TORONTO — Mounting concerns about the flow of oil shipments amid threats from the U.S. military to blockade all Iranian ports – part of efforts to force Tehran into agreeing to open the Strait of Hormuz and accepting a peace deal – has airline stocks resuming their wild ride.

Iran’s effective closure of the strait, through which 20% of traded oil passes in peacetime, has sent oil prices skyrocketing.

The price of Brent crude oil, the international standard, rose 7% to hover around US$102 per barrel today. It cost roughly $70 per barrel before the war.

Business Insider notes that pre-market trading began today with U.S. airlines including United, Delta and American down 2-3%. Lufthansa was down 4.5% and IAG, parent company of British Airways and Iberia – was down 3%.

Last week Airports Council International (ACI) Europe, representing 600+ airports facilitating more than 95% of commercial air traffic in Europe, issued a warning to EU Transport Commissioner Apostolos Tzitzikostas, saying Europe’s airports could see jet fuel shortages in a matter of weeks.

Also last week, aviation industry expert John Gradek told CTV News that while surcharges are frustrating for travellers, “the big tsunami we’re going to hit is going to be supply. We’re going to start running out of aviation fuel probably within the next week or so in various parts of the world.”

While domestic flights within Canada shouldn’t be impacted, return trips from international destinations could be challenged, he added.

The latest figures from StatCan, released today, show that Canadian-resident return trips from overseas countries by air totalled 1.5 million in March 2026, up 5% year over year.

With file from The Associated Press