The rest of the world isn’t answering “the call” to protect the SOH. Not surprising at all. But this means prolong excursion, which means bad news for the airline industry - worldwide.



That Delta guidance is currently looking at string bookings. We’ll see how the industry is if it stays prolonged and oil stays high.

I can totally see a case where we stop, Israel
continues, and Iran periodically attacks tankers in the SOH. That will keep oil prices volatile for a while to come. It’s hard to imagine a scenario Iran just takes their ball and goes home.