<div id="readability-page-1"><div id="parent_top_div">Global airlines have begun to hike fares and cut capacity to cope with the sudden surge in the oil price, but the industry's ability to remain profitable may depend on whether consumers pull back on flying as gasoline costs threaten household budgets. Before the US-Israeli conflict ​with Iran began last month, the airline industry had forecast record profits of $41 billion in 2026, but a doubling in ​jet fuel prices has placed that at risk and forced carriers to rethink their networks and strategies. Carriers ranging from United Airlines to Air New Zealand and Scandinavia's ‌SAS have announced capacity cuts and fare hikes, while others have imposed fuel surcharges. &#34;Airlines face an existential challenge,&#34; said Rigas Doganis, who once headed Greece's former national carrier, Olympic Airways and served as a director of Britain's easyJet. &#34;They will need to cut fares to stimulate weakening demand while higher fuel costs will be pushing them to increase fares. A perfect storm,&#34; said Doganis, who now chairs London-based consultancy firm Airline Management Group. Record passenger traffic Last year, the industry reported record global passenger traffic that rebounded to about 9 per cent above pre-pandemic levels even in the face of persistent supply-chain challenges that affected deliveries of new planes. Record post-pandemic demand for travel and persistent supply-chain challenges had constrained capacity growth and given airlines significant pricing power as they filled more seats on each plane. But the scale of the increases needed to make up for the jet fuel price surge is huge at a time when consumers are under pressure from higher gasoline prices that could curb discretionary spending. &#34;The only way to get prices up is to reduce capacity,&#34; said Barclays' head of European transport equity research Andrew Lobbenberg. &#34;That is what I would expect to see happen this time, and it's what we saw in the previous occasions ‌when we had other crises; people just have to start trimming capacity.&#34; Higher ticket prices United Airlines CEO Scott Kirby told ABC News last week that fares would need to rise 20 per cent for the airline to cover the higher fuel costs. Hong Kong's Cathay Pacific Airways has lifted fuel surcharges twice in the last month, and from Wednesday a return trip from Sydney to London will attract an $800 fuel surcharge. Before the Iran conflict, a normal round-trip economy-class fare on the route was roughly A$2,000 ($1,369.60). Low-cost carriers could struggle the most given their passengers are more price-sensitive than the corporate customers and wealthy consumers who have been increasingly targeted by premium rivals like Delta Air Lines and United Airlines, analysts say. &#34;I think for the more price-sensitive travellers, even the short-haul flying trip gets downgraded, potentially to rail or to bus or other alternatives,&#34; said Nathan Gee, Bank of America's head of Asia-Pacific transport research. <h3> Oil shocks</h3> West Asia ​conflict is the fourth oil shock for the airline industry since the turn of the century, though the first in which carriers like Vietnam Airlines have expressed concern about securing ‌physical supplies of fuel due to the Strait of Hormuz closure. There was one in 2007-2008 before the global financial crisis dented demand, another after the Arab Spring around 2011, and a third after the Russia-Ukraine war broke out in 2022. A string of mergers between 2008 and 2014 like Delta-Northwest and American Airlines-US Airways reduced eight major ​US airlines to four and brought ‌on the era of tighter capacity control, while low-cost carriers such as Ryanair and India's IndiGo leaned on single-aircraft fleets and fast turnarounds to keep unit costs low. Replacing older, thirstier planes with ‌more fuel-efficient models is an obvious way for carriers to reduce costs, but a severe supply-chain shortage in the wake of the pandemic and issues with new-generation engines have delayed deliveries. And while US ultra-low-cost carriers have some of the newest, most fuel-efficient planes in the industry, if travel demand falters, paying for the new planes could ‌become a barrier ​to profit. Dan Taylor, ​head of consulting at aviation advisory firm IBA, said the current oil shock was expected to widen the gap between financially strong and weaker airlines. &#34;Carriers with robust balance sheets, strong pricing power, and reliable access to capital are better positioned to absorb ongoing pressures,&#34; he said on the firm's website. &#34;In contrast, airlines with ‌low profitability and limited funding options may ​face increasing financial stress.&#34;</div></div>

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能源業 ETF - SPDR

能源業 ETF - Vanguard

全球航空公司正在提高票價並削減運力，以應對飆升的油價，這威脅到盈利能力。該行業此前預測 2026 年將創下 410 億美元的利潤，但不斷上漲的航空燃油成本迫使航空公司重新考慮戰略。像聯合航空和國泰航空這樣的航空公司已宣佈漲價和燃油附加費。分析師警告，價格敏感的旅客可能會選擇鐵路或公交等替代交通方式。當前的油價衝擊可能會加大財務狀況良好的航空公司與較弱航空公司之間的差距，影響它們吸收持續壓力的能力

Airlines raise fares, cut capacity as soaring oil prices threaten profits

Business Standard

聯合航空

美國石油設備與服務 ETF - iShares

標普交通運輸 ETF - SPDR

南方國證交通運輸行業ETF

煉油公司指數 ETF - VanEck Vectors

3 倍做多航空業 ETN - MAX

標普航天與國防 ETF - SPDR

全球航空業 ETF - U.S. Global

華夏中證全指運輸ETF

2 倍做多彭博原油 ETF - ProShares

納斯達克運輸業 ETF - First Trust

標普油氣設備與服務 ETF - SPDR

油氣服務 ETF - Market Vectors

美國布倫特原油期貨基金

道瓊斯運輸類股平均指數 ETF - iShares

美國油氣勘探與生產 ETF - iShares

標普全球能源股指數 ETF - iShares

美國 WTI 原油 ETF

航空國防投資組合 ETF - PowerShares

油氣開採 ETF - SPDR

西方石油

英國石油

國泰航空

由於油價飆升威脅到利潤，航空公司提高了票價並削減了運力