EU agency warns against switching jet fuel amid fears of shortage

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• Minister: no massive flight cancellations this summer expected in France

  French Transport Minister Philippe Tabarot said on Friday that he didn't expect "massive" flight cancellations this summer by airlines due to jet fuel shortages. He said that most airlines do not want to cancel flights in the summer, when they make their biggest revenues. However, some have reduced their traffic slightly. Transavia France has cancelled 2% its flights between May and June, according to a spokesperson on Friday. The French government is working on measures to help airlines, such as deferrals in social security contributions and extended deadlines for tax payments. After announcing that there would be a shortage of jet fuel within weeks due to the war in Iran, European authorities are now scrambling to find solutions. Europe depends more on imports of jet?fuel, with a?75% share coming from the Middle East, than any other type of transport fuel. (Reporting by Inti Landauro Editing by Alexandra Hudson)

• Report: US suspends ship protection plan as US oil tanker is hit near Hormuz

  Caixin, the Chinese media outlet, reported that a Chinese-owned oil product tanker was attacked on Monday near the 'Strait of Hormuz. President Donald Trump launched a U.S. Plan to assist stranded ships, but then suspended it one day later. Caixin reported on Thursday that this was the first attack on a Chinese oil-tanker. Since the Iran conflict began, traffic through this vital strait has virtually stopped. It is through which 20 percent of the world’s oil and gas supplies pass. Caixin reported that the deck of a?unnamed ship caught fire. The ship's marking was "CHINA OWNER & CREW". The crew of the ship was not injured. China is still a major buyer of Iranian crude oil. Blockade of the Gulf of Oman China's Foreign Ministry did not reply to an out-of-hours comment request. Trump announced that the U.S. will begin assistance efforts for ships stuck in Hormuz on Monday. He suspended the effort a day after Iran launched drones and missiles against several ships, as well as its neighbours including the UAE. A COASTAL INCIDENT HAPPENED OFF UAE Sources in maritime security said that the damaged vessel was the Marshall Islands-flagged oil product and chemical tanker JV Innovation. It had reported an fire on its deck on Monday to nearby vessels. Reports say that the incident occurred near Mina Saqr in the Gulf, off the coast of the United Arab Emirates. Hormuz traffic has been paralysed by renewed attacks this week on ships due to the ongoing conflict between Iran and the U.S. China's Foreign Minister Wang Yi met with his Iranian counterpart Abbas Araghchi a day before in Beijing and the two discussed reopening of the strait. Sources and officials say that the U.S. is edging closer to a temporary, limited agreement with Iran, which would end the war but leave unresolved the most controversial issues. Reporting by Beijing Bureau, Jonathan Saul and Renee Maltezou from Athens and London; Editing and Toby Chopra by Bernadette and Toby Baum

• Avolta's CFO says that the Middle East airport closures have hurt Avolta but that April has brought some stability.

  Avolta, a duty-free retailer, said that it felt the impact of the Iran War in the first quarter as major hubs for air traffic in the Middle East were closed and flights cancelled. The U.S. and Israeli war against Iran has sent the global markets into a tailspin. Investors are worried that this conflict will 'create an oil shock, increasing inflation. European airlines have also prepared 'for a difficult spring and summer. Jet fuel prices are now well above $100 per barrel and there is growing concern that flight cancellations could be caused by shortages. Gerster said, "We've seen a slowdown. Some airports have been closed for a time and traffic has dropped significantly in Dubai as well as in other operations." He said Avolta has seen a positive trend since April. Gerster stated that "Kuwait Airport opened up again, and news is coming in from Emirates Airlines who said they had reinstituted 95% of their traffic within the next few weeks and months." There has been positive news since the start of April. Gerster responded that fuel shortages could be a real problem that would affect the entire sector. "That could impact the industry." "Everything else is manageable, in one way or another," he said. (Reporting and editing by Milla Nissi-Prussak in Gdansk)

• UAE smuggles oil tankers hidden through Strait of Hormuz in a bid to sell

  According to shipping data and industry sources, the United Arab Emirates, along with buyers, have recently sailed several oil tankers through the Strait of Hormuz to transport the oil that has been bottled up by the Middle East conflict in the Gulf. These volumes are only a fraction of what the UAE used to export before the U.S./Israeli war against Iran, but they demonstrate the risk that the buyer and producer are willing to accept to increase oil sales. Saudi Arabia, Kuwait and Iraq have all stopped selling oil, or cut prices dramatically to attract buyers who are not interested. According to SynMax and Kpler, Abu Dhabi National Oil Co. managed to export 4 million barrels Upper Zakum Crude and 2 million barrels Das Crude on four tankers in April from terminals within the Gulf. According to three sources, including one who had direct knowledge and two others familiar with ADNOC operations and the SynMax and Kpler data, the shipments were either shipped directly to South Korean refineries or unloaded via ship-to-ship transfer. This is the first time that this system of exports has been reported. ADNOC refused to comment on the shipments. Tehran's response to the U.S. and Israeli attacks, which began on 28 February, was to effectively close the Strait of Hormuz for all exports except its own. This resulted in a fifth of the global oil supply being bottled up. In recent weeks, the U.S.-led blockade of Iranian exports has led to a global increase in oil prices above $100 per barrel. Kpler data shows that ADNOC had to reduce exports by over 1 million barrels a day since the beginning of the war from the 3.1 millions bpd they shipped last year. Kpler data shows that ADNOC exports mainly its Murban grade, which is transported by pipeline via onshore fields from Fujairah. RISKY - Sailing ADNOC's shipments risks attacks from Iran. The UAE claimed that Iran had used drones on Monday to attack a Barakah tanker carrying empty ADNOC fuel, which was passing through the Strait of Hormuz. Transponders of the automatic identification systems are turned off on the ships, reducing the chances that they will be detected by Iranian forces. Iran uses this tactic to avoid U.S. sanctions against its oil exports. The data on industry shipping makes it hard to determine the volume of ADNOC exports, so the amount it shipped in April from the Gulf could have been higher. Kpler data shows that the VLCC Hafeet departed the strait in April 15 after having loaded 2,000,000 barrels of Upper Zakum into the Gulf. Kpler data showed that the VLCC Hafeet loaded 2 million barrels of Upper Zakum inside the Gulf on April 7 and exited the strait on April 15. Hafeet's management is under the Logistics and Services division of ADNOC. ADNOC declined to comment. Olympic Shipping & Management in Greece, which manages Olympic Luck and Petronas, did not respond to requests for comment. The STS method allows ADNOC the opportunity to sell smaller quantities of oil and to free the VLCCs up to return quickly to the Gulf for reloading. Source with direct knowledge said that one of the "broken-up cargoes" of Upper Zakum was shipped to a refinery in Northeast Asia and sold for a record $20 per barrel more than ADNOC's price. Kpler data revealed that the VLCC Aliakmon I, which was loaded with Abu Dhabi's Das Crude on April 27, departed the strait in May 2 and discharged at Oman’s Ras Markaz Storage Terminal on May 3. Kpler data and SynMax found that two Suezmax tankers, the Zouzou N and the Odessa, were carrying Upper Zakum in each case 1 million barrels. They then headed for South Korea. Dynacom Tankers Management, based in Greece, manages all three tankers. The Dynacom tankers were not chartered and the company didn't respond to our?request for comments. ADNOC plans to continue selling oil from within the strait. It informed some customers late in April that they could load Das crude and Upper Zakum from?May through STS transfers to ports outside the Gulf, including Fujairah's Sohar and Oman’s Sohar. Sources with direct knowledge about ADNOC plans and an Indian refinery source who declined to identify themselves because they were not authorized to speak with the media said that the company was in talks with Asian refining companies to sell cargoes for May-loading Das or Upper Zakum.

• France prepares aid for airlines affected by the price increase of jet fuel

  Transport Minister Philippe Tabarot announced late Wednesday that the French 'government' is prepared to offer a monetary aid for airlines affected by the?increase in jet fuel prices. Tabarot stated in a blog post on X that the government and airlines 'had made progress on a meeting held on Wednesday regarding aid, including deferrals on social?security contributions and extended deadlines for tax payments and flexibility with?fuel loadings. "Airlines are experiencing a major shock." He said that the government was fully committed to helping airlines get through these difficult times. European authorities are scrambling to find solutions in order to avoid widespread aviation disruptions during the summer after European airlines warned of a 'jet fuel shortage within weeks due to?the Iran war. The Middle East is the largest source of jet fuel in Europe, accounting for 75%. (Reporting and editing by Makini brice; Inti landauro)

• Emirates Airlines posts record net profits despite the war impact

  Emirates Airlines posted a record-breaking 'full year net profit on Thursday despite the impact from the 'Iran war. The carrier cited strong travel demand for most of the time period. Emirates said that its profit, after taxes, rose from $5.2 billion to $5.4 billion over the past 12 months, a slight increase in passengers offset by a small decline in passengers. Airspace in the Middle East was temporarily closed and jet fuel prices rose, causing the biggest crisis for the airline industry since the COVID-19 epidemic. Major Gulf carriers, including 'Emirates, have gradually restored capacity but still operate below pre-war standards. Meanwhile, renewed attacks on the United Arab Emirates in this week cast uncertainty over a fragile ceasefire which entered into effect last months. Emirates Group, a Dubai-based airline, announced a record revenue of $41 Billion in the past year. This is a 3% increase from the previous year. The 'group will pay a total of $1 billion in dividends to its owner, the sovereign wealth fund ICD.

• US airline jet fuel prices jumped by $1.8 billion (56%) in March

  The U.S. Transportation Department reported that major U.S. airlines spent just over $5 billion in jet fuel during March. This is up $1.8 'billion, or 56%, from what they spent in February. Fuel cost $3.13 per gallon in March, an increase of 74 cents and 31% compared to February. USDOT reported that fuel consumption increased by 20% in March. The disruptions in shipping through the Strait of Hormuz since the U.S. and Israel's war against?Iran have?roiled the global oil markets. The soaring jet fuel price has created the biggest crisis in the aviation industry since the COVID-19 epidemic. In March 2025, airlines spent $3.88 Billion on jet fuel. This is a far cry from the $5.06 Billion they spent in?March of this year. Major U.S. airlines?have raised air fares, increased baggage fees and cut some routes. Fuel can account for as much as a quarter or more of airline operating costs. Spirit Airlines, the ultra-low cost carrier that ceased operations last Saturday, announced this week it had paid an additional $100 million for fuel in March and April. The fuel price spike was cited as the reason why its restructuring plan had failed, and that it was forced to end operations. Southwest Airlines CEO Bob Jordan said last week that "every?airline" is affected by high fuel prices. It's your responsibility to build your company in such a way that it is resilient and can survive these events because they do happen. Last month, low-cost 'carriers' asked the USDOT for a $2.5 billion bailout to address rising fuel costs. Transportation Secretary Sean Duffy told reporters that he didn't think it was necessary at this time. (Reporting and editing by David Shepardson)

• Price hikes and outlook cuts are used by airlines to combat the fuel price surge.

  The aviation industry was blindsided by the sudden increase in jet fuel costs from $85 to $100 to $150 to $200 per barrel during the U.S. and Israeli war against Iran. Fuel accounts for as much as a quarter or more of the operating costs, which has forced airlines to raise their fares and change their financial forecasts. Here is an alphabetical list of the ways airlines are responding to this issue: AEGEAN AIRLINES The Greek airline anticipates that the suspension of Middle East flights, as well as a spike in fuel costs will have a "notable" impact on its first quarter results. AIRASIA X Malaysian Airlines executives announced that the company has cut 10% of its flights in the group and imposed a fuel surcharge of around 20%. AIR CANADA Canada's largest airline has suspended its full year guidance due to the volatility of jet fuel prices. The company announced previously that it would reduce four of its daily flights from New York to just 38 due to rising fuel prices. AIR CHINA, CHINA SOUTHERN AIRLINES, CHINA EASTERN AIRLINES China's "big three" airlines have increased surcharges for domestic flights to 60 yuan (8.78 dollars) for flights less than 800 kilometers and 120 yuan (about $13.80) for those more than 800 kilometers, respectively, from 10?yuan or 20 yuan. AIR FRANCE-KLM The airline group has said that it expects a fuel bill increase of $2.4 billion this year. It also downgraded the capacity outlook from 2025 to a 2%-4% increase. It had previously predicted an increase between 3% and 5%. Cabin fares will increase by 50 euros ($59), per round-trip, to reflect the'surging fuel prices'. KLM, the Dutch subsidiary of the group, announced on April 16 that it would cancel 160 flights across Europe in coming months due to rising fuel prices. AIR INDIA The Indian airline said that it will change its fuel surcharge system from a flat surcharge for domestic flights to one based on distance. The Indian carrier said that surcharges for international routes do not compensate the steep rise in fuel costs. AIR NEW ZEALAND On April 7, the airline announced that it would cut flights in May and June, and raise fares. It was one of the first airlines to announce a large increase in ticket prices after the conflict broke. The airline also suspended its earnings forecast for the full year due to volatility in the fuel markets. AIR TRANSAT The Canadian airline announced that it would reduce its planned capacity by 6 percent from May to October of this year. Cuts are expected to be made on routes to Europe, the Caribbean, and Cuba. AKASA AIR Akasa Airlines, based in India, announced that it would be introducing fuel surcharges ranging from 199 to 1,300 Indian Rupees ($2 - $14) for domestic and international flights. ALASKA AIR Fuel prices are rising sharply, putting pressure on airline margins. The carrier had previously withdrawn its profit forecast for the full year and warned that earnings would be severely affected in the second quarter. The carrier has also reduced capacity in certain markets. AMERICAN AIRLINES The U.S. airline slashed their 2026 profit projection, pushing lower expectations to a loss. They also said they expected to see an increase in jet fuel costs of more than $4 billion for this year. The government has increased the fees for checked bags on domestic flights and short-haul flights by $50 for the third bag and $10 for each of the first two bags. It also reduced certain benefits to economy passengers. It said that higher fuel costs would increase its costs by approximately 140 billion yen (890 million dollars) this year. However, it is expected that hedging, lower fares, and cost-cutting measures will limit the impact to around 60 billion. It has said that it will consider introducing an internal fuel surcharge for the fiscal year starting April 2027. ASIANA AIRLINES Newsis reported that the South Korean airline would cut 22 flights from April to July because of fuel price increases. CEBU AIR The Philippines-based carrier said that the sharp increase in fuel prices is a major concern. It will continue to review pricing and network strategies and try to minimize the impact. DELTA AIR LINES Delta announced that it would reduce capacity by 3.5 percentage points compared to its original plan and raise fees for checked baggage in order to offset the rising costs of jet fuel. The increase will be $10 on the first and second bags, and $50 on third bags. The U.S. carrier pulled all planned growth in capacity for the current quarter, and forecast profits below Wall Street expectations. EASYJET EasyJet has warned that it will suffer a larger half-year loss before tax of between 540 and 560 millions pounds ($732 and $759million), including an extra 25 million pounds of fuel costs in march. FRONTIER Airlines A group of U.S. Budget Airlines, including Frontier, has proposed a $2.5 Billion Relief Plan to the U.S. Government. The Wall Street Journal reported. The report stated that the figure was based on the amount of jet fuel the group is expecting to spend this year in comparison to previous forecasts. Fuel prices have increased dramatically since the carrier's forecast, and it has stated that it will be reviewing it. GREATER BAY Airlines Hong Kong based company, said that it will increase fuel surcharges for most routes on April 1 and keep them the same on routes to mainland China?and Japan. HONG KONG Airlines The airline announced that it would increase fuel surcharges up to 35% on flights between Hong Kong, the Maldives and Bangladesh, and Nepal. British Airways' owner IAG announced it would increase ticket prices in order to reflect the higher costs of jet fuel. Despite its fuel hedges it is "not immune" from the wider fallout caused by fuel price volatility. INDIGO India's largest airline announced that it will introduce fuel charges for domestic and international flights starting March 14. The charge for flights into the Middle East is 900 rupees and for flights into Europe, 2,300 rupees. JETBLUE AERWAYS JetBlue announced that it would reduce hiring, reduce capacity, and raise fares in order to mitigate the impact of the rising jet fuel prices. CEO Joanna Geraghty stated on a earnings call that the airline had suspended its outlook for the full year. Sources with knowledge on the subject have confirmed that KOREAN will be entering emergency management mode in April as oil prices continue to rise. LATAM AIRLINES The Chilean carrier has cut its core earnings forecast for 2026 after rising jet fuel costs pushed up costs. LUFTHANSA The German airline group has said that it will be hit by jet fuel prices of 1.7 billion euros in 2026. Its subsidiary ITA Airways announced that it would increase ticket prices by between 5% to 10% in 2026, to compensate for rising fuel costs. The group announced in April a new low-cost "Economy Basic", which limits free carry-on luggage to a "laptop or small backpack". The group had previously announced that 20,000 short-haul flight would be removed from their schedule by October, which is equivalent to approximately 40,000 metric tonnes of jet fuel. PAKISTAN INTERNATIONAL FLIGHTS The airline said that it would increase domestic flight fares up to $20, and international flight fares up to $100. It cited higher fuel surcharges as the reason for this. QANTAS AIRWAYS Qantas, an Australian airline, said that it has delayed a planned A$150-million ($108-million) buyback. It also increased its fuel estimate for the second half 2026 from A$2.5 billion to A$3.1-3.33 billion. Scandinavian Airlines announced that it would cancel 1,00 flights in April due to high jet fuel and oil prices. In March, the airline had cancelled "a couple hundred" flights. SPIRIT AIRLINES The U.S. Low-Cost Carrier shut down abruptly, after collapsing due to financial pressures. This included the sharp increase in fuel prices caused by the Iran War. SPRING AIRLINES Budget Chinese airline announced that it will increase fuel surcharges for domestic flights starting April 5. Details to be announced in due course. SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWAST AIRLINES The?U.S. The?U.S. The previous increase in the cost of checked bags was $10. The Portuguese airline claimed that its price increases would partially offset the impact of fuel prices changes on its revenues. THAI AIRASIA The Thai low cost carrier announced that it would reduce its overall seat capacity between May and July by 30% on average to offset the impact of rising aviation fuel costs and a softening of demand. THAI AIRWAYS The Thailand-based airline said that it would increase fares between 10% and 15% in order to combat rising fuel prices. The European airline, tour operator and travel agency cut their full-year profit forecast and suspended revenue guidance. They said they had incurred extra costs of about 40 million euro due to the March war, including repatriation and operational disruptions. TURKISH AIRLINES LUFTHANSA SunExpress, the joint venture between Turkish Airlines, Lufthansa and Lufthansa announced that it would charge a temporary fuel surcharge of 10 euro per passenger for routes between Turkey, and continental Europe. The fuel surcharge applies to all bookings made after April 1, for departures after May 1. Turkish Airlines announced on April 10, that it would not be distributing any dividends from its net profit for 2025, instead choosing to keep the earnings and preserve cash. T'WAY AIR As part of measures taken to combat the effects of war, the South Korean low-cost carrier said that it would furlough cabin crew in May and/or June without pay. UNITED AIRLINES Scott Kirby, CEO of the U.S. airline, said that ticket prices could need to increase by up to 15% or 20% in order to offset an increase in jet fuel prices. The company has already implemented five fare hikes late in the first-quarter, along with increased baggage fees that it says have begun to offset rising fuel prices. The carrier forecasted second-quarter profits and full-year profit below Wall Street expectations. It said it would recover only 40-50% through fares and revenue measures during the second quarter, but that this figure could rise to 70-80% by the third and up to 85-100% in the fourth. VIETJET Vietnamese budget airline has announced that it has adjusted flight frequencies on certain routes due to possible fuel shortages. VIETNAM Airline Vietnam's Aviation Authority announced that the carrier will cancel 23 flights a week on domestic routes starting in April after it requested assistance from the government to remove an environment tax on jet fuel. VIRGIN ATLANTIC Corneel Kster, the CEO of the airline, told The Financial Times that despite adding fuel surcharges on fares this year it will struggle to achieve profitability. VIRGIN AUSTRALIA Virgin Australia has said that it expects an increase of jet fuel costs of between A$30 and A$40 million in the second half of the fiscal year. It also anticipates a 1% decrease in capacity for the fourth quarter. VOLOTEA The Spanish low cost airline has introduced a new pricing strategy that links ticket prices with fuel costs. This could add an additional surcharge after purchase of up to fourteen euros per passenger per flight. WESTJET Globe and Mail reports that the Canadian airline has reduced seat capacity in June. The Canadian Press reported previously that the airline would add C$60 ($44.50) to certain bookings, and combine flights due to rising costs.

• Airport operator: Summer seat availability in Cyprus will not fall more than 5%.

  Hermes Airports, Cyprus' airport operator, said on Wednesday that the number of seats available to Cyprus this summer would be "no more than" 5%. The Iran war has dampened the outlook for tourism in the region. Since the U.S. launched the war against Iran, in late February, the number of tourists to the island has decreased. On March 2, a single drone attack hit a British military base in Cyprus. Hermes, the company that operates Larnaca and Paphos airports, has said that airlines have reduced their schedules by about 600,000. Passenger arrivals will also be down around 9% or approximately 450,000 passengers. It said that the majority of adjustments were made to lower flight frequencies rather than cancelling routes, and that there was no impact on schedules because of fuel shortage issues. The arrivals in the'recent weeks' have shown signs of improvement, with passenger loads on aircraft increasing to between 80% and 85% from April 20, compared to averaging 76.8% earlier in April. Hermes reported that key?tourism markets such as?Britain, Poland and the United States were experiencing load factors above 90%.

• Israel transfers jet fuel to Germany after Hormuz Crisis

  Israel will send jet fuel to Germany following the recent request from Berlin for assistance due to a crisis in Strait of Hormuz. The ministry did not provide details on the quantity of jet fuel, nor a timeline. The Ministry added that they would also examine how to help Germany in the matter of natural gas. The ministry stated that the decision was made by the Energy Minister Eli Cohen and the Foreign Minister Gideon Saar. Gideon Saar announced the decision to his German counterpart during a trip to Berlin. In Europe, concerns about a possible shortage of jet fuel due to the Middle East's disruption by the Iran war are growing. The U.S. and Israeli strikes on Iran have disrupted traffic in the Strait of 'Hormuz. This has led to the worst air travel crisis since the COVID-19 epidemic. The German Economy Ministry said that Israel has expressed its willingness to support the German economy through the?delivery of?jet-fuel and natural gas. However, details and quantities were not disclosed as the companies themselves negotiate the contracts. A spokesperson for the ministry said in a separate announcement that Germany is not facing a physical shortage of energy but they are "in contact with the aviation industry" to monitor any potential impacts and take immediate countermeasures, if needed. (Reporting from Holger Hansen and Steven Scheer, in Berlin, writing by Miranda Murray and editing by Thomas Seythal.)

• Gulf shares fall after new attacks rattle truce

  Stock markets in 'the Gulf' fell on Tuesday morning, after fresh attacks from Iran and the United States deepened the battle for the Strait of Hormuz. This was a key global energy chokepoint. Washington wants to reopen Strait of Hormuz in order to relieve the strain on the global energy supply after Iran closed the passage after the U.S.-Israel war began on February 28, 2008. The UAE has confirmed that there have been Iranian missile and drone attacks in the UAE. One of these strikes allegedly caused a fire to break out at the main oil port, Fujairah. Fujairah was critical to UAE oil exports in the Iran War as it is located at the end of a pipeline that carries crude oil from inland fields into the Gulf of Oman without going through the Strait of Hormuz. Dubai's main stock index fell 1.5% due to a 2.2% decline in the Salik Company, and a 1.8% drop in blue-chip developer Emaar Properties. Air Arabia, a budget airline, lost 2.8%. Aldar Properties fell 2% in Abu Dhabi. The benchmark index dropped 0.7%. The UAE authorities issued mobile phone alerts on Monday in Dubai and Abu Dhabi, warning of the possible occurrence of missile attacks. A survey revealed that the Iran 'war' has affected shipping, tourism and sales, as well as exports. Saudi Arabia's benchmark Index fell 0.4%. Al Rajhi Bank dropped 0.5%, and Saudi Arabian Mining Company declined 1.1%. Brent?oil for July futures fell?51cents, or 0.5% to $113.93 a barrel at 0622 GMT, after closing up 5.8% Monday. The Qatari Index fell by 0.4%.

• UAE shares slip after fresh Gulf attacks rattle truce

  UAE stocks fell early on Tuesday?trading after new attacks by Iran?and?the United States in?the Gulf deepened?the?fight for?the Strait?of Hormuz?a critical global energy chokepoint and shook an already fragile ceasefire. Washington wants to reopen Strait of Hormuz in order to relieve severe strains on the global energy supply after Iran largely closed the passage following the start of a 'war' with the U.S. The UAE has responded to reports of 'Iranian missile and drone attacks in the UAE including one which sparked fire at the main oil port in Fujairah. It said that the strikes were a serious escalation, and it reserves the right respond. Fujairah is located beyond the Strait of Hormuz and is one of only a few Middle East oil export routes that avoid the waterway. Dubai's main stock index fell 1.8%. This was due to a 2.7% slide in the Salik Company, which operates toll roads. And a 1.8% retreat in Emaar Properties, a blue-chip developer. Air Arabia, a budget airline, lost 2.6%. Aldar Properties fell 1.9% in Abu Dhabi. The index dropped 1.1%. In April, the UAE's private non-oil sector expanded at its lowest rate since February 2021, as the Iran War hammered shipping and tourism and hit sales and exports, according to a Tuesday survey.