Airlines

Two more major airlines forced to increase flight prices by £86 due to fuel 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).

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First look at airline’s new onboard bunk beds which even economy passengers can book

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.

New bunk beds are being rolled our for economy passengersCredit: Skynest
Each bed can be booked for four hour slotsCredit: Skynest

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.

Skynest can be booked from May 18Credit: Skynest
Each one will cost £365 which is in addition to the standard plane fareCredit: Unknown

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The new European travel rules starting TOMORROW as experts and airlines warn of chaos 

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 deadline for EES is set to be fully operational is tomorrowCredit: Alamy
If you’re heading to the beach this summer you could experience delays at the airportCredit: Alamy

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 BrusselsLisbon 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.”

Reporter Alice Penwill queued for three hours in Lanzarote Airport

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’.

Here are Sun Travel’s top tips for those heading on holiday this summer and are likely to be caught up in EES chaos…

You might not be able to beat the EES queues – but here are our seven ways to make it a little easier

  1.  Book a seat at the front of the plane. If you want to get to border control before the rest of the passengers on your flight, then by being at the front, you’ll be able to get off first.
  2. When you’re booking, it might ease wait times if you go head out on one of the first flights of the day There are generally fewer scheduled flights and they experience less disruption. So if you get an early flight, there’s less likely to be a backlog.
  3. If you are taking a connecting flight, we’d advise to anticipate delays Of course this varies from airport to airport, but some travellers might find it will take longer to get through because of the EES requirements.
  4. If you can go to a bigger airport and take a longer road transfer, it could be worth it. At a larger airport there’s likely to be more EES machines than at one of the smaller ones.
  5. If you have children, or are generally just bored of queues (and who can blame you?) – think about entertainment. It could be worth setting the kids up with an iPad or something that will keep them occupied.
  6. For those who are disabled, make sure to let the airline know in advance as you would usually. After landing, staff should escort you straight through to the front of border control queues.
  7. Quite simply, if you are going to be waiting in line for hours, then you want to be comfortable. So before landing, go to the toilet on the plane.

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.

The introduction of EES will be fully rolled out tomorrow – but experts warn of ‘chaos’Credit: Alamy

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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.

Bangkok, Thailand - May 24, 2018: Samsung Galaxy S7 Edge smartphone charging power via powerbank battery charger. Illustrative editorial image.
Singapore Airlines will only allow two power banks brought onboardCredit: Alamy

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.

Lufthansa strike disrupts flights in Munich
Passengers must also not use or charge the power banks onboardCredit: EPA

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Airlines are now hiking luggage fees due to soaring fuel costs caused by Iran conflict

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.

JetBlue airplanes at Terminal B of New York LaGuardia Airport (LGA) in the United States
JetBlue is the first airline to increase luggage fees due to the Iran crisisCredit: Getty

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.

Two plastic travel suitcases in the airport hall
Other budget airlines could follow and increase luggage in a bid to keep flight costs downCredit: Alamy

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Southwest Airlines passengers slam new ‘fat tax’ policy as ‘discrimination’ and ‘stressful’

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.”

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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”.

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World’s best airlines for 2026 revealed and one in the UK makes the list

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.

Qatar Airways has been named the best airline in the worldCredit: Getty

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.”

British airline Virgin Atlantic was also named in the rankings, placing 13thCredit: Getty

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.”

Full list of world’s best airlines

THESE are the world’s best airlines according to Airline Ratings:

  1. Qatar Airways
  2. Cathay Pacific
  3. Singapore Airlines
  4. Korean Air
  5. STARLUX Airlines
  6. Japan Airlines
  7. Turkish Airlines
  8. Emirates
  9. Air New Zealand
  10. Etihad Airways
  11. EVA Air
  12. Qantas
  13. Virgin Atlantic
  14. Hainan Airlines
  15. All Nippon Airways (ANA)
  16. Vietnam Airlines
  17. jetBlue
  18. KLM Royal Dutch Airlines
  19. Air France
  20. Malaysia Airlines
  21. Thai Airways
  22. Fiji Airways
  23. Saudia Airlines
  24. Garuda Indonesia
  25. LOT Polish Airlines

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.

Virgin Atlantic is launching two new routes this year as wellCredit: Alamy

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Long-haul holidays at risk as airlines warn of mass cancellations due to fuel crisis

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.

Certain airlines have already announced axing of flightsCredit: Alamy
Scandinavian Airlines System said it would be cancelling 1,000 flightsCredit: Alamy

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, easyJetBritish 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.

Airlines could be forced to axe long-haul journeys due to fuel shortagesCredit: Alamy

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Iran war: Europe’s corporate winners and losers revealed

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.

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