BUSINESS NEWS


Iata’s Willie Walsh warns it could take ‘many, many


months’ for the war’s impact on air traffic to subside even when jet fuel supplies resume


Jet fuel fears intensify as peace talks break down


ANALYSIS: Energy crisis worsens in wake of US blockade. Ian Taylor reports


The breakdown of talks on peace in the Gulf at the weekend and US imposition of a blockade on Iranian shipping from Monday took the war and resulting energy crisis to a new level. Now even Iranian oil, in large part


destined for China, will no longer contribute to global supplies. The oil price predictably rose back over $100 a barrel as President Trump appeared to give up on attempts to talk it down. German chancellor Friedrich Merz’s reaction that “this is now


48 16 APRIL 2026


going to be a lengthy process” seems all too right, as does his warning: “We will feel the consequences of this war for a long time to come.” Analysts forecast “a stagflationary


shock” – a combination of stagnation and inflation – to the world economy, with the UK likely to be worst hit of the major economies given its weak outlook pre-war. A report by UK-based think-tank


the Resolution Foundation suggested living standards in Britain would fall this year, noting the “squeeze


will run right through the income distribution [levels] . . . [with] damage to household finances already done”. It remained unclear, as Travel


Weekly went to press, whether a fortnight’s ceasefire between the US and Iran would hold through a second week – as Pakistan mediators reportedly continued to shuttle between negotiators. But the odds appear against it, with further


Continued on page 46 travelweekly.co.uk


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PICTURES: Shutterstock/ImagineerInc; Iata


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