"Two million airline seats have been cut from this month's schedules as airlines redraw their operations because of soaring jet fuel prices amid the Middle East conflict. About 13,000 fewer flights will operate in May around the world after recent cancellations, according to data from the aviation analytics company Cirium."
"The price of jet fuel has more than doubled since the US-Israel attack on Iran and the closure of the strait of Hormuz. Most big short-haul airlines operating from the UK are well hedged on jet fuel, meaning they do not expect to face immediate cost increases."
"Analysts at Goldman Sachs said in a research note on Monday that the UK was the most exposed as the largest net importer of jet fuel in Europe, with a low inventory, high import reliance, and reduced domestic refining capacity for jet fuel."
Airlines have reduced two million seats and 13,000 flights globally in May due to soaring jet fuel prices linked to the Middle East conflict. Although this represents less than 2% of global capacity, concerns about long-term fuel supply could lead to further cancellations. Major airlines like Turkish Airlines and Lufthansa have made significant cuts, with Lufthansa reducing 20,000 short-haul flights. While most UK airlines are hedged against immediate fuel cost increases, analysts warn of potential jet fuel shortages in Europe if the conflict continues.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]