The airline sector is in trouble. During its annual meeting, the IATA (International Air Transport Association) announces margins revised downwards for 2026, to 2% compared to 4.2% in 2025. The anticipated net profit is only $23 billion for 2026, almost half less than the $45 billion for 2025, which represents $4.50 per passenger transported instead of the $9.10 observed last year. The war in the Middle East is shaking the entire sector, between airspace disruptions, closure of the Strait of Hormuz and a sharp rise in kerosene, the price of which doubled in just a few weeks, from $831 per ton at the end of February to a peak of more than $1,800 in April. According to the organization, low-cost airlines will suffer from this situation, bankruptcies are expected as has already been the case for Spirit Airlines. Middle Eastern companies will be heavily impacted, with anticipated losses of $4.3 billion in 2026. As for African companies, some benefit from the conflict thanks to the diversion of certain flights to African hubs but others are on the contrary impacted by the price of kerosene, which represents 30% to 40% of their operating costs, due to fleets that are often older and therefore more fuel-intensive.