entertained with a night of performances by Williams Creative Co, Japanese Wadaiko ensemble Taiko On and DJ crossed with live music duo, The New Now.

Having judged most of the 40under40 awards since its inception in 2002, Business News senior journalist and chief judge Mark Pownall said WA has continued to offer up a diverse cohort of excellent candidates.

Choosing the winners, he said, remained a challenge from the beginning. 

“In our first year of 40under40, the judging panel caused a bit of angst for the event organisers by deciding to name two winners, because we could not split the tied pair,” Mr Pownall said. 

“One was from a family business, the other from corporate WA.

“I felt that start set the tone for 40under40.”

Now, a total of 1,000 of WA’s business leaders have been inducted as 40under40 winners.

“It is not about any one sector in this state – it isn’t just small business, or family business, or startup founder, or careerists who have made it on St Georges Terrace,” Mr Pownall said. 

“All of those can have a crack, and they have.”

Having undertaken an extensive interview and application process, Mr Ringin was recognised as both First Amongst Equals and the winner of the Family Business category. 

Working as an apprentice auto electrician and workshop foreman in Broome, he identified a gap in the Kimberley for a reliable, locally skilled trades provider.

That led him to establish maintenance, mining and civil solutions provider Kaynar Group with his wife and co-founder Shaylee Greechan in 2020. 

Mr Ringin has turned operating in extreme remoteness into a competitive advantage, all while delivering real impact for WA’s north. 

Kaynar Group has grown rapidly over the past five years in both revenue and staff, employing more than 130 people. 

But Mr Ringin‘s secret to success is simple – to seize any opportunity when it comes. 

“One of our clients had a need for a mining provider when their current mining provider left,” he said after receiving the top honour. 

“We stepping in without any right to be doing that, and delivered a mining program for six months to an exceptional standard that taught us we can deliver other disciplines as well.”

Using a people-first approach, Mr Ringin continues to build his local workforce and create opportunities for both Indigenous and non-Indigenous remote youth through apprenticeships, TAFE and community partnerships. 

“We are a people business and we trade in time but our product is trust, and this represents that,” Mr Ringin said. 

First Amongst Equals finalists Jessica Wilson, Ben Smith and Kyle Hoath missed out on the top honour, but all won in other categories. 

Ms Wilson, a Yindjibarndi and Njamal entrepreneur and artist, took home the Indigenous Business award.

As the founder of Seven Sisters Collective, she helps find opportunities for Indigenous artists on large projects and builds education among businesses.

After a career spanning hyper-growth consumer brands, Mr Smith’s leadership as chief executive of alcohol, drug and mental health support provider Holyoake earned him the Community, Social Enterprise or Not for Profit award.

And Dr Hoath, a defining voice in the state’s medical and civil leadership, won the Small or Start-Up Business award. 

The consultant psychiatrist and newly elected President of the Australian Medical Association WA co-founded Oqea – a technology platform modernising mental health care.

The Pantry Group founder Sam Kaye was recognised with the People’s Choice award – recognising his journey which went from working at Daisies Cottesloe to owning the cafe alongside three other hospitality venues. 

The other major category winners include:

You can read more about each of the winners in the May 18 edition of Business News’ print magazine, which will also be available online.

Congratulations to all of 2026’s 40under40 winners:

Kyle Ringin: Kaynar Group 

Jessica Wilson: Seven Sisters Collective 

Ben Smith: Holyoake 

Kyle Hoath: Oqea 

Sam Kaye: The Pantry Group 

Zoran Aleksic: PCH Civil 

Stephen Tormey: Bennco Engineering 

David Gozzard: The University of Western Australia 

Libbi McLean: Pragma Lawyers

Justin Barnes: Rocket Launcher 

Tandin Dorji: Kingston International College

Joshua Wigley: Hyperion Systems

Mathew Wilson: Wilco Maintenance Solutions

Matthew Oldakowski: Earflo

Rowan Streater: Mayfair Building Co

Simon Grantham: Xcircle

Kane Smith: Smartfix

Alastair Mackenzie: Buddiup

Curtis Reddell: Therapy Focus

Benn Ellard: White Spark Pictures / Surround Sync

Jo Gibb: Coliving Collective

Mark Bond: Consolidated Electrical Solutions

Luke Whelan: Perth is OK! / Social Meteor

Kassia Kazmer: Prospex Group

Michael Agostino: Trendsetter Homes / Select Living

Andrew Dornan: Sun Silver

Damien Wragg: Trainwest 

Ashley McGrath: CEOs for Gender Equity

Isabelle Charter: Betterlabs

Jeroen van Dalen: Integral Development Associates

Mathew Bouse: La Vida Homes

Bianca Lore: Wiimali Co

Owen Hightower: RFF 

Harriet Page: Page Advisory

Catherine Hyde: Amity Resources

Rachel Falzon: Women in Defence Association

Eli Barlow: Funday Entertainment Group / Lavender Estate

Jonathan Cover: JPS Management and Execution / Safe Isolation Australia

Mark D’Alessandro: Contec Australia / JCM Property Group

Samantha Johnson: Sexual Health Quarters

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