European

AS A RESULT of the Iran crisis, Brits have been looking for different destinations to travel to, with demand rising for some countries.

The conflict in the Middle East has had a ripple effect throughout the travel sector, with Brits being forced to cancel their holidays as the Foreign Office has issued ‘do not travel’ warnings to some destinations.

And now, Brits looking at booking a holiday are choosing destinations closer to home in Europe.

Last week, On The Beach confirmed that they had experienced a drop in demand for popular holiday destinations including Greece, Turkey, Cyprus and Egypt, as a result of growing tensions in the Middle East.

This is despite the Government having no warning against travel to any of the popular holiday regions in these countries.

But on the other hand, TUI has seen increased interest in Greece, as well as Portugal and Spain, as customers look to “familiar destinations”.

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Neil Swanson, a director at TUI, said: “While we are seeing some cancellations in the affected areas, these are currently outweighed by customers choosing to amend their plans instead,” reports The Guardian.

Hays Travel on the other hand, has seen interest grow for trips to Italy, Malta and Croatia.

And Surrey-based holiday operator Kuoni has seen interest in longer haul destinations such as the Caribbean grow although this also comes with a jump in price as well.

Mark Duguid from Kuoni said: “What we’ve seen is huge increases in flight prices, because the seats remaining are limited – we are talking about seats going up by £1,000 a person for an economy seat, which then prices the holiday out of the market for many customers.”

Pure One Travel founder, Wesley Baker, said: “Travellers are still eager to explore the world, but geopolitical events inevitably influence where people choose to go.

“We are seeing customers pivot towards destinations they perceive as easier and more straightforward to reach.”

The tour operator added that interest has increased for destinations such as Spain, Portugal, Italy and Greece.

Baker added: “Many travellers are simply redirecting their plans rather than cancelling them.

“Europe remains extremely popular, while long-haul destinations in Latin America are also attracting interest from travellers looking for something more adventurous.”

According to Expedia, popular European destinations for this spring based on search data include Paris in France; Amsterdam in the Netherlands; Rome in Italy and Majorca and Tenerife in Spain.

Ljubljana in Slovenia has seen a 90 per cent increase in search as well, and Valencia in Spain has seen a 65 per cent increase.

The Sun’s Head of Travel Lisa Minot explained: “There’s no doubt the current crisis in the Middle East is going to have a seismic impact on our holiday habits.

“Reports of travellers stranded in the UAE and across the globe will certainly prompt those looking to travel long haul to look at alternative ways to fly – with direct flights to places like Thailand, the Maldives and Japan sure to be very popular.

“Closer to home, the situation will sadly likely impact destinations like Turkey, Egypt, Cyprus and possibly even Greece.

“And with soaring fuel costs, tour operators will be looking to price alternative destinations competitively.

“But there are other options – our traditional resorts in places like Spain and Portugal are good, safe bets.

“Comparison giant TravelSupermarket has crunched the numbers for this summer and declared Spain’s Costa Calida one of the best-value destinations for this summer.

“Dubbed the ‘warm coast’, this region stretching along the south eastern region of Murcia is one of Spain’s most underrated coastlines with 150miles of beaches, crystal clear waters and the unique Mar Menor lagoon, Europe’s largest saltwater lake.

“Also worth exploring are the likes of Montenegro, Albania and even North Macedonia for cheaper hotel and restaurant costs as well as traditional favourite Bulgaria.”

For more inspiration on where to go on holiday, here are 10 European getaways in the Easter holidays for under £200 per person.

Plus, cheeky 48-hour holidays to Europe’s best cities, beach towns and islands this summer from £167.

Brits heading to Greece have been urged to check the latest travel advice as tensions linked to the Iran conflict raise wider security concerns across the region

Brits planning a Mediterranean getaway are being urged to check official travel guidance before heading abroad. Experts say no trip can ever be guaranteed completely safe amid growing tensions linked to the Iran conflict.

The latest reminder comes from the Foreign, Commonwealth & Development Office, which publishes travel advice for British holidaymakers. Its guidance for Greece stresses that travellers should read all advice carefully before departure.

On the UK Government travel advice website, officials warn: “No travel can be guaranteed safe.” It urges visitors to research destinations carefully and make sure they have comprehensive travel insurance before travelling.

The guidance also highlights passport rules that travellers must meet before entering the country. Greece follows Schengen Area rules, meaning passports must have been issued within the last 10 years and remain valid for at least three months after leaving the region.

British tourists can visit Greece without a visa for short trips. According to the government, travellers can stay in the Schengen area for up to 90 days within any 180-day period for tourism, family visits or business meetings.

However, new border procedures are also on the horizon for travellers heading to Europe. The European Union is introducing its Entry/Exit System, which will require visitors to register biometric details such as fingerprints or a photo when entering the bloc.

The system is expected to become fully operational from April 10. Officials warn the process could add several minutes to border checks for each passenger.

It comes as tensions continue to grow in the Middle East following the ongoing conflict involving Iran. The crisis has raised wider regional security concerns across parts of the eastern Mediterranean.

Neighbouring Cyprus, which lies roughly 800km from mainland Greece and around 300km from parts of the Middle East, has already been monitoring the situation closely. The island has previously served as an evacuation hub for foreign nationals during regional crises.

According to reports cited by international media and the United Nations, the latest escalation has fuelled fears of broader instability across the region. Military exchanges between Iran and its rivals have already heightened security alerts across several neighbouring countries.

The UK has also stepped up its military presence in the region. The HMS Dragon has been deployed to Cyprus as a precautionary measure. The Royal Navy says vessels may be deployed to support British nationals and regional security as required.

Despite the geopolitical tensions, Greece remains one of Europe’s most popular holiday destinations. Data from the Greek National Tourism Organisation shows the country welcomed more than 36 million international visitors in 2024.

Officials say the key message for travellers is to stay informed. Checking the latest government advice and ensuring documents meet entry requirements can help avoid problems when travelling abroad.

DID YOU know that the word ‘spa’ comes from a European town by the same name that actually is responsible for wellness traditions?

Spa in Belgium is a small town sat in a valley of the Ardennes Mountains and is often known as the Pearl of the Ardennes.

It’s one of Belgium‘s most popular tourist destinations and with good reason, because the town is full of natural mineral springs.

Perhaps you also know the name of the town due to the racing Circuit de Spa-Francorchamps, which hosts the annual Formula One Belgian Grand Prix.

But Spa’s spa history dates back a lot longer than the noise of a motor engine…

Way back in the 16th and 17th centuries, the town became known for its iron-rich mineral springs that people used to think could heal them of injuries and illnesses.

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The original experience in the town was ‘drinking therapy’, where people would drink a large amount of the iron-rich water, rather than bathe in it.

Then in 1717, Peter the Great of Russia visited and drank the water for a month and miraculously, was ‘cured’ of his severe health issues including liver and digestive problems.

This was the start of mass tourism heading to the town, with international visitors flocking to Spa for its healing waters.

This trend continued into the 18th century when Spa became a fashionable resort town known as the ‘Cafe of Europe’.

Many elite members of society would travel to Spa to treat health conditions but also participate a number of other activities including gambling.

Then in the 19th century, there was more of a focus on bathing as the town opened new thermal baths.

It’s because of the town’s long history and fame, that the word ‘spa’ was adopted into the English language and used widely as a term for a resort with therapeutic water.

Finally, in 2021, Spa was recognised as part of UNESCO World Heritage Site’s the Great Spa Towns of Europe.

Today, visitors can still relish in the benefits of Spa’s water.

One of the top spots for visitors today is Thermes de Spa – a resort which overlooks the town with peat baths, traditional copper baths, outdoor pools and relaxation experiences.

The spa experience includes a 70C sauna and a 40C to 45C hammam.

For those who want to embrace naturism, there is an area for this with a panoramic sauna, a hammam, a 36C hot tub, a 38C bath, a 20C cold bath and three foot baths.

There are a number of relaxation areas too including a red light therapy area and a blue light room, which if you spend 20 to 30 minutes in, it is equivalent of a day high in the mountains.

And of course, there are a number of baths as well.

The water for all of the spa comes from the Marie-Henriette Spring, which is the oldest of Spa’s waters dating back over 400 years.

If you fancy learning more about the history of the town, head to the Museum of the City of Water.

Inside, visitors can learn about four centuries of history in the town.

You can also venture into one of the first casinos in the world, which opened in 1763.

Many European royals used to visit Casino de Spa and visitors can still head there today.

For those who love being in the outdoors, there’s RAVeL trails, which are converted railway lines and a great way of seeing the Ardennes and its historic villages including Stavelot and Francorchamps.

Or if you prefer a bit of adrenaline, make sure to check out SpaForest, which is an adventure park with tree-climbing courses, ziplines and rope bridges.

When it comes to choosing somewhere to stay in the town, obviously a lot of the options include wellness facilities.

You could stay at the four-star Van der Valk Hotel Spa with direct access to Les Thermes de Spa thermal Baths.

A room costs from £80 per night.

Or you could decide to stay at the Radisson Blu Balmoral Hotel, costing from £97 per night.

It is surrounded by dense forest, features suites with separate living areas and has an indoor pool, sauna and a Turkish bath.

The easiest way to get to Spa from the UK is by flying to Brussels, which costs from £28 return.

From there, you can jump on a train which takes less than two hours to reach Spa, costing from £13.64 a-way.

Alternatively, you could get the Eurostar to Brussels and switch trains to reach Spa.

For more inspiration on destinations to explore in Europe, there’s one city with 3,000 hours of sunshine a year and it has been named the best destination to visit in 2026.

Plus, these are the 39 best European city break destinations – and the number one spot is very cheap.

Visiting this Spanish archipelago is like winning the lottery

A short ferry ride from Vigo (daily and overnight visitor numbers are capped) took us to the tiny archipelago of the Cíes Islands, a protected cluster of islands where seabirds rule and tiny beaches remain unspoilt. There are no cars on the island and only a few small restaurants dotted about. There is one campsite, with little else but the waves of the Atlantic to lull you to sleep. I felt as if I had won the lottery when we visited and knew this would be an experience not easily matched.
Helen E

Ischia in Italy is best by bus

Italy has brilliant public transport. We found it so easy to use the ferries and buses during our visit to Ischia in the Bay of Naples. The simple circular routes on the island mean there is almost zero chance of getting lost. You can buy a day ticket for a few euros, hopping on and off at your leisure until quite late in the evening. Much more fun to experience the lovely island like the locals and cheaper than a taxi.
Jane

A serene corner of Elba

Tiny Cavo on the island of Elba is my idea of heaven. Some of the hydrofoils from Piombino on the mainland stop there; some continue round to the busier Portoferraio with its mega yachts and bustle. Cavo is much quieter, more serene, and the iron-rich landscape means that the sea glitters with tiny flecks of iron as you swim underwater. A few hotels, a beach, prawns the size of your head, a jazz festival in the summer: what’s not to like? Porto Azzurro is more glamorous, but the quiet of Cavo is what I want.
Angharad

An overlooked Greek island

I recently revisited Aegina, off Athens, which was my childhood holiday spot for many years. It’s more than just “a small island near Piraeus”; it was once, very briefly, the capital of Greece and still has impressive ancient temples from a time when it stood strong among larger Greek city states. The town has changed, but it was great to see once again the port with its colourful mansions, market, and the mix of boats bobbing in the water. Returning felt like a trip down memory lane, and I’m grateful that Aegina remains charming and slightly off the usual tourist path.
Michael Castelli-Coats

Soulful and sandy Rügen, Germany

For a nostalgic escape, head to Rügen, Germany’s Baltic jewel and largest island. Famed for its white chalk cliffs, the island’s soul lies in its fine sands and unspoilt towns. In Binz and Sellin, ornate belle époque villas line the promenade, feeling wonderfully frozen in time. We took the Rasender Roland steam train from Putbus to Göhren, stopping at charming seaside resorts along the way. Whether soaking up the architecture or lounging in a wicker strandkorb (beach basket), Rügen is a masterclass in coastal serenity. We stayed at Hotel Am Meer & Spa (€165 B&B) and enjoyed its panoramic views.
Daniela

The UK’s ultimate north

Unst, the UK’s most northerly inhabited island, is reached via two small ferries through Shetland. The journey is part of the pleasure. Rolling, heather-covered hills greet you. Hermaness national nature reserve is a highlight, with boardwalks to dramatic cliffs and the UK’s northernmost point. May to August offers the best chance of good weather and puffins, though neither is guaranteed. Nor were the otters that we glimpsed.
Richard Waters

Kayaking around Vis, Croatia

The cliffs on the north side of the Croatian island of Vis rise straight up from the sea, a crumpled mass of limestone. You can kayak round the island in a week – if the weather gods are kind – but it’s the desolate north coast that makes the greatest impression. Eleonora’s falcons nest there and screech as you paddle past. At one point along the shore, a blowhole erupts in a burst of spray with each wave. Small bays with sandy beaches let you take a break from kayaking, but you won’t see another person until you reach Vis port, tired but deeply satisfied.
Andrew Cassely

A timeless slice of village life in Sicily

Perched high in the Nebrodi mountains, Old Noar Villa in Novara di Sicilia offers a rare kind of island escape: Sicily slowed to a human pace. Fruit trees, grapevines and walnut trees surround the house, scented by mountain air and deep quiet. Ancient churches and a beautifully preserved 200-year-old theatre anchor village life, alongside the butcher, baker and biscotti maker, cafes and softly buzzing bars. The sea is never far – the almost Grecian Aeolian Islands are just a hop away.
Neil Masey

Cycle to huge beaches off the Netherlands

Schiermonnikoog is well off the beaten track in the north of the Netherlands. Only permanent residents are allowed to drive; everyone else cycles or walks. It has one of the largest beaches in Europe, where you can go seal spotting or birding. It’s brilliant for kids because there’s hardly any traffic – they can safely roam around by themselves.
Sabine

Winning tip: We glimpsed our future on a Scottish island

Arran is stunning and diverse. We went just after finding out my partner was pregnant, so it holds a special place in our hearts. In Lochranza, we stepped off the bus and immediately saw a herd of deer and seals on the beach. We walked the rugged coast to Hutton’s Unconformity, where it was realised the Earth is millions not thousands of years old, and imagined our future. In the cosy community pub, a friendly barman shared his whisky knowledge. We returned for our first family holiday. We took a slower pace, pottering along the seafront and castle gardens in Brodick. Auchrannie spa pool was perfect for our baby’s first swim. We’ll go back again when he’s old enough to enjoy more of an adventure on Arran.
Nic

THE Easter school holidays are fast approaching and if you are thinking of a getaway for those two weeks, you are not too late to snap up a great offer.

Whether you want to head on a city break or fly and flop to a sunny beach spot, there is something for everyone.

And many of the hotels have great kids’ facilities including outdoor pools and evening activities.

Greece

You may think Greece can be expensive, but there are a number of good deals across the country.

For example, you could head to Mitsis La Vita in Rhodes, with Love Holidays between April 11 and 15 for £199 per person.

It would be on a bed and breakfast board basis flying from London Stansted with Ryanair.

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The four-star hotel is in Rhodes town and is within walking distance of the local beach – Paralia Elli.

The hotel has an outdoor pool which is surrounded by a terrace with loungers and parasols.

Whilst in Rhodes Town, make sure to wander around the UNESCO-listed Medieval City with the Palace of the Grand Master – a 14th century fortress.

There is also the Street of the Knights, which is known as one of Europe’s best-preserved medieval streets.

Spain

Between April 5 and 8 you could head to Aparthotel Vibra Jabeque Soul in Playa D’En Bossa, Ibiza, for just £179 per person.

The hotel is self-catering and you will be flying from Manchester to Ibiza with Ryanair.

The hotel features a large pool, lined with palm trees and overlooks the ocean.

There’s also a dedicated children’s swimming area.

Or you could head to Palmanova Suites by TRH Hotel in Majorca, with Love Holidays between April 10 and 14, costing £189 per person.

The trip is on a bed and breakfast basis and you would fly from East Midlands Airport with Ryanair.

You could also go on holiday to Gran Garbi Hotel in Costa Brava between April 8 and 12 for £145 per person.

Flights will be with Ryanair and the hotel is on a bed and breakfast board basis.

Or head to the Bellevue Club in Alcudia, Majorca between April 4 and 8 for £113 per person.

You would be flying from Teeside Airport with Ryanair.

This huge hotel features 11 swimming pools, a garden theatre, 24-hour lobby bar and an on-site shop.

And just a 17 minute walk away is Alcudia Beach.

Outdoors at the hotel, kids can enjoy waterslides and parks and in the evening, the hotel also hosts entertainment.

Portugal

If you fancy heading to Portugal for Easter, you could head to Soldoiro Hotel in Albufeira, The Algarve, from April 5 to 9 for £133 per person.

The flights travel from Liverpool to Faro and you’d be flying with Ryanair.

Albufeira Old Town and new town are both within easy reach and the self-catering accommodation is only 190metres from the beach.

The hotel also features an outdoor pool, kid’s pool and a sun terrace with a pool bar.

Or opt for ChoroMar Hotel also in Albufeira from April 5 to 9 for £128 per person.

Flights are also from Liverpool to Faro, with Ryanair.

The ChoroMar Hotel is a short walk from Montechoro centre where you will find local restaurants.

Breakfast is included and snacks and drinks are also available from the bar.

For things to do at the hotel, you can enjoy an outdoor pool and sun terrace and for parents wanting a pamper, there is a spa with a hot tub, sauna and Turkish bath.

Germany

With OnTheBeach, you could travel to a&o Frankfurt Galluswarte in Frankfurt between April 8 and 12 for £113 per person.

You’d fly from London Stansted with Ryanair.

The a&o Frankfurt Galluswarte is in the prime place to explore Frankfurt, and when in the hotel you can enjoy a rooftop bar with views of the city, a sun terrace, library, games room and kid’s playground.

The rooms feature a modern style and in the morning you can help yourself to the breakfast buffet.

When in the city make sure to look out for the contrasting timber-framed houses and glass skyscrapers.

You can also head to Frankfurt’s Gothic Cathedral and climb the tower for a small fee.

Italy

If you want to head to Italy, there are a couple of great offers for different spots in the country.

For example, you could head to Hotel Della Volta Brescia in Brescia between April 4 and 9 for £130 per person, flying from Newcastle to Milan.

With 29 comfy rooms, the hotel comes with all the modern amenities you need and a buffet breakfast.

The hotel is in the centre of Brescia, which is known for is history, art and theatre.

For example, you could head to the Roman Forum and Capitolium.

Instead, you could visit Resort The Garda Village in Sirmione, Lake Garda between April 5 and 9 for £140 per person, also flying from Newcastle to Milan.

The hotel has a private beach access, an outdoor pool and bustling restaurant.

About a 10 minute walk away is Spiaggia Brema beach, which is a great spot to watch the sunset.

Rooms all boast their own kitchenette making it super easy to make food for yourself and family throughout your holiday.

For more holiday inspiration in Europe, these are the 39 best European city break destinations – and the number one is very cheap.

Plus, here are five European city breaks that are cheaper than an English train ticket.

SEVERAL cruises have been cancelled amid growing regional tensions in the Middle East, as some ships have been left ‘stuck’ in ports.

A number of cruise lines are cancelling European sailings following a number of ships getting stuck in ports in Dubai, Doha and Abu Dhabi amid conflict in the Middle East.

European cruises cancelled include two Celestyal Cruises sailings on March 20 and March 23 in the Aegean Sea.

This is because the Celestyal Discovery has not yet been able to leave Dubai as it needs to travel through The Strait of Hormuz which is currently closed due to the ongoing conflict in the Middle East.

Guests who were booked on the Greek sailings have been offered a full refund or can opt for cruise credit.

MSC Cruises has cancelled its three remaining winter cruises from Dubai that were due to set sail between March 14 and 28 as MSC Euribia remains docked in Dubai port.

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Aroya Cruises has also cancelled all cruises for the remainder of the season.

As for TUI, two ships previously stuck in the Strait have resulted in cruises being cancelled up to March 16 for Mein Schiff 4 and March 12 for Mein Schiff 5.

While the final passengers are on their way home via flight, the ships remain in the area.

The main issue for cruise ships at the moment in regards to the conflict, is that since March 2 the Strait of Hormuz has been closed.

This means any ships, so not just cruise ships, are currently not travelling the Strait of Hormuz.

This impacts cruises mainly heading to Doha, Dubai and Abu Dhabi.

Normally, between 10 and 14 cruises travel through the Strait each week during the winter season (November to March).

A spokesperson for AROYA Cruises commented: “Due to ongoing regional operational considerations and in coordination with the relevant maritime and national authorities, AROYA Cruises will not proceed with the remaining sailings scheduled in the Arabian Gulf for the current season.

“All guests were safely disembarked in Dubai on March 7, with the safety, security, and wellbeing of our guests and crew guiding this process.

“We are supporting our guests as they arrange their onward travel and providing guidance and assistance throughout this process.

“The safety, security, and comfort of our guests and crew remain our highest priority and continue to guide every operational decision we make.”

TUI, MSC, Celestyal Cruises, Viking Cruises, Royal Caribbean and Avalon Waterways have been contacted for comment.

What does it mean for British cruise passengers?

The UK government is working to support Brits in all of the impacted areas including the United Arab Emirates.

Official guidance advises Brits who are due to head off on a cruise with stops at the impacted ports to check in with their cruse line to see if their sailing has been cancelled, postponed or rerouted.

For Brits heading on fly-cruises, you should also check with your airline to see if they are still operating your scheduled flight.

Lisa Minot, The Sun’s Head of Travel said: “Six cruise ships are stuck in ports in Dubai, Abu Dhabi and Doha, unable to sail to safer waters without entering the Strait of Hormutz.

“Assistance will be provided to all impacted guests, and cruisers on cancelled sailings will receive full refunds or a future cruise credit to reschedule.”

In other travel news, Brits are cancelling their holidays to Cyprus despite it being on the safe travel list.

Plus, a major airline is cancelling 600 flights across Europe this week.

European stock markets were all in negative territory on Monday morning after weak sentiment in Asian markets, where Japan’s benchmark Nikkei 225 index plunged more than 5% and Taiwan’s benchmark fell 4.4%.

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Other Asian markets also tumbled after oil prices soared to nearly $120 a barrel, casting a shadow over economies heavily dependent on imported crude and gas from the region.

In Europe, London’s FTSE 100 was down 1.6%, while Frankfurt’s DAX, Paris’s CAC 40 and Milan’s FTSE MIB were all down more than 2.4%, as of 09:30 CET. Madrid’s IBEX 35 fell nearly 2.7%, and the pan-European Stoxx 600 lost about 2%.

While rising oil and gas prices are threatening Europe’s economic outlook this year, trading sentiment was further impacted on Monday by worse-than-expected data from Germany.

German industrial production and factory orders both fell at the start of the year. Output decreased by 0.5% in January following a revised 1% decline the previous month, the statistics office said on Monday.

Meanwhile, investor expectations are rising that the European Central Bank could raise benchmark interest rates this year, as soaring energy prices fuel fears that inflation may surge.

The panic in the stock market unfolded as oil prices became the main focus for investors.

Oil prices soaring

Oil prices rocketed higher as both sides in the Iran conflict struck new targets over the weekend, including civilian infrastructure. The war, now in its second week, involves regions critical to the production and transport of oil and gas from the Persian Gulf.

Prices moderated after the Financial Times reported that some members of the Group of Seven (G7) were considering releasing strategic oil reserves to ease pressure on markets. The unconfirmed report cited unnamed sources familiar with the discussions.

Oil prices spiked near $120 per barrel before falling back on Monday as the conflict intensified, threatening production and shipping in the Middle East and rattling global financial markets.

The price for a barrel of Brent crude, the international benchmark, surged to $119.50 early in the day but later traded around $107.80.

West Texas Intermediate (WTI), the US benchmark, spiked to $119.48 per barrel but fell back to around $103 by the European market open.

Strikes on Iranian oil facilities risk increasing pressure on an already tight global energy market, analysts warned. Lindsay James, investment strategist at Quilter, said “Iran accounts for roughly 4% of global oil supply, and around 90% of its exports are directed to China.”

The world’s second-largest economy has vast reserves, but analysts say any prolonged damage to Iran’s export capacity could weigh on its economic recovery and eventually affect global markets.

James also warned that attacks on shipping and energy infrastructure in the Gulf risk escalating tensions and unsettling markets that had initially expected the conflict to be resolved quickly.

After disruptions in the Strait of Hormuz linked to the conflict, the European gas market is also under pressure. Natural gas futures jumped more than 14% on Monday to above €61 per megawatt-hour, nearing their highest level in three years and extending last week’s 67% surge.

Several major producers in the region have cut back output, and Qatar’s Ras Laffan facility — the world’s largest liquefied natural gas (LNG) plant — was shut down last week.

Russia has also warned it could halt natural gas exports to Europe, adding to market anxiety.

At the same time, Europe’s gas reserves remain low, with EU storage levels below 30% and requiring refilling.

Early Monday, the US dollar, which retains its status as a safe-haven asset, gained against other major currencies. It was trading at 158.46 Japanese yen, up from 158.09 late Friday. The euro rose slightly to $1.1558 from $1.1556.

In other trading, gold prices were down more than 1% on Monday morning in Europe, trading around $5,100, while cryptocurrencies were mostly higher. One bitcoin traded at $67,774, up 0.7%.

IMF: ‘Think of the unthinkable and prepare for it’

As fears grow over how long the war could last — and with Asian markets, often seen as engines of global growth, under heavy pressure — International Monetary Fund Managing Director Kristalina Georgieva warned that policymakers must prepare for the “unthinkable.”

“If the new conflict proves prolonged, it has clear and obvious potential to affect market sentiment, growth, and inflation, placing new demands on policymakers,” Georgieva said in a keynote speech at a symposium in Tokyo on Monday.

She reminded her audience that, as a rule of thumb, every 10% increase in oil prices — if sustained through most of the year — could raise global headline inflation by about 40 basis points and reduce global output by 0.1–0.2%.

“And if, as we all hope, the conflict ends soon, then be sure that, before long, some new shock will come. My advice to policymakers everywhere in this new global environment? Think of the unthinkable and prepare for it,” she added.