The U.S.-Israeli war on Iran has sent oil prices surging, upending global travel and sparking fears of a deep travel slump and the potential for the widespread grounding of planes. As oil prices soar, Vietnam Airlines has asked local authorities to remove an environment tax on jet fuel to help it maintain operations. The Southeast Asian nation's government said Vietnamese airlines' operating costs have risen 60% to 70% due to the rise in jet fuel prices and fuel suppliers were facing difficulties in meeting airline demand. In Asia, airline shares showed signs of stabilising, with Air New Zealand up 2% after falling nearly 8% on Monday. Some major Asian and European airlines have oil hedging in place, but U.S. airlines largely stopped the practice over the last two decades.

Source: The Star March 10, 2026 10:09 UTC