Airlines grapple with impact of Mideast war [Yahoo! Finance]
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Source: Yahoo! Finance
Global airlines are grappling with the effects of the war in the Middle East, as fuel prices soar and customers reassess their travel plans. The war has sent the price of oil and gas soaring, after Iran's Revolutionary Guards vowed to choke off traffic in the Strait of Hormuz, one of the world's key energy transit routes. The average global price of jet fuel has surged even faster, reaching $173.91 per barrel on Monday, according to the Platts benchmark index, double what it was on the levels of January 2. While the region's airlines like Qatar Airways, Emirates and Etihad have been hit the hardest, most major international carriers have been affected, as they operate flights both to and through the Gulf region. "As soon as the price of a barrel of oil rises, airline profits fall, and vice versa," said Paul Chiambaretto, professor of strategy and marketing at Montpellier Business School and an air transport specialist. - Fuel hedge - European airlines will be able to with
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