Rising fuel prices lash airline sector as Iran conflict widens
BNN Bloomberg
Airline shares seesawed on Thursday, as some regained ground on more flights taking off from the Middle East while others dipped on spiking oil prices after U.S.-Israeli strikes on Iran sparked major disruption across the global aviation industry.
Governments have scrambled to arrange flights out of the Middle East for tens of thousands of citizens stranded by the intensifying conflict, which has closed most of the region’s airspace due to the risk of missiles hitting planes.
Takeoffs from Dubai International Airport more than doubled on Wednesday, the latest data from Flightradar24 show, as activity slowly restarts at the world’s busiest travel hub, which was brought to a near standstill amid the conflict.
Traffic remains far below normal levels, with global aviation disruption likely to take some time to normalize as the conflict shows little sign of easing. Air cargo has also been hit, disrupting the movement of perishables and aircraft parts.
“The past few days have been unprecedented,” Dubai Airports CEO Paul Griffiths said on Thursday on LinkedIn in his first public remarks since the airstrikes began, adding that teams were pulling together and “navigating with confidence.”
In a sign of the ongoing threat to airlines, Azerbaijan - part of one key flight corridor from Asia to Europe - temporarily closed part of its airspace near Iran after a drone strike in the southern Nakhchivan area near the Iranian border.
The impact of the Iran war on fuel prices in Canada may encourage more drivers to go electric, some experts say, but others warn the conflict will drive up prices of "pretty much everything."
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
The Trump administration this week stepped up its ambitious effort to replace about US$1.6 trillion in lost tariff revenue that was eliminated by the U.S. Supreme Court’s decision to strike down a range of the president’s import taxes.
The Bank of Canada will be balancing a last-minute flood of economic data with uncertainty around trade and war in the Middle East as it prepares to make its second interest rate decision of 2026 this week.
The Trump administration has expanded its trade investigations to 60 countries, including Canada, in an effort to shore up the president’s tariff policies.
Canada has committed to supplying 23.6 million barrels of oil as part of a larger International Energy Agency plan to help stabilize energy markets as the war in the Middle East continues.
Canada’s energy-heavy index may cushion stocks from oil shocks, but rising crude prices could boost inflation and pressure consumers.
Venture Global will proceed with phase 2 of its CP2 liquefied natural gas project in Louisiana, the company said on Friday.
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
Telus Corp.’s global IT and customer services arm says it’s investigating a breach of its systems.
When Jensen Huang strides onto the stage of a packed hockey arena to kick off Nvidia’s annual developer conference on Monday, he is likely to reveal products and partnerships geared toward keeping the AI chipmaker atop a growing array of competitors.
The current Canada Revenue Agency (CRA) crackdown on Canada’s growing army of gig workers has gone beyond Uber drivers, contractors, consultants, handy-people and freelancers.