Top News

Numerous major carriers have axed flights in May as the aviation sector grapples with soaring jet fuel costs and concerns over a potential fuel shortage amid ongoingtensions in the Middle East.

The US and Iran have been locked in conflict since February 28 when combined US-Israeli forces launched strikes on several key Iranian locations. Iran responded by attacking sites throughout the Middle East and blocking the vital Strait of Hormuz shipping lane, through which 20% of global oil traded passes.

Figures from aviation analytics firm Cirium reveal 296 departures from UK airports were scrapped for May as of Tuesday, May 12. This represents a rise from the 120 cancellations recorded six days previously.

The forecast for the busy summer travel season looks more promising, with week-on-week schedule cuts for June standing at 48 fewer outbound flights. July has witnessed a reduction of 31 flights week-on-week, while August shows a drop of merely four flights.

Approximately 13,000 flights were axed worldwide in May, leading to two million fewer available seats, based on earlier data released by a Cirium analyst.

These cancellations are chiefly attributed to the elevated price of jet fuel, rather than any supply shortages, the Independent reported.

A substantial portion of the cancelled flights originates from German airline Lufthansa and Turkish Airlines, after both carriers chose to scrap flights as a money-saving strategy. Airports are poised to relax rules, permitting airlines to axe flights without losing their designated "slots" should fuel shortages prevent them from flying.

How some of the leading airlines are responding to the fuel crisis:

British Airways

IAG, the carrier's parent company, has spoken of "pricing adjustments to reflect these higher fuel costs".

A spokesperson for the airline said: "We are not seeing jet fuel supply interruptions, but fuel prices have risen sharply and, despite our hedging strategy, which gives some shorter-term mitigation, we are not immune to the impact."

Easyjet

EasyJet Holidays has stated that customers' holidays will "go ahead as planned" without extra surcharges.

Chief executive Garry Wilson said: "We know that holidaymakers may have questions about what recent global events might mean for their travel plans this summer, so we are giving our customers absolute peace of mind that no surcharges will be added to their flights or package holidays."

Chief financial officer Kenton Jarvis had previously indicated that European travellers might face steeper ticket prices later in summer, once current fuel hedges expire.

Jet2

Jet2 has pledged not to impose surcharges on summer holidaymakers despite rising jet fuel costs. Chief executive Steve Heapy stated: "Holidaymakers should have every right to book their hard-earned break in the sun, without worrying about being hit with additional costs, and they can have that complete assurance when they book a flight or holiday with Jet2. Customers booking with Jet2 know that they are locking in their price without additional cost surprises later."

Ryanair

Ryanair's chief executive Michael O'Leary has cautioned that multiple European carriers might encounter financial challenges and possible collapse should jet fuel prices stay elevated over the summer period.

O'Leary claimed that Ryanair is "the best insulated, most hedged airline in Europe" and confirmed the airline remains committed to avoiding price hikes or fuel surcharges for passengers.