The war with Iran and ensuing blockade in the Strait of Hormuz, a critical shipping lane, has spiked oil prices and sent governments scrabbling for their reserves. How high will prices go, and how bad could it get?
On Friday night, United Airlines CEO Scott Kirby published a memo to his employees that demonstrates his very fuel-dependent business is prepping for a very long fallout. “Our plans assume oil goes to $175/barrel and doesn’t get back down to $100/barrel until the end of 2027,” he wrote.

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