The Globe and Mail reports in its Saturday edition that the 40-per-cent rise in oil prices since the United States and Israel began bombing Iran on Feb. 28 has sent jet fuel prices soaring, and could cost Canadian airlines hundreds of millions of dollars in added costs. The Globe's Eric Atkins writes that Iran has responded to the attacks by bombing neighbouring countries and their oil facilities and blocking the Strait of Hormuz. "It's been just a super-duper shock," said Chris Murray, analyst at ATB Financial. Airlines have a limited number of tools they can use to cushion the impact of spikes in fuel prices, including hedging strategies, inventory management and higher fares and surcharges. Air Canada and Transat AT, the only large domestic airlines that are publicly traded, currently use financial derivatives or hedges to contain a portion of their fuel expenses. Porter Airlines does not, and WestJet and Flair Airlines refused to comment. "Without knowing the exact percentages of fuel hedged and at what price and for what time periods, it is difficult to get to a precise cost impact," said National Bank analyst Cameron Doerksen. Air Canada spent $4.7-billion on fuel in fiscal 2025 while Transat spent $593-million.