politics
UK Government Relaxes Airport Slot Rules
The UK government has eased 'use it or lose it' rules for airline slots to prevent summer holiday disruptions amid soaring jet fuel costs from the ongoing Iran war. Oil prices have surged to levels not seen since 2022, prompting flight cancellations worldwide and economic warnings.
DE
FI
rediff.comAudio version
Tap play to generate a narrated version.
The UK government has announced temporary changes to airport slot rules, permitting airlines to cancel flights without losing slots to prioritize jet fuel for high-demand summer routes. This measure addresses rising jet fuel costs linked to the ongoing conflict with Iran and the closure of the Strait of Hormuz.
" The policy covers major airports including Heathrow, Gatwick, Manchester, Birmingham, and Stansted. Airlines must provide advance notice of cancellations, and affected passengers are entitled to rerouting, refunds, or compensation under existing regulations.
Brent crude oil prices reached over $126 per barrel, the highest level since 2022, following a report that President Trump would be briefed on new military options against Iran, as reported by BBC News. Prices later settled around $114 after the expiration of June futures contracts.
The Strait of Hormuz disruption has halted approximately 10 million barrels per day of oil supply, representing about 20% of global oil and liquefied natural gas trade. In the US, average gasoline prices increased to $4.24 per gallon in April from $3.03 in February prior to the conflict.
US oil inventories decreased by 6.2 million barrels in the week ending April 24, with exports shifting to higher-priced Asian markets.
" Separately, Trump indicated he would soon review a plan recently sent by Iran to the US, according to @financialjuice and CNN reports. The US is also fast-tracking $8 billion in arms sales to Middle East allies, per CNN. The conflict originated with US-Israeli airstrikes on February 28, followed by Iranian responses including threats and the strait closure.
Iran's Supreme Leader has vowed to secure the waterway and address what he termed abuses.
Airlines have responded to the fuel price increases with operational changes. Spirit Airlines announced an immediate shutdown after 34 years, impacting thousands of passengers who must rebook. Air India reduced nearly 100 flights due to elevated costs.
