The conflict in Iran has once again put commercial aviation centre stage as an industry that is uniquely exposed to geopolitical conflict. For those paying attention, it provides an important lesson about how to shape an airline business model. Pity the CFOs of Emirates, Etihad and Qatar Airways as they manage the consequences of a conflict between Israel, the US and Iran. These carriers are primarily long-haul wide-body aircraft operators. The routes they ply are most exposed to the vagaries of geopolitics as their highly expensive aircraft full of passengers and crew can be isolated at airports a long way…

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