• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Exclusive

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

EuropeIran
Europe

German chancellor says the U.S. ‘is being humiliated by the Iranian leadership’ as allies go public with discontent

By
Jake Angelo
Jake Angelo
News Fellow
Down Arrow Button Icon
By
Jake Angelo
Jake Angelo
News Fellow
Down Arrow Button Icon
April 28, 2026, 12:21 PM ET
friedrich merz
Federal Chancellor Friedrich Merz speaks at the press statement during the two-day meeting of the CDU/CSU parliamentary group's executive committee.Michael Kappeler/picture alliance via Getty Images

As the Iran war, a conflict President Donald Trump vowed would last no more than six weeks, now stretches past its second month, U.S. allies are increasingly going public with their discontent.

Recommended Video

German Chancellor Friedrich Merz is one of the latest to air out his concerns. In a speech Monday, the chancellor said Iran is embarrassing the U.S. on a global stage. 

“An entire nation is being humiliated by the Iranian leadership,” he said in a speech to students at an educational center in Marsberg, “especially by these so-called Revolutionary Guards. And so I hope that this ends as quickly as possible.” 

As the conflict marches on and the Strait of Hormuz remains closed, countries in Europe and Asia are particularly vulnerable to the economic fallout of the strait’s closure. European Commission President Ursula von der Leyen said on Friday the European Union has spent an extra €25 billion (nearly $29.3 billion) on energy resources since the start of the war. And earlier this month, Vanguard revised their 2026 headline inflation forecast for Europe upward to 2.5% from 1.8% and warned of stagflation if the conflict persists.

“Sharply higher energy prices stemming from tensions in the Middle East risk a significant stagflationary shock to the European economy,” Vanguard senior economist Shaan Raithatha said in a note.

Where the war’s economic fallout is the worst

In Asia, the war’s economic impact has had a particularly painful bite. In an interview with The Washington Post, Thailand’s foreign minister, Sihasak Phuangketkeow said the U.S. hasn’t offered to help as the war batters the country with rising costs. That lack of help could cost the U.S. as Sihasak said Thailand—a longstanding U.S. treaty ally—is now turning to Russia and China for help. 

“We don’t want to condemn the U.S. directly,” he said. “But this is something that should not have started.”

Countries across the Asian continent are some of the most reliant on the energy resources and fertilizer that passes through the strait—a crucial chokehold that normally sees the passage of a fifth of the world’s oil and natural gas reserves. The continent consumes about 80% of the oil that passes through the critical trade chokepoint, according to the International Energy Agency (IEA).

The diplomatic frustration comes as the U.S. struggles to strike a deal with Iran to reopen the Strait of Hormuz, even as a fragile ceasefire holds between the two countries. The war is stuck in a limbo as the U.S. pushes for Iran to commit to abandoning its contentious nuclear program. Trump last week scheduled and then canceled plans to hold talks with Iran. 

This week, Iran offered a proposal to the U.S. that would allow the two countries to mutually drop their respective restrictions on the Strait of Hormuz, though kicking the question of the nuclear program down the line. White House Press Secretary Karoline Leavitt said the deal “is being discussed” but added “the president’s red lines with respect to Iran have been made very, very clear.”

Merz criticized the U.S.’s approach to negotiating with Iran. “The Iranians are obviously very skilled at negotiating, or rather, very skillful at not negotiating, letting the Americans travel to Islamabad and then leave again without any result,” he said.

A growing chorus of criticism

The longer the two countries take to strike a deal, the worse the energy crisis gets. IEA Executive Director Fatih Birol said the world is at an unprecedented inflection point thanks to the Iran war, one worse than other energy crises, including the dual 1970s shocks. “We are facing the biggest energy security threat in history,” he said.

Other leaders have lambasted the U.S. for its actions in the Middle East as global economies are left to wrangle with the reality of a prolonged energy shock that has no end in sight. Spanish Prime Minister Pedro Sánchez was quick to criticize the U.S. just a week after the war’s start. “We can’t play Russian roulette with the destiny of millions of people,” he said. “The powers involved in this conflict should immediately stop the hostilities.”

Though as the war extends into its eighth week, the rising tide of global discontent has crested, with statements echoing from even the U.S.’s closest allies. Earlier this month, U.K. Prime Minister Keir Starmer said he’s “fed up” with people in the country paying higher bills because of the actions from the likes of Russian President Vladimir Putin or President Trump.

For Merz, an added concern is the fact that the U.S., without proper diplomatic channels, seems poised to extend the war into the foreseeable future.

“The problem with conflicts like these is always the same,” Merz said. “It’s not just about getting in, you also have to get out. We saw that all too painfully in Afghanistan for 20 years. We saw it in Iraq.”

Join our exclusive webinar on May 28, featuring tech leaders from Orange, Mars, Reckitt, and Saint-Gobain. Apply to attend and receive Fortune’s editorial takeaways.
About the Author
By Jake AngeloNews Fellow
See full bioRight Arrow Button Icon

Latest in Europe

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Europe

Pope Leo launches an AI commission days before he releases a papal letter alongside Anthropic cofounder Christopher Olah
AIPope
Pope Leo launches an AI commission days before he releases a papal letter alongside Anthropic cofounder Christopher Olah
By Catherina GioinoMay 18, 2026
3 hours ago
Ryanair’s CFO says the airline has plans for an ‘armageddon situation’ as the jet fuel crisis threatens weaker European airlines this winter
EnergyAirline industry
Ryanair’s CFO says the airline has plans for an ‘armageddon situation’ as the jet fuel crisis threatens weaker European airlines this winter
By Marco Quiroz-GutierrezMay 18, 2026
6 hours ago
Ukraine brings the war to Moscow with one its largest drone attacks on the capital, adding to the ‘darkening cloud of anxiety over Russia’
EuropeRussia
Ukraine brings the war to Moscow with one its largest drone attacks on the capital, adding to the ‘darkening cloud of anxiety over Russia’
By Samya Kullab and The Associated PressMay 17, 2026
1 day ago
leo
EuropeReligion
Pope Leo warns of ‘spiral of annihilation’ as AI warfare leads to symphony of destruction
By Nicole Winfield, Paolo Santalucia and The Associated PressMay 15, 2026
3 days ago
A European central bank has signed a mega deal with a cloud service provider. The problem for Google, Microsoft and Amazon? It’s not with them 
EuropeLetter from London
A European central bank has signed a mega deal with a cloud service provider. The problem for Google, Microsoft and Amazon? It’s not with them 
By Kamal AhmedMay 14, 2026
4 days ago
Photo: Elevate Jet CEO Greg Raiff
EnergyOil
The airplane fuel shortage is a myth propagated by airlines who want to cancel unprofitable flights, says private jet CEO
By Jim EdwardsMay 14, 2026
5 days ago

Most Popular

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
6 days ago
Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
AI
Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
By Jake AngeloMay 16, 2026
2 days ago
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
Economy
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
By Jason MaMay 17, 2026
1 day ago
SpaceX heads into a record-shattering IPO with the 'deepest moat that exists today' as investors vow to 'never bet against Elon'
Innovation
SpaceX heads into a record-shattering IPO with the 'deepest moat that exists today' as investors vow to 'never bet against Elon'
By Jason MaMay 16, 2026
2 days ago
Mamdani's New York is coming to tax your private jet. Here's how to prepare
Personal Finance
Mamdani's New York is coming to tax your private jet. Here's how to prepare
By Greg RaiffMay 16, 2026
3 days ago
'No one was coming to save me': How Reese Witherspoon built a $900 million company from a problem Hollywood wouldn't fix
Success
'No one was coming to save me': How Reese Witherspoon built a $900 million company from a problem Hollywood wouldn't fix
By Sydney LakeMay 17, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.