Energy
Who pays when Hormuz closes
8 stocks · 4 groups · Updated
Airlines, shippers, cruise lines and refiners that say oil and fuel costs hit their results. A fifth of the world’s oil passes through the Strait of Hormuz, so when it closes, these are the companies that feel it first.
At a glance
01
Airlines
DALDelta Air LinesDALFlies passengers and cargo worldwide.
Jet fuel is one of an airline's biggest costs. Delta expects higher fuel prices to last until the conflict settles.
“We expect that fuel consumption for the remainder of 2026 will remain aligned with capacity changes compared to 2025, while elevated jet fuel costs are anticipated to persist until market disruptions and geopolitical events are resolved.”
Delta Air LinesDAL
Flies passengers and cargo worldwide.
Jet fuel is one of an airline's biggest costs. Delta expects higher fuel prices to last until the conflict settles.
“We expect that fuel consumption for the remainder of 2026 will remain aligned with capacity changes compared to 2025, while elevated jet fuel costs are anticipated to persist until market disruptions and geopolitical events are resolved.”
UALUnited AirlinesUALFlies passengers and cargo worldwide.
United names the Middle East conflict directly, both for flights it couldn't run and for the fuel bill.
“During the first half of 2026, geopolitical conflicts in the Middle East caused disruption of flying in the region and contributed to materially higher global fuel prices.”
United AirlinesUAL
Flies passengers and cargo worldwide.
United names the Middle East conflict directly, both for flights it couldn't run and for the fuel bill.
“During the first half of 2026, geopolitical conflicts in the Middle East caused disruption of flying in the region and contributed to materially higher global fuel prices.”
02
Shipping and delivery
UPSUPSUPSDelivers packages and freight worldwide.
UPS says the Middle East conflict raised its fuel and network costs this year.
“Our financial results for the three and six months ended June 30, 2026 reflected the impact of a complex macroeconomic environment, including evolving trade policies, higher fuel and network costs arising from the Middle East conflict, as well as the impact of our strategic actions described above.”
UPSUPS
Delivers packages and freight worldwide.
UPS says the Middle East conflict raised its fuel and network costs this year.
“Our financial results for the three and six months ended June 30, 2026 reflected the impact of a complex macroeconomic environment, including evolving trade policies, higher fuel and network costs arising from the Middle East conflict, as well as the impact of our strategic actions described above.”
FDXFedExFDXShips packages by air and ground.
FedEx burns jet and truck fuel and passes some of it on as surcharges. How much it can pass on matters.
“Our transportation businesses and their profitability are affected by the price and availability of jet and vehicle fuel, as well as our ability to collect fuel surcharges.”
FedExFDX
Ships packages by air and ground.
FedEx burns jet and truck fuel and passes some of it on as surcharges. How much it can pass on matters.
“Our transportation businesses and their profitability are affected by the price and availability of jet and vehicle fuel, as well as our ability to collect fuel surcharges.”
JBHTJ.B. HuntJBHTMoves freight by truck and rail.
Trucking runs on diesel. J.B. Hunt warns that fast swings in fuel can show up in its results.
“Rapid changes in fuel costs could impact our periodic financial results.”
J.B. HuntJBHT
Moves freight by truck and rail.
Trucking runs on diesel. J.B. Hunt warns that fast swings in fuel can show up in its results.
“Rapid changes in fuel costs could impact our periodic financial results.”
03
Ships at sea
INSWInternational SeawaysINSWOwns and runs oil tankers.
For a tanker owner the closure cuts both ways: routes are disrupted, but charter rates swing sharply.
“The outbreak of war in the Middle East between Iran and the U.S. and Israel in late February 2026, and the seizures and attacks on vessels travelling through the Red Sea, the Gulf of Aden and the Arabian Gulf, and the effective closure of the Strait of Hormuz, have caused supply disruptions in the oil and gas markets and significant volatility in energy prices and spot charter hire rates.”
International SeawaysINSW
Owns and runs oil tankers.
For a tanker owner the closure cuts both ways: routes are disrupted, but charter rates swing sharply.
“The outbreak of war in the Middle East between Iran and the U.S. and Israel in late February 2026, and the seizures and attacks on vessels travelling through the Red Sea, the Gulf of Aden and the Arabian Gulf, and the effective closure of the Strait of Hormuz, have caused supply disruptions in the oil and gas markets and significant volatility in energy prices and spot charter hire rates.”
CCLCarnivalCCLRuns cruise ships worldwide.
Cruise ships burn fuel every day at sea. Carnival says it is already paying more and could pay more still.
“While we continue to experience increased fuel prices, any further disruptions or escalation could result in increased fuel costs and adversely impact our profitability.”
CarnivalCCL
Runs cruise ships worldwide.
Cruise ships burn fuel every day at sea. Carnival says it is already paying more and could pay more still.
“While we continue to experience increased fuel prices, any further disruptions or escalation could result in increased fuel costs and adversely impact our profitability.”
04
Refiners
VLOValero EnergyVLOTurns crude oil into gasoline, diesel and jet fuel.
Refiners buy crude and sell fuel, so they feel both sides. Valero's outlook names the routes around Hormuz.
“However, use of alternative transportation routes that partially bypass the Strait of Hormuz, coordinated releases from strategic petroleum reserves, and increased crude oil production from other regions could mitigate supply disruptions and ease volatility in the crude oil market.”
Valero EnergyVLO
Turns crude oil into gasoline, diesel and jet fuel.
Refiners buy crude and sell fuel, so they feel both sides. Valero's outlook names the routes around Hormuz.
“However, use of alternative transportation routes that partially bypass the Strait of Hormuz, coordinated releases from strategic petroleum reserves, and increased crude oil production from other regions could mitigate supply disruptions and ease volatility in the crude oil market.”