Live updates on the oil crisis, airline cancellations, and what it means for your travel plans.
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The International Energy Agency advised governments worldwide to encourage working from home, reduce highway speed limits by 10km/h, shift to public transport, and avoid air travel where alternatives exist. The agency called the current situation "the largest supply disruption in the history of the global oil market" and warned that supply measures alone won't be enough to stabilise markets.
The LNG mega-facility, responsible for approximately 20% of global liquefied natural gas supply, shut down last week after Iranian drone attacks. Operators have begun restart procedures but warn it will take at least two weeks to reach full capacity. European natural gas prices remain 55% above pre-war levels. Helium supply from the facility is also disrupted, threatening semiconductor production chains.
Multiple carriers have warned passengers that long-haul flights may be cancelled over the Easter holiday period due to jet fuel shortages. Routes requiring Gulf hub refuelling are most at risk. Aviation experts say if the disruption continues into May, the entire northern hemisphere summer holiday season could be significantly impacted. Industry body IATA said "there are no winners in this situation."
Scandinavian Airlines cancelled 1,000+ April flights after fuel costs doubled in just 10 days. CEO Anko van der Werff cited "unsustainable operational economics." Air New Zealand followed with 1,100 flight cancellations through early May, affecting 44,000 passengers. Both airlines have introduced fuel surcharges of $10-$90 per ticket depending on route length. Air New Zealand passengers on domestic routes involving Dunedin face the most impact.
Vietnam became the first nation to suspend fuel exports to protect domestic supply, signalling potential flight cancellations from April. Thailand and South Korea are reportedly considering similar measures. Asian carriers face growing fuel availability challenges as regional suppliers prioritise domestic consumption. India has invoked the Essential Commodities Act to regulate LPG supplies and prevent hoarding.
Research by Travel Weekly found up to 40% of UK holidaymakers intending to travel abroad over Easter are changing their plans. The Harris Poll found consumers shifting toward "perceived lower-risk options" with short-haul travel becoming more attractive. Cyprus and Turkey bookings are slowing while Portugal and Spain see stronger demand. British Airways is adding more flights to Caribbean destinations that avoid Middle Eastern airspace.
The International Energy Agency confirmed the war has created "the largest supply disruption in the history of the global oil market." The Strait of Hormuz closure has erased 20 million barrels per day of petroleum transit. The IEA predicted global oil supply will plunge by 8 million barrels per day this month — equivalent to the entire US daily import volume. Only "a trickle" of oil is passing through the strait.
IEA member countries agreed to release 400 million barrels from strategic petroleum reserves — the largest coordinated drawdown since the agency was created in 1974 after the Arab oil embargo. The US separately committed 172 million barrels from its Strategic Petroleum Reserve. Analysts warn this is a "stop-gap measure" that can stabilise markets for only a few weeks without a diplomatic resolution to the conflict.
Brent crude surged past $100 per barrel as 20% of global oil supply was disrupted for nine consecutive days — more than double the previous record set during the 1956 Suez Crisis. Prices briefly touched $120 before moderating after Trump proclaimed the conflict was "nearing its end." Jet fuel prices have risen over 60%, with the cost of filling a Boeing 737-800 jumping from $17,000 to over $27,000 in less than a week.
Iraq cut output by 60%, dropping from 4.3 million to 1.7 million barrels per day. Kuwait and UAE also reduced production. The LNG market suffered a separate shock as Qatar was forced to throttle production following infrastructure attacks. Asian spot gas prices nearly doubled since the war began, while European natural gas prices rose approximately 50%. Energy analyst Daniel Yergin warned of a "nightmare scenario" if the strait remains closed.
The US and Israel launched a military campaign against Iran, triggering the effective closure of the Strait of Hormuz — the narrow maritime corridor through which approximately 20% of global oil consumption normally passes. Iran retaliated by targeting energy infrastructure in neighbouring Gulf states. Oil prices began their surge immediately, with Brent crude jumping from approximately $70 to over $90 within days.
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Data: IEA, IATA, airline announcements, CNBC, BBC, NPR, Fortune.
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