Airlines weigh Middle East cancellations after US strikes in Iran strand thousands
Commercial airlines around the world on Monday were weighing how long to suspend Middle East flights after the US struck Iran.
Singapore Airlines, one of the highest-profile in Asia, had called the situation 'fluid' on Sunday as it cancelled flights from Singapore to Dubai following a security assessment.
The Middle East route has become more important for flights between Europe and Asia since Russian and Ukrainian airspace closed due to war, but flight tracking website FlightRadar24 showed empty space over Iran, Iraq, Syria and Israel.
Air France KLM said on Sunday that it cancelled flights to and from Dubai and Riyadh on Sunday and Monday.
British Airways, owned by IAG ICAG.L, also cancelled flights to and from Dubai and Doha for Sunday. It was still reviewing the situation, it said in a statement on Sunday evening, when asked about later flights.
Missile and drone barrages in a growing number of conflict zones represent a high risk to airline traffic, and an organization that monitors flight risks, Safe Airspace, a website run by OPSGROUP, warned on Sunday that US attacks on Iran's nuclear sites could heighten the threat to American operators in the region.
In the days before the US strikes, American Airlines suspended flights to Qatar and United Airlines did the same with flights to Dubai.
Iran weighs retaliation against US for strikes on nuclear sites
Airlines are also concerned about a potential spike in oil prices following the US attacks, which will increase the cost of jet fuel. Israel meanwhile is ramping up flights to help stranded travellers at home and abroad.
The country's Airports Authority says that so-called rescue flights to the country would expand on Monday with 24 a day, although each flight would be limited to 50 passengers.
Israeli airline El Al on Sunday said it had received applications to leave the country from about 25,000 people in about a day.
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Business Recorder
5 hours ago
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Airlines weigh Middle East cancellations after US strikes in Iran strand thousands
Commercial airlines around the world on Monday were weighing how long to suspend Middle East flights after the US struck Iran. Singapore Airlines, one of the highest-profile in Asia, had called the situation 'fluid' on Sunday as it cancelled flights from Singapore to Dubai following a security assessment. The Middle East route has become more important for flights between Europe and Asia since Russian and Ukrainian airspace closed due to war, but flight tracking website FlightRadar24 showed empty space over Iran, Iraq, Syria and Israel. Air France KLM said on Sunday that it cancelled flights to and from Dubai and Riyadh on Sunday and Monday. British Airways, owned by IAG ICAG.L, also cancelled flights to and from Dubai and Doha for Sunday. It was still reviewing the situation, it said in a statement on Sunday evening, when asked about later flights. Missile and drone barrages in a growing number of conflict zones represent a high risk to airline traffic, and an organization that monitors flight risks, Safe Airspace, a website run by OPSGROUP, warned on Sunday that US attacks on Iran's nuclear sites could heighten the threat to American operators in the region. In the days before the US strikes, American Airlines suspended flights to Qatar and United Airlines did the same with flights to Dubai. Iran weighs retaliation against US for strikes on nuclear sites Airlines are also concerned about a potential spike in oil prices following the US attacks, which will increase the cost of jet fuel. Israel meanwhile is ramping up flights to help stranded travellers at home and abroad. The country's Airports Authority says that so-called rescue flights to the country would expand on Monday with 24 a day, although each flight would be limited to 50 passengers. Israeli airline El Al on Sunday said it had received applications to leave the country from about 25,000 people in about a day.
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7 hours ago
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Gold subdued as dollar gains, markets await Iran response
Gold prices edged lower on Monday as investors favoured the dollar following the US attack on key Iranian nuclear sites over the weekend, with markets closely watching for Iran's response. Spot gold was down 0.2% at $3,362.29 an ounce, as of 0341 GMT. US gold futures fell 0.2% to $3,378. 'The US strikes on Iranian nuclear facilities resulted in the dollar receiving safe haven buying flows in the currency market,' KCM Trade Chief Market Analyst Tim Waterer said. 'This USD uptick had pegged gold back and caused an uncharacteristically subdued performance from the precious metal despite risks stemming from the conflict.' The dollar rose rose 0.2% against its rivals, making gold more expensive for other currency holders. US President Donald Trump on Sunday raised the question of a regime change in Iran following US strikes against key military sites over the weekend, as senior officials in his administration warned Tehran against retaliation. Iran vowed to defend itself a day after the US dropped 30,000-pound bunker-buster bombs onto the mountain above Iran's Fordow nuclear site. Meanwhile, Iran and Israel continued to trade volleys of missile attacks. An Israeli military spokesperson said Israeli fighter jets had struck military targets in western Iran. Gold price per tola gains Rs1,465 in Pakistan Shares slipped in Asia on Monday and oil prices briefly hit five-month highs, but there were no signs of panic selling across markets. The Federal Reserve's latest monetary policy report to Congress, released on Friday, said US inflation remained somewhat elevated and the labor market was solid. On the technical front, spot gold may retest support at $3,348 per ounce, a break below could open the way toward $3,324, according to Reuters technical analyst Wang Tao. Elsewhere, spot silver rose 0.2% at $36.07 per ounce, platinum edged 0.1% higher to $1,269.17, while palladium gained 0.2% to $1,046.62.
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10 hours ago
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Dollar firms as markets brace for Iran response to US attacks
SINGAPORE: The US dollar firmed slightly on Monday as anxious investors sought safety, although the moves were muted so far suggesting markets were waiting for Iran's response to U.S. attacks on its nuclear sites that have exacerbated tension in the Middle East. The major moves were in the oil market, with oil prices hitting a five-month high, while global stocks slipped in the first market reaction to the U.S. attacks over the weekend. In currency markets, the dollar advanced broadly against most rivals. It was up 0.25% against the Japanese yen at 146.415 after touching a one-month high earlier in the session. The euro was 0.33% lower at $1.1484, while the Australian dollar , often seen as risk proxy, weakened 0.2% to $0.6437, hovering near its lowest level in over three weeks. That left the dollar index , which measures the U.S. currency against six other units, 0.12% higher at 99.037. Sterling was 0.25% lower at $1.34175, while the New Zealand dollar also fell 0.24% to $0.5952. Carol Kong, currency strategist at Commonwealth Bank of Australia, said the markets are in wait-and-see mode on how Iran responds, with more worries about the positive inflationary impact of the conflict than the negative economic impact. 'The currency markets will be at the mercy of comments and actions from the Iranian, Israeli and U.S. governments. The risks are clearly skewed to further upside in the safe haven currencies if the parties escalate the conflict.' Iran vowed to defend itself a day after the U.S. dropped 30,000-pound bunker-buster bombs onto the mountain above Iran's Fordow nuclear site. American leaders urged Tehran to stand down while pockets of anti-war protests emerged in U.S. cities. In a step towards what is widely seen as Iran's most effective threat to hurt the West, its parliament approved a move to close the Strait of Hormuz. Nearly a quarter of global oil shipments pass through the narrow waters that Iran shares with Oman and the United Arab Emirates. 'Markets appear to be treating the U.S. strikes on Iran as a contained event for now, rather than the start of a broader war,' said Charu Chanana, chief investment strategist at Saxo. 'The muted haven flows suggest investors are still assuming this is a one-off escalation, not a disruption to global oil supply or trade.' Investors brace for oil price spike, rush to havens after US bombs Iran nuclear sites While the dollar has reprised its role as a safe haven due to the rapid escalation in geopolitical tension, the relatively muted moves suggested investors remain wary of going all in on the greenback. The U.S. currency has dropped 8.6% this year against its major rivals as economic uncertainty from President Donald Trump's tariffs and concern over their impact on U.S. growth has led to investors scurrying for alternatives. In cryptocurrencies, bitcoin was up 1.3% in early trading after dropping about 4% on Sunday, while ether rose 2.3% on Monday after sliding 9% in the previous session.
