Airlines

Passengers have been advised to check with their airlines before they travel

The Government has said it is “closely monitoring” UK jet fuel stocks as airlines prepare for a potential shortage. UK airlines have insisted they are “not currently seeing a shortage of jet fuel” as they buy it in advance and airports maintain stocks, the Department for Transport (DfT) said in an update published on Friday evening.

But airports will also make it easier for airlines to cancel flights without running the risk of losing their allocated “slots” – scheduled times for take-off or landing which some UK airports assign to airlines – if fuel shortages prevent them from flying.

Passengers have been advised to check with their airlines before they travel – and ensure they have appropriate travel insurance, according to the DfT.

This comes as oil prices continue to soar on the back of the US-Israel war on Iran and the closure of the Strait of Hormuz.

“There is no current need to change upcoming travel plans,” the DfT statement said.

“Since the closure of the Strait of Hormuz, we have been closely monitoring UK jet fuel stocks and working with airlines, airports and fuel suppliers to ensure passengers keep moving and businesses are supported.

“Government regularly meets with industry to monitor risks, understand pressures and ensure clear communication with passengers, should circumstances change.”

It added: “We recognise that families may be concerned, and that aviation and tourism businesses are operating in challenging global conditions.

“We are working hand in hand with industry to help flights keep operating.”

The DfT said airlines will also no longer be required to follow the “use it or lose it” rule at UK airports, whereby airlines must use at least 80% of their allocated slots during a season to keep them for the following year.

“Airport Coordination Limited, the independent body that manages slot allocation at UK airports, has updated its guidance so that airlines will not lose their slots if fuel shortages prevent them from flying,” the DfT update said.

“Airlines can now apply for an exemption from the ‘use it or lose it’ rule in these circumstances.” A spokesperson for Jet2 said its flight schedule remains unaffected for the foreseeable future.

“We remain in continual dialogue with our fuel suppliers, as is standard practice,” the spokesperson said. “Based on the conversations we have been having, we see no reason not to look forward to operating our scheduled programme of flights and holidays as normal.”

The airline also confirmed there will be no surcharge on any booked flights or holidays to cover cost increases, including those linked to jet fuel.

“Amidst speculation that some airlines and travel companies may introduce such surcharges, which would mean their customers facing additional costs after making a booking, Jet2 has removed the surcharge provision across all flights and holidays, even though the company has never previously applied them,” the airline announced on Friday.

Steve Heapy, CEO of Jet2, said: “Holidaymakers should have every right to book their hard-earned break in the sun, without worrying about being hit with additional costs, and they can have that complete assurance when they book a flight or holiday with Jet2.

“As a result of today’s announcement, customers booking with Jet2 know that they are locking in their price without additional cost surprises later and we strongly believe that is the right thing to do by them.”

It is understood that Virgin Atlantic and easyJet are also expecting to operate as normal.

April 24 (UPI) — The Trump administration is working on a bailout of Spirit Airlines, which is in bankruptcy for the second time in a year, to keep it from shutting down.

President Donald Trump several times this week that the government may get involved in the situation — specifically highlighting his concerns about jobs and the airline industry — after increases in jet fuel cost made the airline’s situation even worse, CNBC and USA Today reported.

Spirit has not commented on the bailout negotiations, which would have to be approved by its creditors, but the administration has offered Spirit a $500 million loan, with the government receiving the right to own 90% of the company when it exits bankruptcy, CBS News reported.

“We’re thinking about doing it, helping them out, meaning bailing them out, or buying it,” Trump said on Thursday.

“I’d love to be able to save those jobs,” he said. “I’d love to be able to save an airline. I like having a lot of airlines so it’s competitive.”

Commerce Secretary Howard Lutnick has argued it is necessary for the government to step in and save Spirit because if it is shut down and liquidated during bankruptcy, at least 7,500 jobs will be lost.

The White House may use the Defense Production Act, which gives the government the ability to compel private companies to prioritize its contracts in the event of an emergency and to loan money to those companies, to give Spirit a loan.

The loan would make the government Spirit’s main debtor and, while the company is working its way through bankruptcy, the Department of Defense would use extra seats for transporting troops or moving other military cargo.

The union that represents Spirit’s ramp service employees, the International Association of Machinists and Aerospace Workers, urged the administration to prioritize employees at the airline, The Hill reported.

“IAM Union members at Spirit, and all frontline aviation workers, did not cause this crisis,” the union said in a statement.

“They should not be the ones forced to pay the price. Any federal assistance must prioritize protecting jobs, preserving pay and benefits, and maintaining the affordable air service that millions of Americans rely on,” the union statement said.

Spirit filed for chapter 11 bankruptcy protection in November 2024 after a judge blocked its proposed $3.8 billion merger with JetBlue Airlines in March of that year, and filed for bankruptcy again in 2025.

Spirit’s current bankruptcy plan includes the cost of jet fuel, which has roughly doubled for the company since the United States and Israel launched the war in Iran. The cost of fuel has also tanked their current business model, according to reports.

Spirit missed an interest payment this week, leading to it being warned that it could be in default with its creditors — to which Spirit has warned they may only have days to operate, which spurred the bailout talks.

The federal government already is working with the company’s creditors and has made a loan offer, CBS News reported, and Spirit has said it continues to operate normally, which includes deeply discounted flights.

Ryanair has criticised a new aviation tax that has been imposed on a European country and urged it to be abandoned as the airline outlined its impact on travel and tourists

Ryanair has slammed the new aviation tax imposed on a major holiday hotspot and urged it to be ditched in a bid to boost visitor numbers.

The beautiful country of Austria offers a scenic escape, thanks to its dramatic backdrops of snow-capped mountains, mirrored lakes, alpine forests, rolling hills, national parks, and fairy-tale-like villages. Vienna, Salzburg and Hallstatt are among the most popular destinations for Brits.

According to the outspoken people at budget airline Ryanair, a €12 (£10.39) aviation tax imposed by the countries could severely impact airlines and, in turn, travel to the country.

Ryanair claimed the tax will see airlines such as Wizz Air, Level and easyJet “abandon Austria”, although it’s worth noting these other airlines have not issued statements to this effect. Two of Austria’s biggest airlines, AUA and Ryanair, have cut their capacity and closed routes, opting for “lower-cost neighbouring countries” such as Albania, Italy and Slovakia, according to Ryanair. The airline has long been a vocal opponent of many different forms of aviation taxes, despite a post-tax profit of £1.31 billion last year, according to AJ Bell.

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Earlier this week, Ryanair called on the Government of Austria to ditch its €12 aviation tax by May 1, over concerns that it could lead to a “decline in airlines, routes and traffic serving Austrian airports”. The airline noted that the €12 tax has made “Austria uncompetitive”, as countries such as Albania, Italy and Slovakia have opted to revoke aviation taxes, lower ATC fees, and introduce growth incentive schemes to help reduce airport costs for airlines.

Ryanair has demanded that the €12 aviation tax is axed by the Austrian government, or else claims that it won’t invest in the country. The airline says it has a $1 billion (£740 million) growth plan, which could include basing 10 new B737 aircraft based in Vienna. If these proposed plans went ahead, Ryanair says the country’s traffic would grow by 70%, to 12 million passengers within the next five years.

As much as Ryanair’s bosses may not like the levy, the aviation industry has long benefitted from generous tax breaks. Even now, no fuel duty is paid on jet fuel, and no VAT is applied. This is in sharp contrast to other modes of transport. When it comes to driving in the UK, petrol is hit with a levy of 52.95 pence per litre, as well as 20% VAT.

“Aviation’s exemption from fuel duty and VAT appears more like an indirect subsidy that allows airfares to be kept artificially low. The absence of tax has helped to fuel passenger growth and the sector’s CO2 emissions have increased 125% since 1990. Over the same period, the UK’s overall emissions decreased by 43%,” writes the Aviation Environment Federation.

In a statement released on April 21, the CEO of Ryanair, Michael O’Leary, said: “Today we call again on Chancellor Stocker and Transport Minister Hanke to abandon their failed high tax policies. Austria has become totally uncompetitive, and is losing aircraft, routes and traffic to lower cost alternatives like Slovakia, Albania and Regional Italy. Even Sweden, the home of Greta Thunberg and flight shaming, has now abolished its aviation tax.

“Meanwhile, Austria has the highest aviation taxes, the highest ATC fees, and Vienna Airport has abandoned its growth incentive schemes, making Austria and Vienna hopelessly uncompetitive at a time when neighbours such as Slovakia have abolished aviation taxes, slashed ATC fees, and have lowered airport charges through growth incentive schemes, which Vienna Airport used to offer, but no longer does.

“The solution to Austria’s aviation crisis is clear. We need leadership and we need action. Abolish Austria’s harmful €12 aviation tax, cut Austria’s expensive ATC fees immediately by 50% to make them competitive with neighbouring Slovakia, and demand that Vienna Airport reinstate the growth incentive schemes, which were such a success when Vienna introduced them 8 years ago.

“Ryanair can and will deliver rapid traffic and tourism growth for Vienna, but only when Austria offers a competitive cost base to that currently offered in Slovakia, Albania and Regional Italy. Until such time as it does, it is inevitable that Austria will continue to lose aircraft, routes, traffic and jobs to lower cost countries, while “Sleepy Stocker” and “Hopeless Hanke” fiddle around with “reform” of the aviation tax, when what it needs, is abolition.

“It’s time for action from the Stocker Govt, and we call on them to abolish this stupid aviation tax on 1 May next, and give Austria an opportunity to recover the traffic, tourism and jobs it has lost as a result of its high tax policy over recent years.”

Do you have a travel story to share? Email webtravel@reachplc.com

The sharp rise in the cost of jet fuel, driven by escalating tensions in the US-Israel war with Iran, has forced several airlines to hike fares, cut routes and reassess their financial forecasts

Multiple airlines are cancelling flights and introducing new charges as a deepening jet fuel crisis sends shockwaves through the global aviation industry.

Prices have surged dramatically in recent weeks, climbing from roughly $85-$90 per barrel to as high as $150-$200, driven by escalating tensions in the US-Israeli war with Iran.

The sharp rise in costs has now forced carriers to hike fares, cut routes and reassess their financial forecasts. The spike has triggered warnings of major disruption, with International Energy chief Fatih Birol cautioning that Europe could have as little as six weeks of jet fuel supply remaining if the Strait of Hormuz stays closed.

There are more than 30 airlines around the world who say they have been forced to cancel flights or add charges:

AirAsia X – Cut around 10% of flights and introduced a fuel surcharge of roughly 20%.

Air France-KLM – Raising long-haul fares, plus cabin fares by 50 euros per round trip, as well as cancelling flights. KLM, the group’s Dutch arm, is set to scrap 160 European services in the coming months.

Air India – Switching to distance-based fuel surcharges, warning current pricing does not cover rising costs, reports the Independent.

Air New Zealand – Reducing flights through May and June, increasing fares and suspending its full-year earnings forecast.

Akasa Air – Introducing fuel surcharges ranging between 199 and 1,300 Indian rupees ($2 to $14) on both domestic and international routes.

Alaska Air – Increasing checked baggage fees by up to $150 on North American routes, as well as for its Hawaiian Airlines unit.

American Airlines – Raising baggage fees by $10 each for the first and second checked bags and by $150 for the third checked bag, while cutting some economy benefits.

Asiana Airlines – Cutting 22 flights between April and July due to fuel costs.

Cathay Pacific – Cancelling a small portion of flights from mid-May until the end of June and increasing fuel surcharges.

China Eastern Airlines – The airline said it would raise ⁠fuel surcharges for domestic flights from April 5, with flights of 800km and below hit with a 60 yuan ($9) surcharge and a 120 yuan surcharge for flights over 800km.

Delta Airlines – Delta said it would cut capacity by around 3.5 percentage points from its original plan and raise fees for checked bags.

Easyjet – CEO Kenton Jarvis previously said European consumers should expect higher ticket prices towards the end of summer, when existing fuel hedges come to an end.

Greater Bay Airlines – Said it would raise fuel surcharges on most routes from April 1, while keeping them unchanged on mainland China and Japan routes. Its surcharge for flights between Hong Kong ‌and the Philippines will more than double, the carrier said.

Hong Kong Airlines – The airline said it would raise fuel surcharges by up to 35% from March 12, with the sharpest increase on flights between Hong Kong and the Maldives, Bangladesh and Nepal

Indigo – India’s biggest airline said it would introduce fuel charges on domestic and international flights from March 14.

Jetblue Airways – The US-based low-cost carrier said it was increasing fees for optional services such as checked baggage as it experiences “rising operating ⁠costs”. Baggage prices will rise by either $4 or $9, it said.

Lufthansa – Grounding 27 planes early and cutting more aircraft from its fleet.

Norse Atlantic Airways – Axed its London Gatwick to Los Angeles route because of fuel costs.

Pakistan International Airlines – Raising domestic fares by $20 and international fares by up to $100.

SAS – Will cancel 1,000 flights in April after already hiking fares.

Spring Airlines – The airline will raise domestic fuel surcharges from April 5.

Southwest Airlines – Hiking baggage fees to $45 for a first bag and $55 for a second.

SunExpress – The airline will add a temporary 10-euro fuel surcharge on Turkey-Europe routes.

TAP Air Portugal – Said fare rises would soften the blow from higher fuel prices.

Thai Airways – Increasing fares by up to 15%.

United Airlines – United Airlines is scaling back loss-making routes over the next six months. It has also been able to push up fares without seeing a major impact on bookings, chief commercial officer Andrew Nocella said, despite the sharp rise in oil and jet fuel costs.

United is also increasing first and second checked baggage fees by $10 for customers travelling within the US, Mexico, Canada and Latin America, according to Reuters.

VietJet Air – Cut flights on some routes because of fuel shortages.

Vietnam Airlines – plans to cancel 23 domestic flights a week from April. The airline reportedly requested government assistance to remove an environmental tax on jet fuel.

Virgin Atlantic – The airline is adding fuel surcharges to fares and will still struggle to return to profitability this year, its CEO Corneel ‌Koster told the Financial Times.

Volotea – Introduced a pricing policy that could add fuel surcharges of up to 14 euros per passenger.

WestJet – Cutting seats, combining flights and adding a C$60 fuel surcharge on some bookings, according to the Canadian press

MOUNTING fears of jet fuel shortages have US travelers on edge ahead of summer vacations.

The holiday industry is bracing for a major fallout due to the Iran war’s impact on global travel.

“Anxious” Americans are worrying about whether they can return home if they travel to Europe or Asia for their summer vacation, said one expert.

For example, will their their long haul-flight end up suddenly being chopped due to a lack of fuel while overseas?

Alternatively, “will my short-haul domestic flight to the international airport be canceled?” Patrick De Haan, GasBuddy’s head of petroleum analysis, told Forbes.

“It’s a level of anxiety that travelers have never really had to worry about, and absolutely it could worsen.”

People across the world are keen for the Strait of Hormuz to reopen to shipping, because of spiraling costs hitting everything from grocery shopping to global fertilizer supplies.

But, even if this vital, narrow corridor was to permanently reopen today, it’ll be too late to salvage this year’s summer holidays, experts have warned.

That’s because airlines have now got to stick to a hurriedly rejigged schedule with airports – which must be booked months in advance.

It comes as the global jet fuel shortage is ramping up fuel prices for US carriers, which in turn are axing cheap airfares and some flights to save money.

Some airlines are already passing on extra costs to travelers by increasing fees for baggage and other add-ons, via steeper ticket prices, and fuel surcharges.

And, unfortunately, it will take months for vital supplies of oil and jet fuel to return to normal, according to Kpler, an energy consulting firm.

“It’s going to take until at least July,” Matt Smith, head US analyst, warned CNN.

“And even that may be optimistic at this point.”

United, American, Delta and Southwest airlines spent about $100 million a day on average among them on fuel in 2025.

But jet fuel prices have roughly doubled since the war began, when the United States and Israel started ​bombing Iran on February 28.

Delta Air Lines — which frequently flies to destinations across Europe — said it was aware of the continent’s “potential jet fuel supply issue.”

The carrier has already slashed some flights this summer.

United Airlines announced in March that it was “tactically pruning flying that’s temporarily unprofitable in the face of high oil prices.”

It’s the “largest energy crisis we have ever faced,” IEA executive director Fatih Birol told Associated Press last Thursday.

“If we are not able to open the Strait of Hormuz… I can tell you soon we will hear the news that some of the flights from city A to city B might be canceled as a result of lack of jet fuel,” he warned.

It will take an estimated two years for the world to recover from energy shortages caused by the war in Iran, Birol added.

More than 110 oil-laden tankers and over 15 carriers loaded with liquefied natural gas are still waiting in the Persian Gulf.

America’s own jet fuel supplies aren’t currently a huge concern, as local carriers are insulated to a certain extent.

The US produces 13 million barrels of oil a day and imports some four million barrels a day from Canada, De Haan told Forbes on April 16.

However, it’s a different situation in Europe and Asia, both of which are facing a potential shortage because of the ongoing conflict.

In Europe, multiple countries are now relying on less than 20 days of coverage in their fuel supplies, warned the International Energy Agency (IEA).

Asia-Pacific countries are the most reliant on oil and jet fuel from the Middle East, followed by Europe.

“The strait accounts for around 40% of Europe’s jet fuel imports, but no jet fuel has passed the strait since the war broke out,” said Amaar Khan, head of European jet fuel pricing at Argus Media, last Friday.

America has this month come to Europe’s aid to help bolster jet fuel supplies due to the war, sending about 150,000 barrels per day in April.

This is about six times the normal level, according to Jacques Rousseau, managing director at financial firm Clearview Energy Partners.

Airlines chop flights and increase fees amid the Middle East crisis

Here are just some of the impacts on travelers due to the Iran war…

Air Canada:

From June 1 to October 25, 2026, Canada’s largest carrier will chop back flights to New York due to rocketing fuel prices.

Alaska Air:

Fees for the first checked bag have risen by $5 and by $10 for the second on its North American flights. A third checked bag has increased considerably, from $50 to $200.

American Airlines:

Baggage fees have risen by $10 for the first and second checked bags, and by $150 for the third checked bag on domestic and short-haul international flights.

Delta Air Lines:

The carrier is charging an increase of $10 on passengers’ first and second checked bags and a $50 increase on the third.

Frontier Airlines:

This carrier is reviewing its full-year forecast due to rising fuel prices.

Jetblue Airways:

Baggage prices will rise by either $4 or $9.

Spirit Airlines:

This budget US carrier has begged Donald Trump’s administration for hundreds of millions of dollars in emergency funding to offset rising fuel prices.

Southwest Airlines:

Checked baggage fees will rise by $10 for the first and second bags.

United Airlines:

The airline is slashing unprofitable flights.

Also, first and second checked bag fees will spike by $10 for customers travelling in the US, Mexico and Canada and Latin America.

Virgin Atlantic:

This carrier is reducing flights and raising fares.

Westjet:

The Canadian airline ​has chopped seat capacity for June.

A C$60 ($43) fuel surcharge will be slugged on some bookings.

Source: The Independent

Europe is facing a severe jet fuel crisis due to the Middle East conflict, with International Energy Agency chief Fatih Birol warning the region has ‘maybe six weeks or so’ of jet fuel left and that flight cancellations could follow

Europe has just six weeks’ worth of jet fuel remaining due to the ongoing Middle East conflict, with major airlines grounding flights.

Fatih Birol, executive director of the International Energy Agency (IEA), warned that flight cancellations could follow “soon” if oil supplies continue to be restricted by the Iran war. Iran maintains a firm grip on tankers navigating through the Strait of Hormuz, with Mr Birol telling the Associated Press this is triggering “the largest energy crisis we have ever faced”.

He warned that Asian nations such as Japan, India and China, which depend heavily on Middle Eastern energy supplies, are on “the front line”, with the pressure set to “come to Europe and the Americas” shortly after.

Europe has just six weeks of fuel left, according to the IEA director. He added that if the Strait of Hormuz remains blocked, the knock-on effect could mean “some of the flights from city A to city B might be canceled as a result of a lack of jet fuel”.

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Which airlines are cancelling flights?

A number of airlines have warned that they might have to cancel flights if the situation continues, but the number of those that have already done so is fewer.

Swedish flag carrier SAS has said it would cancel 1,000 flights in April because of high oil and jet fuel prices, after cancelling a “couple hundred” flights in March.

United Airlines said that five per cent of flights would be cancelled in the second and third quarters of 2026, while Dutch airline KLM has cancelled 160 flights for the coming month.

South Korean airline Asiana will slash 22 flights between April and July due to the fuel cost increase.

Hong Kong airline Cathay Pacific will cut some flights from mid-May until the end of June, with about 2% of its scheduled passenger flights grounded. Its budget airline HK Express is cutting around 6% of flights.

German airline group Lufthansa said it would ground 27 planes servicing its short-haul CityLine subsidiary earlier than it had planned, blaming jet fuel prices.

Vietnam Airlines plans to cancel 23 flights per week across domestic routes from April.

Air New Zealand will be cutting back on flights over the next two months, it announced in March. It is expected that 1,100 flights will be impacted.

Norse Atlantic Airways has removed all flights to Los Angeles International Airport from its summer schedule, blaming the fuel shortage.

Although major airlines including British Airways, Ryanair and easyJet have highlighted the potential impact of the fuel price rise on ticket costs and schedules, they are yet to cancel flights as a direct consequence.

However, BA is stopping its route from London Heathrow to Jeddah, although this is due to a shift in demand, according to the airline.

Last week, easyJet chief executive Kenton Jarvis sought to reassure passengers, stating that all airports the airline serves are “operating as normal”.

He continued: “We only ever in this industry have three to four weeks’ visibility (of jet fuel supplies), and that is the same as it was pre-crisis. We have visibility to the middle of May, and we have no concerns. What we’re seeing is airports and fuel suppliers working well to bring jet fuel to the airports.”

EasyJet revealed the Middle East conflict set the airline back roughly £25 million in elevated jet fuel costs last month. The Luton-based carrier said it anticipates reporting a headline pre-tax loss of between £540 million and £560 million for the six months ending in March.

The conflict has created “near-term uncertainty around fuel costs and customer demand”, easyJet revealed.

Bookings have dropped by two percentage points for the three-month periods ending in both June and September when compared with the previous year.

The alert regarding larger-than-anticipated first half losses sent easyJet shares tumbling by as much as 9% during early Thursday trading, before stabilising around 4% down.

Airlines could face ‘an existential crisis’ in just a few weeks’ time if the Strait of Hormuz crisis continues, an aviation expert has said, amid warnings that more flights could be cancelled

British tourists could face up to eight weeks of cancelled flights and airport chaos this summer as major airlines grapple with imminent fuel shortages, experts have warned.

European giants KLM and Lufthansa announced yesterday that they would be axing hundreds of flights due to the soaring cost of jet fuel – while Fatih Birol, executive director of the International Energy Agency (IEA), warned that European airports have only “six weeks or so” of supply left due to shortages caused by the Strait of Hormuz crisis.

The warnings have new sparked fears of disruption just before the busy summer holiday season, with airlines set to slash more routes and cut back on schedules if the crisis goes on.

READ MORE: EasyJet boss warns of summer price hike after £25million hit from jet fuel costsREAD MORE: KLM and Lufthansa CANCEL hundreds of flights as fuel cost soar amid Iran war

One aviation expert said that the period between now and mid-June could prove crucial, as airlines could face an “existential crisis” if the global oil shock has not by subsided by then.

Sally Gethin told the Daily Mail: “The worst case scenario is if this carries on for six to eight weeks and the shortages start really biting. This could pose an existential crisis to airlines – even if they slap on fuel surcharges they still won’t recoup the cost.

“You could be looking at tens of thousands, potentially hundreds of thousands, of flights being cancelled globally. It could affect holiday companies as well, although consumers will be protected if their trips are covered by ATOL.”

The Mirror has approached all of Britain’s largest airlines and airport operators to ask whether they are preparing contingency plans for jet fuel shortages. Simon Calder, a travel journalist, reassured holidaymakers today that Mr Birol’s warning was “a mile off” but accepted prices of foreign holidays are likely to rocket this summer. He told Channel 5’s Matt Allwright Show families should look at holidaying in the UK, such as at Bournemouth, instead.

On Thursday, easyJet chief executive Kenton Jarvis said all the airports it serves are “operating as normal”.

He went on: “We only ever in this industry have three to four weeks visibility (of jet fuel supplies), and that is the same as it was pre-crisis.

“We have visibility to the middle of May, and we have no concerns.

“What we’re seeing is airports and fuel suppliers working well to bring jet fuel to the airports.”

Chancellor Rachel Reeves told the BBC yesterday that Britain has “no issues with supply at the moment” in jet fuel, diesel or petrol as she left a meeting of the International Monetary Fund (IMF) in Washington DC.

The IMF this week urged countries to manage energy demand by adopting measures such as subsidising public transport and promoting remote work to combat a surge in energy costs caused by the conflict.

OFFICIALS have warned that there is just weeks of jet fuel supplies left before airlines start running out.

Earlier this week, the head of the International Energy Agency warned that vital supplies remain blocked by conflict in Iran – as a result, many airlines have already started axing routes.

The blockade of the Strait of Hormuz is holding up major supply chains which has led to a huge hike in fuel costs – and shortages.

ACI Europe, which represents European airports, said the key trade route must open within three weeks or fuel reserves will run drastically low.

In response, a number of major airlines have been cancelling flights in preparation for shortages – with thousands affected.

Here are the major eight airlines that have already cut back on their routes…

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United Airlines

United Airlines said that five per cent of flights would be cancelled in the second and third quarters of 2026.

With up to 5,000 flights a month – working out to around 4,000 domestic and 800 international routes – this means it affects around 250 flights a month.

United Airlines has the world’s largest airline fleet with more than 1,075 aircraft.

Scandinavian Airlines

SAS was the first major airline in Europe to axe flights because of of the cost of fuel going up.

It said in mid-March that it would cancel 1,000 flights throughout April.

Lufthansa

Lufthansa‘s subsidiary airline CityLine is to cease operations due to both the Iran crisis and ongoing strike action.

The division ran business flights between European airports but will ground its entire fleet of 27 aircraft. 

Flight routes typically connected London to Frankfurt and Munich.

It will also cut six planes from its international fleet after the summer holiday season, warning that the cutbacks could last into winter.

KLM

Dutch airline KLM has cancelled 160 flights for the coming month, but has said it will affect less than 1 per cent of its schedule

The airline insists there is no shortage of jet fuel, saying the move is purely down to spiralling costs.

A KLM spokesperson said: “Passengers affected by these changes will be rebooked onto the next available flight.

“KLM expects a busy May holiday period and is making sure passengers can travel to their holiday destinations as planned.”

Cathay Pacific

Cathay Pacific has confirmed that two per cent of passenger flights will be cancelled from May 16 to June 30.

This will affect a number of regional routes, as well as longer-haul connections to destinations across Australia and South Asia.

Its budget airline HK Express is set to cut six per cent of flights due to increased costs.

Air New Zealand

Air New Zealand announced in March that it will be cutting back on flights over the next two months.

Chief Executive of Air New Zealand Nikhil Ravishankar said the airline would see roughly a five per cent reduction in its services which would continue until the beginning of May 2026.

This reduction equates to around 1,100 flights which in turn will affect 44,000 passengers out of its 1.9million.

Norse

Norse Atlantic Airways has removed all flights to Los Angeles International Airport (LAX) from its summer schedule.

A spokesperson said: “Due to the continued increase in fuel constraint risks, fuel prices, and the resulting impact on our operating costs, we have had to make the difficult decision to suspend our LAX operations this summer, May to October.”

Norse operated a summer route from London Gatwick to LA.

British Airways

British Airways will drop its service from London Heathrow to Jeddah in Saudi Arabia permanently from April 24, 2026.

The airline had been operating a four flights a week service since November 2024.

BA said the terminating of the service was due to a shift in demand rather than fuel costs as hasn’t axed any flights because of that so far.

Virgin Airways

Virgin Atlantic announced earlier this month that it would be permanently scrapping its London flight to Riyadh from April 7, 2026.

It said some of the reasons were the “evolving situation in the Middle East” and “operating costs.”

Here’s why you should book your summer holiday now – easyJet boss says.

And here are the European holiday destinations Brits are flocking to instead of Turkey and Egypt due to Iran crisis.

As airlines grapple with the soaring jet fuel prices and global shortage due to the closure of the Strait of Hormuz, two more have been forced to increase their prices for passengers

Due to the escalating fuel crisis sparked by the Middle East conflict, two more airlines have been forced to raise their prices.

Air travel has been severely disrupted with cancelled routes and a sharp rise in jet fuel prices since US-Israeli strikes erupted on February 28, 2026. The situation was further heightened by Iran’s blockade of the Strait of Hormuz, through which approximately 20 per cent of the world’s oil and gas passes, triggering a global shortage.

As a result, airlines have been grappling with rising jet fuel costs and have been forced to raise prices. Air France and KLM are the latest airlines to confirm they’ve had to increase ticket prices as a result.

READ MORE: Major European airport issues ‘arrive early’ alert for all passengers amid delaysREAD MORE: EasyJet boss warns of summer price hike after £25million hit from jet fuel costs

The airlines, which are part of the same company Air France–KLM, had previously added a surcharge last month to offset soaring jet fuel prices. At the time, economy fares were bumped up by an extra €50 (£43.47) for a round trip, reported The Sun.

Now, with another increase announced, a long-haul round trip with Air France or KLM could cost an additional €50, bringing the fuel surcharge to €100 (£86.98) on top of the standard fare. Meanwhile, flights to the United States, Canada and Mexico could increase by €70 (£60.89), and an economy round-trip could cost an extra €10 (£8.70).

The Mirror has contacted Air France and KLM for comment.

Air France and KLM aren’t the only airlines to raise prices amid the ongoing fuel crisis. Just this week, it emerged that Virgin Atlantic had increased some flight costs with an extra £50 fuel surcharge on economy-class tickets, while premium economy fares are climbing by £180 and business class by £360.

Virgin Atlantic Chief Executive, Corneel Koster, warned travellers that flight prices could climb in the coming months and potentially throughout the remainder of the year. He said: “We have never seen jet fuel at this level and airlines cannot sustain those sorts of high costs.”

“If the fuel price goes much higher, I think the surcharges may go higher. If they go up in a week and you book in two weeks’ time, you’ll be paying higher.”

While there are no fuel shortages at present, Koster acknowledged it was impossible to guarantee supplies in the months ahead. “We have contracts with multiple suppliers who have a wide range of diversity of where the jet fuel comes from,” he explained.

“We have good visibility and no concern for the coming one to two months – certainly for the remainder of April and May. Beyond that I have less visibility, but that is quite normal.”

Meanwhile, it’s also been reported that airlines, such as JetBlue, have increased luggage fees in a bid to offset the soaring fuel costs. For off-peak economy fares, bags are expected to cost $4 more (£2.95), jumping to $39 (£28.79), while peak economy fares are set to be $49 (£36.17).

Do you have a travel story to share? Email webtravel@reachplc.com

NEW images have revealed what to expect from the first ever bunk beds launching on a plane – that even economy passengers can book.

First announced back in 2020, Air New Zealand will be rolling out the new sleeping options later this year.

Called the Skynest, there will be six bunks, each with lie flat beds, measuring around 6ft6 in length and 64cm wide.

All passengers who book them will be given fresh sheets, blankets and pillows, as well as amenity kits containing eye masks, ear plugs, socks, toothbrush and toothpaste, and hand cream.

The seats have privacy curtains, as well a small bag storage area, USB charging and flight attendant call buttons.

Each one can be booked for four hour slots, which is an additional cost on a standard economy seat or premium economy seat.

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Once the four hour session is over, lights will slowly turn on and crew will wake passengers up to go back to their seats.

Each flight will have two sessions, meaning 12 passengers per flight can book it.

No kids are allowed however – passengers must be over 15 to sleep in them.

Air New Zealand boss Nikhil Ravishankar told USA Today: “We really do hope that this starts a bit of a revolution in economy class travel, where sleep becomes available to more customers.

“One sleep in New York, you wake up, and you’re in one of the most beautiful countries in the world.”

Booking for the beds will open on May 18, with them being rolled out by November.

Prices start from $495 (£365).

They will initially only be on flights between New York and Auckland but they will be rolled out on other services eventually.

They could also be expanded to include more than six beds, depending on demand.

Air New Zealand previously rolled out the Skycouch seats in economy, the first in the world to do so.

Having launched back in 2010, Skycouch allows passengers to book a row of seats and turn them into a bed.

Other airlines such as United Airlines recently revealed plans for similar ‘economy bed’ options, called the ‘relaxed row’.

Thai Airways is also launching lie flat beds in premium economy.

NEW travel rules for Brits visiting Europe are being rolled out tomorrow, and it includes everything from airports to ferry ports.

The new rules require all non-EU nationals to register their details like fingerprints and facial images before going abroad – but it’s set to cause chaos as some countries aren’t ready.

The EU’s Entry/Exit System (EES) started a phased rollout on October 12, 2025 in 29 European countries and will be fully operational as of tomorrow – April 10, 2026.

EES is replacing the need for a passport stamp by automatically checking when a person enters and exits an EU country.

Non-EU nationals – which includes Brits – will be required to register their details on their first visit to a Schengen area country.

This is done by using the EES machines at airports, ferry terminals and the Eurostar to log fingerprints, facial images and scan passports.

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Up until now, not every traveller has had to register with EES, but from tomorrow, that will change.

Even through the phased process, it hasn’t been smooth, and there have been reports of long queues across Europe with travellers at airports waiting for hours to register with EES.

Travel Reporter Alice Penwill spent three hours getting through the arrivals hall at Lanzarote Airport last month.

And delays have been reported at other airports like Brussels, Lisbon and Prague.

With summer holidays on the horizon and lots more Brits going abroad than off-peak season, officials have even called for the EES to be delayed until later in the year.

Airports Council International, Airlines for Europe and Iata, the airline trade body, have warned about further delays of “four hours or more” during the summer.

Advantage Travel Partnership chief executive Julia Lo Bue-Said told Travel Weekly just two days ago that there are still “significant issues” with EES.

She added: “While we understand the importance of modernising border processes, a smooth rollout must be prioritised in order to avoid major travel chaos at peak periods.

“With very high demand for travel over the upcoming summer holiday period, we are deeply concerned about the impact delays could have at a time when it is vital we maintain high consumer confidence within a travel sector facing global uncertainty and rising costs.”

Ryanair boss Michael O’Leary called EES “a shambles” and called for EES to be delayed “for five months” until the end of September to ease congestion.

To avoid the predicted travel chaos, some airports are preparing to open Brit-only border control queues in the hope of easing wait times.

The Spanish operator, Aena, said it would adapt security and border control for Brits at Ibiza, Menorca, Malaga and Palma, Majorca airports.

It’s not just airports, ferry terminals and the Eurostar using EES – but reports state that these will actually miss tomorrow’s deadline.

Visa HQ reported that France’s Ministry of the Interior has postponed full EES checks at border points like the Eurostar terminal in St Pancras and the ports of Dover and Calais.

French authorities said that travellers on Eurostar, Eurotunnel Le Shuttle and cross-Channel ferries will not be asked to provide fingerprints or facial images as the technology is not yet in place.

At the Port of Dover, only lorry drivers, coach and foot passengers are registering with EES.

The EES system has been “paused for several weeks” because reportedly, ‘software integration tests failed and physical booth space is still inadequate’.

For more on EES and what to expect – hear from our travel expert who will guide you through the registering process.

And one of the world’s best airlines becomes latest to introduce strict new rules on travel item.

ANOTHER airline is cracking down on passengers travelling with a certain travel item.

Singapore Airlines – often named one of the world’s best – has confirmed that new rules are being rolled out this month regarding the use of power banks onboard.

From April 15, travellers will only be allowed to pack two power banks in their hand luggage.

Anyone with more than two will have to surrender any other portable chargers before being able to board.

Not only that, but they must not be used onboard to charge any devices.

This follows on from previous rules that don’t allow the power banks to be charged using the onboard USB ports either.

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The USB ports must only be used to charge items like mobile phones and tablets, not power banks.

The Civil Aviation Authority of Singapore (CAAS) explained: “Power banks must also not be charged on board the aircraft and passengers are advised not to use power banks to charge their devices during the flight.

“ICAO’s new requirement of a maximum of two power banks per passenger and restrictions on the charging and use of power banks on board flights seek to reduce the risk of fire while catering for passengers’ travelling needs.

“In consultation with the airlines, CAAS will provide some time for the airlines to do so and for passengers to familiarise themselves and have the requirements take effect only from 15 April 2026.”

A number of airlines around the world have been cracking down on power banks being taken onboard.

One of the strict airlines is Air Busan, who has banned passengers from even taking them onboard.

This is because of an airline fire back in January 2025 which saw a plane decommissioned due to the damage caused by the power bank setting alight.

Airlines such as Emirates followed suit, with passengers only allowed to carry one power bank onboard and it must be under 100Wh.

Cathay Pacific and Singapore Airlines have similar rules as well, and ban the power banks being used onboard.

And airlines across Japan, Thailand, China and Australia are also affected by the power bank crackdown.

UK airlines are yet to follow these rules, with British Airways and Ryanair yet to introduce any similar bans.

All airlines still ban power banks being in any checked luggage – they must be in bags that go into the cabin.

A MAJOR airline has become the first to increase luggage charges in response to the fuel crisis caused by the Iran conflict.

American carrier JetBlue has confirmed that the cost of taking baggage onboard is to go up – and others could follow suit.

The new costs will see checked bags go up by $4 (£3) for off peak, economy travellers, so will now be $39 (£30).

And the cost for peak economy travellers will go up by $9 (£6.80) so to $49 (£37).

Passengers paying for luggage less than 24 hours before the flight will pay an extra $10 (£7.50).

A JetBlue spokesperson told local media: “Adjusting fees for optional services used by select customers, such as checked baggage, allows us to continue offering more competitive fares.”

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So far, a number of airlines have already said they will be raising the cost of flights due to the fuel crisis.

Cathay Pacific, AirAsia and Thai Airways are just some that are increasing fares, along with Air New Zealand.

United Airlines said it could eventually see fares increase as much as 20 per cent.

Other airlines have said they are cancelling flights altogether.

United Airlines confirmed that it would be cutting five per cent of flights for the next few months, which works out to around 250 a month.

Air New Zealand has cancelled 1,100 fights, affecting 44,000 passengers, while Scandinavian airline SAS also cancelled 1,000 flights.

But airlines, especially budget ones, could choose to leave the cost of flights alone to remain competitive and instead raise the cost of extra fees.

In the UK, both Ryanair and easyJet have said their fares won’t be affected by the fuel crisis for now.

However, the crisis is being caused by the closure of the Strait of Hormuz – and the longer it continues, the more they will be at risk.

The Strait of Hormuz is one of the world’s most important oil routes, with around 20million barrels passing through every day – roughly 20 per cent of global supply.

Petrol and diesel fuel costs have increased by more than 17p a litre since the end of February, with a litre of unleaded petrol costing 150.11p as of March 30.

Southwest Airlines has come under fire for its controversial policy change which can require plus-size passengers to purchase an extra seat at the airline’s “sole discretion”, with furious travellers branding it “discrimination”

A so-called “fat tax” aimed at plus-size airline passengers has left travellers furious and feeling “stressed”. Major carrier Southwest Airlines has found itself at the centre of controversy over its contentious new policy, which can compel passengers to shell out for an additional seat at its “sole discretion”.

The policy change comes after 30 years of letting plus-sized passengers request a complimentary extra seat at the gate, and reimbursing those who purchased one in advance – a practice that has now been scrapped.

Under the new rules, customers will only receive a refund for a second seat if their flight departs with at least one empty seat, while those who failed to book ahead can be forced to purchase another ticket on the spot.

In a statement addressing the policy change, a Southwest spokesperson said: “To ensure space, we are communicating to customers who have previously used the extra seat policy that they should purchase it at booking.”

On the airline’s website, the updated “customer of size” policy reads: “Customers who encroach upon the neighboring seat(s) must purchase the number of seats needed. Customers should purchase the seats prior to travel to ensure adjacent seats are available.

“The armrest is considered to be the definitive boundary between seats; you may review information about the width of Passenger seats. In addition, Southwest may determine, in its sole discretion, that an additional seat is necessary for safety purposes.”

But passengers are far from happy. Influencer Samyra Miller turned to TikTok to criticise the policy, branding it a “fat tax”.

She said: “They’ve been doing this way before their little new policy was even supposed to go into effect because, remember, they kicked me off my flight in December.”

She revealed a Southwest representative privately messaged her after she shared her negative experience online and continued: “My primary concern with that whole back and forth with Southwest was for how they were about to treat their plus size customers in changing their customer of size policy.”

Samyra referred to the wording of the policy on the Southwest website but claimed, at the airport, “they’re just eyeing people”. The content creator went on: “There is no criteria that they are using to determine who has to pay for an extra seat.”

Describing it as “discrimination”, Samyra continued: “It is literally just at the discretion of and fatphobia of whoever is working that day.”

In the comments section, people were eager to share their opinions. One TikTok user said: “This is absolutely horrible!”

Another said: “We have a company trip in May and I told my boss to use any other airline BUT Southwest.”

A third posted: “I have a flight in 5 days I AM STRESSED I DON’T have more money to buy an extra seat”.

While another added: “This isn’t fair at all”.

Fellow TikTok user Sassa Ésmith uploaded a video prior to a Southwest flight and added text overlay which read: “Shoutout to Southwest for contributing to my traveling anxiety with your superfluous ‘customer of size policy'”.

In the caption, she said: “Spent my entire lobby time mentally preparing for a random gate agent to tell me I gotta buy an additional seat for a 40 minute flight”.

THE world’s best airlines for this year have officially been revealed, and a British airline has made the list.

The World’s Best Airlines for 2026 by Airline Ratings have been announced with the no.1 spot going to Qatar Airways.

AirlineRatings.com’s awards focus on the inflight product and passenger experience, and airlines are awarded based on the experience onboard, as opposed to public opinion or votes.

Airline Ratings stated: “Qatar Airways has again taken the top spot, driven by a consistently strong onboard offering.

“Generous meals, extensive entertainment and, most importantly, clear value for money set it apart.”

And a major British airline has also featured on the list: Virgin Atlantic featured in 13th position.

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The British airline currently flies to 32 locations across five continents, including Cape Town in South Africa and Los Angeles in America.

The airline is also launching two new routes this year from London Heathrow to Seoul in South Korea, with daily flights starting on March 29.

There will also be a new seasonal service to Phuket in Thailand, beginning on October 18.

Which? named Virgin Atlantic as one of the best airlines in the world earlier this year as well, placing them third best.

The airline achieved a 79 per cent overall score for customer satisfaction.

Which? commented: “Virgin Atlantic is your best choice for a transatlantic trip – with five stars for customer service.

“Like Emirates, it won’t automatically cancel your return flight if you miss your outbound flight.

“This makes it one of only two Which? Recommended Providers for long-haul economy airlines.”

Airline Ratings also ranked the best low-cost carriers in the world, with easyJet ranking 8th, Wizz Air ranking 9th, Ryanair ranking 11th, Jet2 ranking 12th, TUI ranking 13th, and Vueling ranking 19th.

Sharon Petersen, CEO of AirlineRatings.com, said: “It was a tight competition at the top, but Qatar’s value proposition, combined with a superior economy product and award-winning business class, secured that top position once again.

“One of the standout movers this year is Taipei-based STARLUX Airlines.

“With strong cabin service, high-quality catering, and modern interiors, it is rapidly establishing itself as a premium competitor, particularly as it prepares to expand into Europe later this year.”

In other airline news, here are all the new routes launching from the UK’s biggest and busiest airport this spring and summer.

Plus, two popular holiday destinations including the ‘world’s best city’ are getting new British Airways flights from the UK.

THERE could be trouble ahead for those who have booked holidays to far-flung destinations as airlines are warning of even more flight cancellations.

The rising price and shortage of jet fuel caused by the Iran crisis means airlines may be forced to axe longer journeys.

Following the closure of the Strait of Hormuz, the price of jet fuel has risen sharply from $90 (£67) per barrel to as much as $200 (£150) per barrel – with oil traders now also expecting a shortage of it in the coming weeks.

As a result, there’s a rising risk of airlines cancelling services especially to long-haul destinations.

This is because airlines heading to far-flung places may not have enough fuel for the return journey.

The Times reported that the problem could even go on until summer quoting an industry source that said it could “take up to six months to get back to normal” – which sees us through to August.

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Some airlines are already taking action to preserve fuel. Earlier this week, Air New Zealand said that it will be cutting back on flights until May 2026.

The airline will see roughly a five per cent reduction in its services which works out to around 1,100 flights.

Following suit, Scandinavian Airlines System (SAS) announced that it would be cancelling 1,000 flights.

Certain countries, like Vietnam have now warned that flights could be cancelled from April, affecting the Easter break.

Meanwhile, China and Thailand have halted exports of fuel to maintain their own supplies – which in turn will affect airlines operating in other countries.

Closer to home, Brits could be affected as some of its jet fuel is imported from the likes of Kuwait, Saudi Arabia and the UAE.

International Air Transport Association said that “Europe is among the most exposed, with 25–30 per cent of its jet fuel demand originating from the Persian Gulf.”

Meanwhile, Watson Farley & Williams, the energy, infrastructure and transport law firm, said: “If airports and airlines’ stocks of fuel are depleted for any length of time, airlines will cease to be able to fuel their aircraft and will have to reduce their operations.

“This may have far-reaching consequences.”

This implies that there could be a knock-on effect for airlines later on, too.

It added that “further flight cancellations can be expected, even by airlines operating from home bases where there is a reliable supply of fuel.”

Certain UK airlines are less affected for now because they have secured some of their fuel at a fixed price for a certain amount of time.

These include Ryanair, easyJet, British Airways and Virgin Atlantic.

Ryanair boss Michael O’Leary said the rise in jet fuel “won’t affect our costs and it won’t affect ​our low fares.”

For more on the Iran crisis, British Airways has cancelled all flights to Dubai until June.

Yet, these two beautiful holiday islands with direct UK flights are seeing ‘huge demand’ as Brits swerve from Dubai, says TUI boss.

Eighteen days into the war in Iran, and the scorecard for global equity markets makes for uncomfortable reading.

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European benchmark indices have shed around 7% since hostilities began — the Euro STOXX 50 down 6.5%, Germany’s DAX off 7%, France’s CAC 40 down 7.2%, and Italy’s FTSE MIB lower by 6.4% — dwarfing the more modest 2.5% decline in the US S&P 500, which benefits from America’s status as the world’s largest oil producer and its relative insulation from the energy shock.

Yet the headline numbers tell only half the story.

Beneath the surface, an extraordinary divide has opened up — between European companies that thrive on expensive energy, and those being crushed by it.

The energy shock reshaping the continent

The conflict’s most immediate economic consequence has been a seismic repricing of energy.

Iran’s effective closure of the Strait of Hormuz — through which 20% of the world’s petroleum flows — caused Brent crude to surge from around $70 to nearly $120 per barrel within days.

As of Tuesday, Brent sits at approximately $105, a 42% rally from pre-war levels.

In an attempt to cap the oil price surge, the International Energy Agency coordinated a historic intervention.

More than 30 nations in Europe, North America, and northeast Asia agreed to release a combined 400 million barrels of oil from emergency reserves — the largest such action in the IEA’s 50-year history.

Yet the oil market has sent a clear signal that even this enormous release is nowhere near enough to address the unprecedented supply disruption, with crude prices surging more than 17% since the announcement.

Natural gas has been hit even harder. The Dutch TTF benchmark — Europe’s most important gas price reference — has surged 60% to €52 per megawatt-hour.

In a note this week, Goldman Sachs energy analyst Samantha Dart warned this week that approximately 80 million tonnes per annum of LNG supply — 19% of the global total — is currently offline following the Strait’s disruption and the shutdown of Qatar’s LNG production facilities.

Her team maintains a TTF forecast of €63/MWh for the second quarter of 2026, warning that tightening European physical balances could push prices into the gas-to-oil switching range before the conflict resolves.

The winners: Energy, renewables and fertilizer

The clearest beneficiaries have been European oil and gas producers, whose revenues move in lockstep with the commodity the war has repriced so dramatically.

Norwegian energy giant Equinor has surged 23.7% since the start of the month, as investors pile into one of the continent’s largest oil and gas producers with substantial assets well outside the conflict zone.

Fellow Norwegian producer Vår Energi is up 19.9%, while Aker BP has gained 17.1%. Italy’s Eni is up 14.7%, and Portugal’s Galp Energia has added 13.6%.

The most striking gains, however, have come from an unexpected corner: biofuels.

German renewable fuels producer Verbio SE has shot up 30.4%, and Finland’s Neste Oyj — the world’s largest producer of renewable diesel — has gained 28.1%.

As conventional fossil fuels become more expensive and supply chains more precarious, energy alternatives become dramatically more attractive to both buyers and investors.

German gas utility Uniper SE, which has spent recent years diversifying away from Russian supply, has rallied 19.1%.

The fertiliser sector has also attracted significant gains, with K+S rising 15.3% and Yara International rising 15.0%.

The moves reflect a commodity supply crisis hiding in plain sight: around one third of global seaborne fertiliser trade — roughly 16 million tonnes — passes through the Strait of Hormuz, including 43% of seaborne urea exports, 44% of sulphur, and over a quarter of traded ammonia.

The losers: Steel, airlines and construction

On the other side of the ledger, the losses have been equally dramatic. Energy-intensive industries and businesses exposed to higher costs with little pricing power have been savaged.

Airlines have taken some of the heaviest punishment. Wizz Air — the Budapest-based low-cost carrier with heavy exposure to Central and Eastern European routes — has collapsed 31.2%.

Air France-KLM has lost 22.1% and easyJet has dropped 21.8%. All three face the same brutal arithmetic: jet fuel costs have surged, hedging programmes offer only partial and temporary protection, and there is limited ability to pass costs on to passengers quickly enough to protect earnings.

Steel producers have been hit with similar force. Salzgitter has fallen 27.9%, thyssenkrupp is down 27.3%, and ArcelorMittal has shed 19.1%, joined by stainless steel specialist Aperam, which has dropped 24.5%.

Steel production ranks among the most energy-intensive industrial processes on earth, and mills operating on thin margins face an immediate profitability crisis when gas prices surge 60% in such a short period.

Spanish engineering contractor Técnicas Reunidas has dropped 23.7%, a casualty of its deep exposure to Middle Eastern energy infrastructure projects now thrown into uncertainty by the conflict.

Construction group Webuild has fallen 26.6%, reflecting broader fears that an energy-driven slowdown will freeze infrastructure investment across Europe’s most exposed economies.

Mining company Hochschild rounds out the list, down 21%, rising energy costs compress margins and risk appetite for smaller extractive names evaporates.

Europe enters this crisis in a structurally vulnerable position.

Despite having dramatically reduced its dependence on Russian pipeline gas since the invasion of Ukraine, the continent remains acutely sensitive to energy supply disruptions — and gas storage levels heading into 2026 offer less of a buffer than in prior years.