May 6: Impact of US-Iran War on International Economy, Financial Markets, and Livelihoods
Goldman Sachs warns of urgent shortages in naphtha, jet fuel, and LPG due to the Middle East conflict, with Taiwan and three other countries facing high risks. The aviation industry is severely impacted by soaring fuel prices, with ITA Airways considering grounding flights in a worst-case scenario.
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- 📰 Published: May 6, 2026 at 20:47
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- 🤖 AI Analyzed: May 6, 2026 at 22:29 (1h 27m after Collected)
Key News on US-Iran War
Central News Agency
(Central News Agency, Taipei, 6th, comprehensive foreign reports) Goldman Sachs pointed out that shortages of naphtha, jet fuel, and liquefied petroleum gas are most urgent, with four countries including Taiwan facing higher risks. Due to soaring fuel prices, ITA Airways CEO Joerg Eberhart stated that the company is evaluating a "worst-case scenario of grounding flights."
Iran War Impacts Global Oil Market, Goldman Sachs Warns Taiwan and 4 Other Countries Face Oil Shortage Risk
Impacted by the Iran war, global crude oil and refined product inventories are rapidly declining. Goldman Sachs (Goldman Sachs) pointed out that estimates of refined oil product supply and domestic crude oil inventories in various countries "show South Africa, India, Thailand, and Taiwan face higher product shortage risks."
Goldman Sachs analysts stated that existing data "significantly underestimates the shortage risk for specific countries or specific products," and "although global crude oil inventories have not yet reached critical levels, an surplus in a single country or product market does not necessarily compensate for shortages elsewhere."
Fuel Supply Crisis: ITA Airways CEO Says Worst-Case Scenario is Grounding Flights
The blockade of the Strait of Hormuz has triggered a global fuel supply crisis, severely impacting the aviation industry. Several European airlines, including Air France and Lufthansa, have announced numerous flight cancellations, and the US low-cost carrier Spirit Airlines recently ceased operations.
ITA Airways CEO Joerg Eberhart stated that ITA has sufficient fuel price subsidies until the end of this year, so ticket price increases can be maintained at 5% to 10% this year. However, this is only for 2026. "As managers, we need to formulate worst-case scenarios, which means grounding flights as a last resort, similar to the pandemic period."
Middle East Conflict Disrupts Aviation Industry, Reduced Travelers to Thailand Impact Tourism Recovery
According to statistics from the Thai Ministry of Tourism and Sports, due to the volatile situation in the Middle East, the number of foreign tourists entering Thailand decreased by approximately 3.45% year-on-year in the first four months of this year; tourism revenue was 584 billion baht, a year-on-year decrease of approximately 3.2%.
Thai hotels are already feeling the pressure. Prachoom Tantiprasertsuk, Regional Vice President for Southern and Central Thailand at Dusit Hotels, stated that hotel bookings in Thailand for the second and third quarters are down 20% to 30% year-on-year. If long-haul travelers decrease, hotels will be forced to focus more on short-haul and domestic markets, while cutting costs, saving energy, and reducing new staff recruitment.
War Drives Up Oil Prices, Airfares Become More Expensive, European Travelers' Willingness to Visit Asia Affected
Yang Cheng-hsun, founder of Kunji Travel, which specializes in Taiwan and Japan travel markets in the Netherlands, pointed out that the number of long-haul travel inquiries and bookings during the traditional peak travel season of April and May this year has significantly decreased.
The US-Iran war has caused persistently high fuel prices, which in turn has driven up air ticket prices and affected travel willingness. Recently, airfares for long-haul routes between Europe and Asia have become increasingly expensive, leading many European tourists to abandon travel to Asia, with inquiries significantly declining compared to the same period last year. (Editor: Ho Hung-ju) 1150506
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Central News Agency
(Central News Agency, Taipei, 6th, comprehensive foreign reports) Goldman Sachs pointed out that shortages of naphtha, jet fuel, and liquefied petroleum gas are most urgent, with four countries including Taiwan facing higher risks. Due to soaring fuel prices, ITA Airways CEO Joerg Eberhart stated that the company is evaluating a "worst-case scenario of grounding flights."
Iran War Impacts Global Oil Market, Goldman Sachs Warns Taiwan and 4 Other Countries Face Oil Shortage Risk
Impacted by the Iran war, global crude oil and refined product inventories are rapidly declining. Goldman Sachs (Goldman Sachs) pointed out that estimates of refined oil product supply and domestic crude oil inventories in various countries "show South Africa, India, Thailand, and Taiwan face higher product shortage risks."
Goldman Sachs analysts stated that existing data "significantly underestimates the shortage risk for specific countries or specific products," and "although global crude oil inventories have not yet reached critical levels, an surplus in a single country or product market does not necessarily compensate for shortages elsewhere."
Fuel Supply Crisis: ITA Airways CEO Says Worst-Case Scenario is Grounding Flights
The blockade of the Strait of Hormuz has triggered a global fuel supply crisis, severely impacting the aviation industry. Several European airlines, including Air France and Lufthansa, have announced numerous flight cancellations, and the US low-cost carrier Spirit Airlines recently ceased operations.
ITA Airways CEO Joerg Eberhart stated that ITA has sufficient fuel price subsidies until the end of this year, so ticket price increases can be maintained at 5% to 10% this year. However, this is only for 2026. "As managers, we need to formulate worst-case scenarios, which means grounding flights as a last resort, similar to the pandemic period."
Middle East Conflict Disrupts Aviation Industry, Reduced Travelers to Thailand Impact Tourism Recovery
According to statistics from the Thai Ministry of Tourism and Sports, due to the volatile situation in the Middle East, the number of foreign tourists entering Thailand decreased by approximately 3.45% year-on-year in the first four months of this year; tourism revenue was 584 billion baht, a year-on-year decrease of approximately 3.2%.
Thai hotels are already feeling the pressure. Prachoom Tantiprasertsuk, Regional Vice President for Southern and Central Thailand at Dusit Hotels, stated that hotel bookings in Thailand for the second and third quarters are down 20% to 30% year-on-year. If long-haul travelers decrease, hotels will be forced to focus more on short-haul and domestic markets, while cutting costs, saving energy, and reducing new staff recruitment.
War Drives Up Oil Prices, Airfares Become More Expensive, European Travelers' Willingness to Visit Asia Affected
Yang Cheng-hsun, founder of Kunji Travel, which specializes in Taiwan and Japan travel markets in the Netherlands, pointed out that the number of long-haul travel inquiries and bookings during the traditional peak travel season of April and May this year has significantly decreased.
The US-Iran war has caused persistently high fuel prices, which in turn has driven up air ticket prices and affected travel willingness. Recently, airfares for long-haul routes between Europe and Asia have become increasingly expensive, leading many European tourists to abandon travel to Asia, with inquiries significantly declining compared to the same period last year. (Editor: Ho Hung-ju) 1150506
Choose to stand with the facts. Every sponsorship you provide is a force to protect press freedom.
Download the Central News Agency's "First-hand News" APP to stay updated with the latest news.
The text, images, and audio-visual content on this website may not be reproduced, publicly broadcast, or publicly transmitted and used without authorization.