The aviation industry and European economies are currently experiencing significant disruption due to fuel price instability and geopolitical tensions in the Middle East.

由於燃料價格不穩定以及中東地區的地緣政治緊張局勢，航空業與歐洲經濟目前正經歷顯著的干擾。

The operational viability of numerous aviation entities has been compromised by extreme fluctuations in jet fuel pricing. According to Daniel Chereau of the International Air Transport Association, the efficacy of risk mitigation is contingent upon the sophistication of an airline's hedging strategies; however, the escalation of refinery profit margins, specifically crack spreads, has exerted systemic pressure across the sector. LSEG data indicates that in North West Europe, these spreads ascended from approximately $30 per barrel prior to the late February hostilities to a peak exceeding $121 per barrel in March.

許多航空實體的經營可行性因噴射燃料價格的劇烈波動而受損。根據國際航空運輸協會的 Daniel Chereau 稱，風險緩解的成效取決於航空公司對沖策略的精細程度；然而，煉油廠利潤率（特別是裂解價差）的攀升，對整個產業造成了系統性壓力。LSEG 數據指出，在西北歐，這些價差在 2 月底衝突爆發前約為每桶 30 美元，而 3 月則達到超過每桶 121 美元的峰值。

This volatility is inextricably linked to the degradation of energy infrastructure and the functional closure of the Strait of Hormuz, which has impeded the export of Middle Eastern fuel supplies. Consequently, the sector is witnessing demand destruction, manifested through the cancellation of flights and intermittent fuel depletion at various airports. Chereau posits that a prolonged conflict would likely exacerbate this trend, potentially extending the impact to passenger demand.

此波動與能源基礎設施的損毀以及霍爾木茲海峽的實際關閉密不可分，這阻礙了中東燃料供應的出口。因此，該產業正見證「需求毀滅」現象，體現為航班取消以及各機場間歇性的燃料短缺。Chereau 認為，長期衝突可能會加劇這一趨勢，並可能將影響延伸至乘客需求。

Simultaneously, the European Union is grappling with broader inflationary pressures. The persistence of the energy crisis, compounded by the absence of a diplomatic rapprochement between the United States and Iran, has elevated the costs of gas, oil, and fuel. The European Commission has characterized certain fuel subsidy measures as economically and socially inefficient, while proposing an increase in debt ceilings to manage the crisis. These energy costs, when aggregated with rising tariffs, Chinese market competition, and climatic risks, constitute a complex set of stressors for European member states.

與此同時，歐盟正與更廣泛的通貨膨脹壓力搏鬥。能源危機的持續，加上美國與伊朗之間缺乏外交和解，推高了天然氣、石油與燃料的成本。歐盟委員會將某些燃料補貼措施描述為在經濟與社會上缺乏效率，同時建議提高債務上限以管理危機。這些能源成本在與關稅上升、中國市場競爭及氣候風險匯集後，為歐盟成員國構成了一套複雜的壓力源。

The aviation industry remains vulnerable to supply chain disruptions and price volatility as the conflict in the Persian Gulf persists.

隨著波斯灣衝突持續，航空業在供應鏈中斷與價格波動面前依然脆弱。