Global airlines have suffered their worst financial shock since the COVID‑19 pandemic as the ongoing war involving US Israel and Iran has disrupted industry operations, wiping more than $50 billion off the market value of the world’s largest carriers amid rising fears of fuel shortages.The conflict, now entering its fourth week, has grounded flights, disrupted key Gulf hub airports and driven jet fuel prices sharply higher, compounding pressure on an industry that was rebounding strongly following pandemic‑related losses.According to Financial Times calculations, the 20 largest publicly listed airlines have collectively lost about $53 billion in market capitalisation since the war began. In response, airline executives have warned of a potential rise in ticket prices as carriers seek to protect shrinking profit margins.Jet fuel, which accounts for roughly a third of operating costs for airlines, has doubled in price since the United States and Israel launched attacks on Iran at the end of February. Many carriers had hedged against fuel price swings, but the rapid rise is expected to force airlines to pass on costs to passengers.“Fuel spiked quite heavily after the Ukraine invasion in 2022 as well, but this has gone further north,” easyJet chief executive Kenton Jarvis told FT, describing the current crisis as the most significant upheaval since the pandemic closed global skies in 2020.Executives also point to broader structural challenges, including the risk that sustained high fares may dampen demand. Carsten Spohr, CEO of Lufthansa, said higher ticket prices were unavoidable but expressed concern that they could weaken long‑term demand. “Our average profit is about €10 per passenger, there’s no way you can absorb the additional cost,” he said.In addition to passenger traffic pressures, airlines are preparing contingency plans for possible jet fuel shortages. Air France‑KLM CEO Ben Smith said the carrier is drawing up measures to cope with potential supply squeezes, including scaling back services on some Asian routes.The crisis has hit Middle Eastern carriers particularly hard. Carriers such as Emirates, Etihad and Qatar Airways have had to sharply reduce schedules due to airspace closures and a collapse in regional tourism, industry officials say. Despite the severity of the current disruption, Willie Walsh, head of the International Air Transport Association (IATA), noted that it still falls short of the pandemic’s impact but is reminiscent of the downturn in transatlantic demand after the 9/11 attacks, according to FT.The conflict’s ripple effects are also visible in cargo operations, as freight traffic shifts from disrupted shipping routes to air cargo, straining airport facilities. At Geneva airport, for example, freight re‑routing has led to overflow onto services bound for Paris.Industry observers remain hopeful that airline valuations and demand will rebound once the conflict abates. “The share price has moved against all airlines since the start of the conflict,” Jarvis said, adding that short sellers would likely close positions quickly if a ceasefire is announced.

Ghadir class submarines (Image/X)

As the Middle East war intensifies, the battle is not limited to airstrikes and surface attacks. Even beneath the waters of the Strait of Hormuz, a hidden threat continues to loom and it is far harder to detect and neutralise.The United States has deployed A-10 attack aircraft and Apache helicopters over the Strait of Hormuz, targeting Iranian speedboats and underground weapons facilities. These operations are aimed at weakening Iran’s ability to disrupt maritime traffic and ensuring the safe passage of oil tankers. However, analysts warn that the most serious threat may not come from weapons that can be easily intercepted, but from submarines that remain largely undetected underwater.The Strait of Hormuz is one of the world’s most important oil transit routes, located between the Persian Gulf and the Gulf of Oman. The waterway carries nearly 20% of global energy supplies. Any disruption in this narrow waterway can have immediate global consequences, including rising oil prices and supply shortages. Iran’s geographic position along the Strait has allowed it to develop strategies and capabilities aimed at controlling or disrupting maritime movement in the region.

Iran’s mini submarines: Ghadir-class midget

At the centre of this conflict is Iran’s fleet of Ghadir-class midget submarines. These submarines are much smaller than conventional ones, measuring about 29 metres in length and weighing around 120 tons.Their compact size allows them to operate in shallow waters, as little as 30 metres deep, which matches the average depth of key shipping channels in the Strait of Hormuz, according to The Telegraph.Iran has up to 10 Ghadir-class midget submarines. Their miniature size allows them to evade detection and operate in waters as shallow as 30 metres, the average depth of key shipping channels through the Strait of Hormuz.In contrast to midget submarines, the United States’ Ohio-class nuclear submarines weigh around 18,750 tons and measure 170 metres in length. These submarines are extremely difficult to detect due to the naturally noisy environment caused by heavy ship traffic and offshore activity. These mini submarines are capable of launching torpedoes and more importantly, laying naval mines. Experts believe their mine-laying capability poses the greatest risk, as even a small number of mines can disrupt shipping routes for extended periods. Clearing such mines is a slow and complex process, which can effectively block the movement of vessels through the strait. Iran has spent decades studying the Gulf’s geography and training its naval personnel in these waters, enhancing the effectiveness of these operations.

Other submarines in Iran’s arsenal

In addition to the Ghadir-class, Iran operates several other types of submarines. The Fateh-class submarines weighing around 600 tonnes are larger and equipped with improved sensors, allowing them to operate in deeper waters while still maintaining a relatively small profile. Iran also possesses Russian-built Kilo-class submarines (Taregh, Yunes and Nooh), which are more powerful but less suited to the shallow waters of the Gulf. Other submarines including the Nahang midget were also purchased from Russia in the 1990s. Alongside these, Iran has developed specialised underwater systems such as the e-Ghavasi and Al-Sabehat swimmer delivery vehicles. These are designed for covert operations, allowing naval commandos to carry out missions such as mine-laying in shallow coastal waters.

Iran’s speedboat and drones

Iran’s naval strategy also relies heavily on fast-attack vessels operated by the Islamic Revolutionary Guard Corps (IRGC). These boats are designed for swarm tactics, enabling them to overwhelm larger ships in confined waters. The fleet includes more advanced platforms such as the Zulfaghar-class boats, which are equipped with air defence systems and represent some of Iran’s most capable fast-attack vessels.Iran has also developed unconventional platforms such as the Bavar-2, a “flying boat” that can rise slightly above the water surface, increasing speed while reducing its radar.A major long-term threat comes from Iran’s anti-ship missile systems, which are deployed along its coastline. These include short-range missiles capable of targeting nearby vessels, as well as longer-range cruise and ballistic missiles that can strike ships across the Strait of Hormuz and beyond. Many of these systems are mobile, mounted on trucks or hidden in tunnels and bunkers, making them difficult to locate and target through conventional airstrikes.A major long-term threat comes from Iran’s extensive range of anti-ship missile systems deployed along its coastline. Short-range missiles such as the Kowsar and Nasr-1 are capable of targeting vessels operating close to shore.For longer distances, Iran has developed cruise missiles which can strike targets across the Strait of Hormuz and into the Gulf of Oman. The Abu Mahdi cruise missile significantly extends this range, reportedly capable of hitting targets up to 1000 kilometres away.In addition, Iran has developed anti-ship ballistic missiles such as the Gulf and Hormuz-2, designed to strike moving vessels using satellite guidance.

Naval mines: The biggest risk to global trade

Military experts believe that Iran’s most effective tool may be its extensive stockpile of naval mines. These include contact mines that explode on impact, magnetic mines that detect a ship’s hull, acoustic mines triggered by propeller noise and pressure mines that respond to water movement. Some advanced variants are designed to target large commercial vessels specifically. Even limited deployment of such mines could halt maritime traffic and take weeks to clear, severely impacting global trade.While US forces continue to target visible threats, the underwater dimension of the conflict remains a significant challenge. Submarines and mines are far harder to detect and neutralise, giving Iran the ability to disrupt global shipping routes without engaging in direct large-scale naval battles.

The Middle East crisis has left oil markets on edge, and the volatility is expected to continue. Prices are likely to stay high, even as forecasts vary on how long the surge will last, with the ongoing conflict still disrupting global supplies. Prices edged lower on Friday but held firmly above the $100 mark, reflecting the impact of damaged energy infrastructure and restricted flows through the Strait of Hormuz. Brent crude slipped 0.1% to $108.5 a barrel after earlier touching $110, while US crude remained largely steady at around $95.6.The big question is, how high and long can this hike stretch?Market projections suggest the current price levels could persist, especially if supply disruptions continue. Goldman Sachs said oil that markets could remain under pressure for years, warning that prolonged outages may keep prices elevated well beyond the immediate term. “The persistence of several prior large supply shocks underscores the risk that oil prices may stay above $100 for longer in risk scenarios with lengthier disruptions and large persistent supply losses,” Goldman analysts wrote in a note Thursday.With the key shipping route in the Strait of Hormuz largely blocked for nearly three weeks, the bank expects prices to move higher and has indicated that Brent could even surpass its previous peak of about $147 per barrel recorded in 2008 if the disruption worsens.Goldman outlined different scenarios based on how the situation evolves. In a more severe case, where oil flows remain heavily restricted for over two months and production recovers only gradually to 2 million barrels per day, Brent could be around $111 per barrel by the final quarter of 2027. However, in a more optimistic scenario, involving a gradual restoration of flows from April, could see prices ease to the $70 range by the end of 2026.Other forecasts point to a softer trajectory over time. The US Energy Information Administration expects Brent to stay above $95 per barrel in the near term, before dropping below $80 in the third quarter of 2026 and settling around $70 by the end of that year. It projects an average price of $64 per barrel in 2027, noting that outcomes will depend on how long the conflict lasts and the extent of supply disruptions.In a staff memo, United Airlines chief executive Scott Kirby said the airline is factoring in the possibility of oil prices rising to as much as $175 per barrel and staying above $100 through the end of 2027. At those levels, United’s annual fuel expenses could increase by about $11 billion, more than twice the profit it recorded in its best year, he said, even as strong travel demand allows carriers to raise fares. United Airlines said that it will reduce unprofitable flights over the next two quarters as it prepares for elevated jet fuel prices linked to the war involving Iran. The impact of the crisis is already being felt across the energy sector. QatarEnergy said that missile strikes have cut liquefied natural gas export capacity at Ras Laffan by 17%, with repairs potentially taking up to five years, affecting supplies to Europe and Asia.Overall, projections underline a wide range of possible outcomes, but point to one common factor, oil prices are likely to remain sensitive to how the conflict unfolds and how quickly disrupted supply routes are restored.

Rohit Sharma (Image credit: BCCI/IPL)

NEW DELHI: The crowd erupted in loud cheers the moment Rohit Sharma took the mic, with the noise reaching a crescendo when he declared, ‘iss baar No. 6 aapke paas’.Mumbai Indians are five-time Indian Premier League champions, having lifted the trophy in 2013, 2015, 2017, 2019 and 2020. However, Mumbai Indians have not won the title in the last five years. Notably, all five championships came under Rohit’s leadership.

Rohit, who was addressing fans at a Mumbai Indians event — MI Mix — held at the Jio World Garden on Saturday, was joined by Suryakumar Yadav and Hardik Pandya.“I want to thank you all on my team’s behalf. Keep supporting us like you do every year. We love it. And in return, we will try to make it IPL 2026 | ‘Iss baar No. 6’: Rohit Sharma’s big promise to Mumbai Indians fans – WATCH | Cricket News number 6. Iss baar Number 6 aapke paas laakar rakhein,” Rohit said.Are Mumbai Indians the greatest IPL team?Former India cricketer Irfan Pathan believes Mumbai Indians hold a slight edge over Chennai Super Kings as the ‘greatest team in IPL history’, even though both franchises have won the same number of titles.Pathan argued that MI’s impact on Indian cricket has been more significant, highlighting the number of top-quality players the franchise has produced for the national team.“CSK started winning the IPL title from 2010 onwards. They won back-to-back titles in 2010 and 2011 and were the first team to do so. But when Mumbai Indians started winning from 2013, they kept winning after every alternate year. Then they won the IPL trophy back-to-back in 2019 and 2020.”“What I like about Mumbai is their contribution to Indian cricket. The number of match winners they have produced for the Indian team is absolutely tremendous. How do you achieve that? First, you make your franchise big. Second, you deliver results with the team you have. Even now, Mumbai Indians had a great squad last season that could have easily won the trophy, but they couldn’t for different reasons.”While MI can take credit for identifying and nurturing talents like Jasprit Bumrah, Hardik Pandya, Ishan Kishan and Tilak Varma, CSK can point to their role in developing players such as Ravichandran Ashwin, Murali Vijay and Ruturaj Gaikwad.“CSK don’t have four Indian captains, Mumbai Indians do. In that respect, assembling a team and contributing to a bigger cause, I think Mumbai Indians are the greatest IPL team. I know CSK will always say they are also the greatest, having won five trophies too. There is no doubt. There will always be a debate and it is a fair debate. But I think Mumbai Indians take the edge because they have given so many wonderful cricketers and young talents to Indian cricket,” Pathan concluded.