Assault on Iran signals ‘oil crisis'
The US's strike in Iran could lead to increased transport charges and hiked fuel costs.
Israeli security forces and first responders gather at the site of an Iranian strike that hit a residential neighbourhood in the Ramat Aviv area in Tel Aviv on June 22, 2025. AHMAD GHARABLI / AFP
The last time there was a crisis this serious in the Middle East, during the Arab-Israel war of 1973, the rest of the world suffered in what is now called the 'oil crisis', as Arab oil producers reduced supplies and petrol stations everywhere ran out of fuel.
In South Africa, that manifested as draconian restrictions, including a ban on fuel sales after hours and over weekends, as well as a reduction in the national speed limit from 120km/h to 80km/h to conserve fuel.
When US President Donald Trump ordered the B-2 bombers to destroy Iran's supposed nuclear weapon development facilities, he set the world on what might well be a similar trajectory to 1973.
This time, even if the Arab oil producers don't announce an embargo, Iran may forcibly close the Strait of Hormuz, through which most oil flows… or the Houthi rebels in Yemen may resume attacks on merchant shipping and US Navy vessels in and around the Red Sea.
Those actions will have knock-on effects in increased transport charges and hiked fuel costs, which will, again, be felt around the world.
Worryingly, too, Russian Deputy President Dmitri Lebedev said 'a number of countries are ready to directly supply Iran with their own nuclear warheads'. That would ratchet tensions up to a shade less than World War III in the minds of many people.
It also seems that despite the ongoing Israeli assault on Iran, Tehran is far from finished… and if you doubt that, look at the damage being visited on Israel. How long the Israeli population, concentrated as it is in a very small area compared to the size of Iran, will be able to tolerate the situation, remains to be seen.
Finally, will the US bombs bring the Iranians to the negotiating table – or will they harden their resolve to fight on?
NOW READ: Did the US strikes succeed, and how will Iran respond?
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TimesLIVE
29 minutes ago
- TimesLIVE
Airlines suspend Middle East flights
Israel's strikes against Iran have prompted international airlines to halt flights to some Middle East destinations due to air space closures and safety concerns. As the conflict entered a new phase after the US attack on Iranian nuclear sites, some airlines moved to cancel flights to hubs like Dubai and Qatar's Doha. Below are some of the airlines that have cancelled their flights to and from the region: AIRBALTIC Latvia's airBaltic said that all flights to and from Tel Aviv until September 30 had been cancelled. AEROFLOT Russia's Aeroflot said that it had cancelled flights between Moscow and Tehran, and made changes to other routes in the Middle East. AIR EUROPA The Spanish airline said that it has cancelled its flights to and from Tel Aviv until July 31. AIR FRANCE-KLM The French flag carrier suspended flights to Tel Aviv until July 14 and to and from Beirut until June 25. Air France is also cancelling flights to and from Dubai and Riyadh until June 24. KLM said that it had cancelled all its flights to and from Tel Aviv until at least July 1 and added that some flights to, from or via Beirut until June 29 may be disrupted. DELTA AIR LINES The US carrier said that travel to, from, or through Tel Aviv may be affected until August 31. EL AL ISRAEL AIRLINES The carrier said that it had cancelled its regular flight schedule for EL AL and Sundor through June 27. Additionally, flights scheduled to depart through July 15 have been closed for new bookings until the security situation becomes clearer. ETIHAD AIRWAYS Etihad said it had cancelled flights between Abu Dhabi and Tel Aviv until July 15. EMIRATES Emirates said that it had temporarily suspended flights to and from Iran (Tehran) and Iraq (Baghdad and Basra) until and including June 30. FINNAIR The Finnish airline cancelled its flights to and from Doha through to June 30, as well as flight AY1982 on July 1. Finnair added that it is not flying through the airspace of Iraq, Iran, Syria or Israel. FLYDUBAI Flydubai said that it had temporarily suspended flights to and from Iran, Iraq, Israel and Syria until June 30. IAG IAG-owned British Airways said that its flights to Tel Aviv remain suspended until July 31 and flights to Amman and Bahrain are suspended up to and including June 30. The British carrier was set to resume Dubai and Doha flights on June 23 after cancelling routes to and from those airports the day before. IAG's low-cost airline, Iberia Express, had previously said that it had cancelled its flights to Tel Aviv until June 30. Iberia cancelled its flights to Doha or Dubai until June 24. ISRAIR The Israeli airline said that it had cancelled all its flights from and to Israel until June 30. Israir is stopping the sale of all its flights until July 7 (inclusive). ITA AIRWAYS The Italian Airline said that it would extend the suspension of Tel Aviv flights until July 31, including two flights scheduled on August 1. LUFTHANSA GROUP Lufthansa said that it had suspended all flights to and from Beirut until and including June 30 and to and from Tel Aviv and Tehran until and including July 31. Flights to and from Amman and Erbil are cancelled until and including July 11. The German airline added that it would also refrain from using the airspace of the countries concerned until further notice. PEGASUS The Turkish airline said that it had cancelled flights to Iran until July 30 and flights to Iraq, Lebanon and Jordan until June 30. QATAR AIRWAYS Qatar Airways said that it had temporarily cancelled flights to and from Iraq, Iran and Syria. RYANAIR Ryanair said that it had cancelled flights to and from Tel Aviv until September 30. SINGAPORE AIRLINES The Asian carrier cancelled flying from Singapore to Dubai until June 25. TAROM Romania's flag carrier said that it had suspended all commercial flights to and from Tel Aviv, Beirut and Amman until June 24. TUS AIRWAYS The Cypriot airline cancelled all its flights to and from Israel scheduled until June 30 (inclusive). Flights scheduled for departure between July 1 and July 7 are currently closed for sale, pending further developments, it said. UNITED AIRLINES The US carrier said that travel to and from Tel Aviv may be affected between June 13 and August 1. Flights to Dubai between June 18 and July 3 may also be affected. WIZZ AIR Wizz Air said it had suspended its operations to and from Tel Aviv and Amman until September 15. The Hungarian airline will also avoid overflying Israeli, Iraqi, Irani and Syrian airspace until further notice.
IOL News
an hour ago
- IOL News
Middle East tensions could see an increase in SA fuel prices
South African motorists may have to dig deeper into their pockets in July, as another potential fuel price hike looms. Image: Newspress South African motorists may have to dig deeper into their pockets in July, as another potential fuel price hike looms. According to mid-June data from the Central Energy Fund (CEF), Petrol 95 is under-recovering by about 47 cents per litre, and Petrol 93 by around 43 cents. Diesel prices are showing larger under-recoveries of approximately 69 and 71 cents per litre for the two types respectively. Illuminating paraffin is also under-recovering by roughly 57 cents per litre. An under-recovery occurs when fuel levies do not fully cover the rising global oil prices and currency fluctuations, resulting in higher pump prices to compensate for the shortfall. These are only projections based on mid-month data and not final figures. The Department of Mineral Resources and Energy will confirm the official prices just before they take effect in July. The situation is a result of a sharp jump in Brent crude prices because of the ongoing conflict in the Middle East between Israel and Iran. The conflict began last week when Israel launched strikes against Iran, targeting its nuclear and military facilities. These strikes resulted in the deaths of the head of Iran's Revolutionary Guards and several top nuclear scientists. The situation was made worse when the US joined the war by launching an attack on Iranian nuclear sites with US President Donald Trump saying they had "totally obliterated" Iran's main nuclear sites. "Tonight, I can report to the world that the strikes were a spectacular military success," Trump said. According to Oxford Economics since the war began Brent crude oil prices spiked by over 10%. Oxford Economics is a "leading global economic advisory firm, providing data-driven insights and forecasts". "The Brent crude oil price spiked by over 10% as the conflict started and remains elevated in the $70-$78 per barrel range at the time of writing, well above pre-escalation levels. "The most severe scenario is a closure of the Strait of Hormuz. Around one-third of all seaborne oil passes through this chokepoint, and a shutdown would freeze oil exports from Kuwait and Qatar, and restrict exports from Iraq, the UAE, Oman, and Saudi Arabia". [email protected] IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
IOL News
an hour ago
- IOL News
Middle East flights suspended as US strikes Iran -What it means for SA travellers
IOL Global airlines have suspended or reduced flights in the Middle East as the conflict between Israel and Iran rages and the United States joins the fight. Picture: Unsplash Global airlines have suspended or reduced flights in the Middle East as the conflict between Israel and Iran rages and the United States joins the fight. The US carried out strikes against Iranian nuclear sites overnight Saturday to Sunday after over a week of deadly missile exchanges between Israel and Iran. Here is the latest airline situation: - European airlines - British Airways cancelled flights between London's Heathrow Airport and Dubai and Doha on Sunday following the US strikes on Iran. But the airline said Monday that it was "scheduled to operate as normal" on those routes. Air France halted flights to Saudi Arabia and the United Arab Emirates until at least Tuesday, the airline said. It also extended the suspension of the Paris-Tel Aviv route until July 14. Flights of Air France's low-cost carrier Transavia from Paris to Beirut have been suspended until June 30, while the Tel Aviv route is closed until September 7. Germany's Lufthansa group, whose other airlines include Swiss, Austrian, and ITA, has suspended flights to the Middle East until June 30. The Amman and Erbil, Iraq, routes were also suspended until July 11. The group will not fly to Tel Aviv and Tehran until July 31 and is also avoiding the airspace of countries involved in the conflict. Greece's Aegean Airlines has stopped Tel Aviv flights until July 12. Its Amman, Beirut, and Erbil routes are closed until June 28. Turkish airline Pegasus has scrapped flights to Iraq, Jordan, and Lebanon until June 30, and Iran until July 30. No Turkish Airlines flights to Baghdad, Damascus and Tehran are available before July 1. - US and Canadian airlines - United Airlines has warned passengers that flights to and from Dubai scheduled between June 18 and July 3 may be affected and is offering no-fee ticket changes under certain conditions due to Middle East unrest. The US airline has implemented the same flexibility for Tel Aviv flights between June 13 and August 1, allowing customers to rebook for other major European cities. Air Canada has temporarily suspended its daily non-stop service from Toronto to Dubai starting June 18 and warned the suspension could be extended. Travel via a European stopover on a partner airline remains possible, according to its website. American Airlines is allowing customers to change their bookings to Doha without fees for travel originally scheduled between June 19 and July 20. - Asian airlines - Singapore Airlines has cancelled eight flights to Dubai -- two per day from Sunday through Wednesday. AFP
