Gate News message, April 17 — Three major airlines have entered administration or liquidation in 2026, resulting in thousands of flight cancellations as a jet fuel crisis grips the aviation industry. EcoJet UK, Royal Air Philippines, and Dove Airlines have all ceased operations, with Royal Air Philippines alone canceling approximately 4,000 flights between January and March 2026.
EcoJet UK, which launched in 2023 with plans to operate the world’s first hydrogen-powered electric airline, entered voluntary liquidation in February. Royal Air Philippines, a budget carrier that began commercial operations in 2018 serving Asian destinations including China, Cambodia, and South Korea, spiraled into administration earlier this year. Dove Airlines, headquartered in Kolkata, India, entered voluntary liquidation in January after ceasing flight operations in 2022.
The crisis has been triggered by surging oil prices stemming from geopolitical tensions in Iran. Jet fuel prices have more than doubled since the Iran conflict began, rising from $2.50 per gallon to $4.32 per gallon as of Thursday, April 16. Air Canada announced today that it will suspend service to New York’s JFK International Airport from June 1 through October 25, citing soaring fuel costs that have made certain routes economically unviable. The airline stated that flights from Toronto and Montreal to JFK will be suspended, while operations to LaGuardia and Newark will continue.
Other carriers are also feeling the strain. Delta Air revealed this month that increased fuel costs will add $2 billion to its second-quarter expenses. Airlines including JetBlue and United Airlines are raising baggage fees to offset soaring fuel costs, while others are reducing services. According to the International Energy Agency director Fatih Birol, Europe has approximately six weeks of remaining jet fuel supplies, warning that the global economy faces its “largest energy crisis.” Oil prices fell over 10% on Friday after Iran announced that the Strait of Hormuz is once again accessible for commercial tankers.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
U.S. Energy Department to Release Third Batch of Strategic Petroleum Reserve, Loaning Over 26M Barrels to Nine Oil Companies
The U.S. Department of Energy will loan over 26 million barrels of crude oil to nine companies, marking the third release of strategic reserves since the U.S.-Israel-Iran conflict began, aimed at moderating oil prices. Delivery is set for May and June 2026.
GateNews1h ago
Trump Rules Out Tolls on Strait of Hormuz
President Trump announced that U.S. negotiations about a potential conflict with Iran will persist over the weekend. He firmly denied any possibility of Iran imposing tolls on vessels in the Strait of Hormuz.
GateNews3h ago
US Seeks Increased Namibian Uranium Imports to Power AI-Driven Nuclear Plants
The U.S. is contemplating increased uranium imports from Namibia to support nuclear energy for AI data centers, as China dominates Namibia's uranium sector. Rising uranium prices are reviving mining interests, despite water supply challenges in the arid region.
GateNews3h ago
U.S. Stock Indices Post Strong Gains, Nasdaq Extends 13-Day Rally; Oil Prices Plunge on Strait of Hormuz Reopening
Gate News message, April 18 — U.S. stock indices closed sharply higher on April 17, with the S&P 500 rising 1.2% to 7,126.06, the Nasdaq Composite gaining 1.52% to 24,468.48, and the Dow Jones Industrial Average climbing 1.79% to 49,447.43. The Nasdaq extended its winning streak to 13 consecutive tr
GateNews4h ago
Traders Bet $760M on Falling Oil 20 Minutes Before Iran's Hormuz Strait Announcement
On April 17, investors sold significant Brent crude futures amid news of open passage in the Strait of Hormuz, causing prices to drop sharply. Lawmakers are investigating potential insider trading linked to these trades before key policy announcements.
GateNews13h ago
The White House Announces the Strait of Hormuz Is “Fully Open”: Iran’s Foreign Minister Confirms Merchant Shipping Is Passing, and the U.S. Naval Blockade Is Temporarily Maintained
The U.S. White House announced that the Strait of Hormuz is fully reopened, allowing all commercial vessels to pass, but the maritime blockade against Iran remains in effect until the transaction is completed. Iran’s foreign minister confirmed compliance with the Lebanon ceasefire agreement, and the strait has resumed normal passage. This move is expected to have far-reaching implications for global energy supplies.
ChainNewsAbmedia16h ago
