Gas and oil

Bloomberg - There’s more evidence of pain in the airline industry from surging jet fuel prices. Alaska Air suspended its full-year profit guidance and is forecasting a second-quarter loss. Spirit raised the prospect of offering the US government an equity stake to help stave off its potential liquidation. And over at JetBlue, CEO Joanna Geraghty waved off recent speculation about a bankruptcy filing.

Axios - Even if the Iran conflict ended now and the Strait of Hormuz fully opened, don't look for a quick return to pre-war gas prices. Costlier fill-ups are the most direct and visible economic effect of the war for many Americans, and could sway midterm election races.

Energy Secretary Chris Wright told CNN Sunday that gas might not drop all the way down to the pre-war level — averaging just under $3 per gallon in the U.S. — until next year. But President Trump appeared to contradict him in comments to The Hill yesterday, seeing a faster drop.

Researchers and the analysts we've talked to see slower price drops — pretty close to Wright's prediction.

• And the Iran war — and threats to oil supplies — remain so unpredictable that the country could even face more spikes.  Full story