BUSINESS NEWS


Airlines are weighing contingency plans amid a lack of clarity on how long the impacts of the Iran war will be felt


Aviation in ‘shock’ over potential fuel shortage


ANALYSIS: Industry must adjust to ‘no guarantee of anything’, writes Ian Taylor


Wild gyrations in US pronouncements and see-sawing impacts on the price of oil continued into a fourth week of the war with Iran. President Trump threatened to


“obliterate” Iran’s energy infrastructure within 48 hours on Saturday, a day after suggesting a “winding down” of the war, then on Monday claimed talks on a ceasefire. Oil and energy prices soared,


then fell back despite Iran dismissing Trump’s claim, only to rise again on Tuesday in a repeat of what happened


48 26 MARCH 2026


after Trump described the war as “very complete” a fortnight earlier. Meantime, three contingents of


US troops head by sea to the Gulf. Trump’s subsequent declaration that “I’m not guaranteeing anything” is all we can take at face value, with Keir Starmer warning on Monday against “the false comfort that there will be a quick and early end” to the war. The head of the International


Energy Agency warned of “the gravest energy shock of all time”. The Bank of England forecast 3% inflation by June, and the markets priced in interest


rate rises this year rather than cuts – perhaps even three. Deloitte chief economist


Ian Stewart warned of “a raft of downgrades to growth forecasts”. Amid the uncertainty, the heads


of US carriers Delta Air Lines, United and American Airlines reported record bookings last week, suggesting customers rushing to book in anticipation of fare hikes. Delta chief Ed Bastian reported sales revenue up


Continued on page 46 travelweekly.co.uk


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