Gordon Smith

At the start of 2026, airlines were broadly optimistic. Demand looked strong, fuel prices were manageable, and last year’s tariff worries eased. Then the global outlook shifted again. The Iran war has shuttered Gulf hubs, pushed oil prices sharply higher, and raised fresh questions about the global economy. The result could be a troubling convergence of risks for the airline industry. In this week’s feature story, we examine four shocks the sector may now be facing.

As a nightmare week for Gulf airlines drags on, Lufthansa Group CEO Carsten Spohr argues Europe must reduce its reliance on Middle East hubs to connect with the world.

Turkish Airlines is dialing back the pace of expansion – shifting toward profitability and network quality while still pursuing its global ambitions ahead of the carrier’s 2033 centenary.

In a week when the world's busiest international airline ground to a halt and Gulf hubs faced aerial attack, Gordon and Jay explore the impact of the Iran war on the aviation industry.

The same geography that allowed Gulf carriers to dominate long-haul travel is also their greatest vulnerability.

Qantas is flying high again. Strong domestic demand, booming premium cabins, and a disciplined strategy have pushed the Australian flag carrier to a steady 11% annual margin. But management wants more – especially internationally. In this week’s feature story, we examine how the 'Flying Kangaroo' plans to make the leap.

Coming after weeks of escalating tension, these attacks are not entirely surprising, but their impact on the travel industry will still be enormous.

Premium travelers are still driving profits, but improving economy bookings suggest the North Atlantic market is more resilient than some feared.

JetBlue’s transatlantic ambitions are beginning to meet practical limits. Summer 2026 reflects an airline fine-tuning growth as slot constraints, fleet availability, and intensifying competition test its model.

Airline earnings season often reveals more through comparison than individual results. On Friday, IAG will be the second of Europe’s big three to report, offering valuable insight into the health of the industry.