WS #6398

The dominant narrative in this window is the collapse of Spirit Airlines, which ceased operations on May 2 after a failed bailout, directly attributed to the doubling of jet fuel prices due to the Iran war and Strait of Hormuz blockade. This is corroborated by multiple sources (Reuters, AP, BBC, local outlets) and marks the first major U.S. airline liquidation in 25 years, with 15,000 jobs lost and stranded passengers. The U.S. Transportation Secretary stated no further budget airline bailouts are needed, countering earlier rescue talks. Separately, the US troop withdrawal from Germany (5,000 troops) continues to escalate transatlantic tensions, with NATO and Germany calling for greater European defense autonomy, while Poland's PM warns of NATO 'disintegration'. The US also announced 25% tariffs on EU vehicles, escalating trade tensions. On the energy front, oil prices remain elevated above $105/barrel, with OPEC+ agreeing to a symbolic 188,000 bpd increase for June, but analysts note this is largely symbolic as the Strait of Hormuz blockade prevents actual supply increases. Kuwait exported zero crude in April for the first time since 1991, highlighting the severity of the disruption. China has ordered non-compliance with US sanctions on five Chinese firms importing Iranian oil, escalating trade tensions. The US is also warning shipping firms over paying Iranian tolls in the Strait of Hormuz. In corporate news, Berkshire Hathaway reported record cash holdings of $397 billion and strong Q1 results, while Amazon beat earnings expectations with strong AWS growth. Meta is facing further layoffs (10% of workforce). The overall narrative arc is one of ESCALATING geopolitical and trade tensions, with energy-driven inflation persisting and the first major corporate casualty (Spirit Airlines) materializing.