Qantas Airways in Australia stated that it has not started its planned stock buyback, and also warned that its fuel costs have surged in the second half of the fiscal year due to heightened global energy supply tensions caused by the Iran conflict.

Qantas Airways stated that it currently expects fuel costs for the six months ending June to be between AUD 3.1 billion and AUD 3.3 billion, equivalent to USD 2.20 billion to USD 2.34 billion. By comparison, the company's forecast when it reported its first-half results in February was AUD 2.5 billion. Qantas said on Tuesday: “Jet fuel prices have more than doubled and remain highly volatile.” Qantas stated that for the half year ending June, approximately 90% of its crude oil exposure is hedged, but the company is still largely affected by changes in jet fuel refining margins (the price difference between crude oil and refined jet fuel). The company said the margin has surged from USD 20 per barrel in February to a peak of about USD 120 per barrel. The company stated that the AUD 150 million share buyback plan announced in February has not yet been launched. The company did not immediately clarify whether the buyback program is suspended or canceled. The company said: “Given the current uncertainties, the planned AUD 150 million on-market buyback has not yet commenced.”