Elsewhere, Ryanair’s Michael O’Leary has predicted the EU may move to break up airline giant IAG by forcing the company to spin off British Airways.

Meanwhile, the UK employment market continues to improve as the country moves out of the Covid-19 crisis, while Mediterranean destinations struggle to cope with higher inflation and staff shortages.

Here are the headlines travel woke up to on Monday (7 March).

Oil price soars to highest level since 2008

The price of oil has risen to its highest level since 2008 after the US said it was discussing a possible embargo on Russian energy exports due to the war in Ukraine. The price of Brent crude rose as high as $139 a barrel on Monday (7 March). (BBC News)

Russian airline industry pushed to the brink

Russia’s aviation sector has been plunged into crisis following sanctions imposed by the EU and US. Flag carrier Aeroflot has announced that it will stop all international flights, apart from services to neighbouring Belarus, while another airline S7 will only operate domestically. (Financial Times)

Germany and France to force BA spin-off, predicts Ryanair boss

Germany and France will use post-Brexit rules to force British Airways to be separated from its current parent company IAG, which also owns Iberia and Aer Lingus, according to Ryanair’s chief executive Michael O’Leary. (The Telegraph) 

UK employment recovers to pre-Covid levels for first time

The strength of the UK’s job market has recovered to pre-pandemic levels for the first time, according to new research. The latest business trends report from BDO shows employment conditions in the country improved for the fourth consecutive month during February. (Evening Standard)

Southern Europe grapples with changing face of tourism

Hotels and tourism businesses in key destinations such as Greece, Spain and Portugal are facing a struggle to cope with staff shortages and surging inflation, despite the expected rebound in visitor numbers this summer. (Reuters)