BUSINESS NEWS


A change of UK leadership could spark a domestic financial crisis, exacerbating the impact of the US war on Iran


A change of UK leadership


Big uncertainties at home and abroad cloud outlook


ANALYSIS: Industry faces war, oil price and election challenges. By Ian Taylor


The confrontation between the US and Iran appeared to be descending towards renewed war amid a US military operation to ‘help’ ships pass through the Strait of Hormuz from Monday. Within hours, at least two cargo


ships had been hit, the United Arab Emirates was under drone attack and an oil port was in flames, sending the price of oil higher. This came after the oil price briefly


spiked at $126 a barrel last week, its highest yet, driven by President Trump telling oil company executives the US


48 7 MAY 2026


blockade of the Strait could “continue for months” and reports suggesting the president had been briefed on carrying out a “powerful” wave of strikes. Oil analyst Amrita Sen argued


the market was pricing in disruption to the end of June amid a realisation, reported by the Financial Times, that oil supplies may be just “four weeks away from a ‘tipping point’”. Sen suggested that if the


war continued until late June: “You can pick a number when it comes to the oil price.” Iata director general Willie Walsh


warned of possible “fuel rationing” in Europe and Asia and wondered: “At what point [do] high prices start to shift passenger behaviour?” Jet fuel was priced at double


the level of a year ago before the latest spike in prices. The government and aviation


sector sought to address fears of disruption with an announcement at the weekend of a “lightning consultation” on relaxing slot rules at


Continued on page 46 travelweekly.co.uk


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PICTURES: Shutterstock/aapsky, Joshua Sukoff


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