IATA revised its 2026 airline industry net profit forecast downward to $23 billion from a prior $41 billion projection, following $45 billion earned in 2025. U.S. carriers reported jet fuel costs rising 78 percent year-over-year in April to $6.5 billion despite flat consumption volumes. The revision coincides with U.S. and Israeli strikes on Iran and disrupted shipping through the Strait of Hormuz.