BUSINESS NEWS


Ryanair and easyJet have reported profits for the April-June quarter down 34% and 70% respectively


Gulf impasse continues to weigh on travel’s outlook


ANALYSIS:Carriers count cost of fuel price and softer demand. By Ian Taylor


A pause in the military exchanges between the US and Iran at the weekend ended a fortnight’s escalating resumption of war which sent the oil price back above $100 a barrel despite a supposed ceasefire. Unfortunately, hopes of a lengthy


cessation seem misplaced. The US cannot be seen to accept Iranian control of the Strait of Hormuz, while the Iranian regime recognises maintenance of this control is its strongest card in negotiations and best guarantor of survival. Iran torpedoed Washington’s


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attempt to ‘reopen’ the Strait by protecting ships passing close to the coast of Oman with successful missile strikes on two vessels last week. A retired naval commander told


the Financial Times: “The US cannot drive the threat down to such a level that the Strait can reopen.” Oil consultancy chief Amrita Sen


described the latest Iranian strikes as “a game-changer”, suggesting: “Even vessel owners prepared to take risks will need more than headlines about peace.” The threat has been exacerbated


by the Iranian-backed Houthi group in Yemen threatening ships in the Red Sea, location of a major Saudi oil terminal. Iranian-US analyst Vali Nasr warned


Iran will “seek to absorb US military pressure and intensify its attacks . . . to signal the war will not remain at the level of Washington’s choosing”. The pause coincided with an


Omani delegation visiting Tehran for talks on joint arrangements to manage shipping through the Strait, suggesting


Continued on page 62 travelweekly.co.uk


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PICTURE: Shutterstock/Markus Mainka


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