What specific risk does Finnair identify regarding jet fuel due to the Middle East war, and how is the airline preparing for it?

Finnair warns that a prolonged war in the Middle East poses risks to jet fuel availability, particularly due to the effective closing of the Strait of Hormuz—which has stranded a significant proportion of global jet fuel shipments, led Asian refineries to cut production, and triggered surging prices and stockpile concerns. The airline is closely monitoring the situation (which remains stable at Helsinki-Vantaa), preparing for different scenarios, and has stated that 'if the war prolongs, fuel availability may become a new risk factor'; it notes that most European flights can be operated using fuel tankering—carrying extra fuel to avoid refueling at destinations.

How much of its jet fuel purchases has Finnair hedged for upcoming quarters, and what does this indicate about its short-term fuel cost exposure?

As of the end of March, Finnair had hedged 82% of its fuel purchases for the second quarter and 69% for April–December; it had hedged 86% for the first quarter at the turn of the year. The airline hedges fuel purchases over two years, with relatively high hedging rates for the short term, indicating strong near-term protection against price volatility—but also implying increasing exposure to market fluctuations in the latter part of the year.

Finnair Warns Middle East War Poses Risks to Fuel Availability

Apr 22, 2026

Finnair warns that prolonged Middle East conflict threatens jet fuel availability, potentially impacting capacity and finances. The airline monitors Strait of Hormuz disruptions affecting global shipments and refinery production while maintaining high fuel hedging rates.

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