Private jet CEO takes shot at budget airlines over 'fuel crisis cancellation politics'

A private jet CEO has hit out at the Straight of Hormuz fuel crisis, labelling any perceived shortage for airlines as a myth.

The bold claim comes from Greg Raiff, the CEO of private jet company Elevate Jet based in Miami, Florida.

During the month of May so far, cancellations were up to 296 flights that were meant to have the UK and didn't, according to data from aviation analytics business Cirium.

The reality is that was less than one percent of all flights for the month; but at the same time was a marked increase of 120 from just the first six days of the month.

'Politically driven'

Speaking to Fortune, Raiff said it was part of a wider ploy by some airlines to cancel nonprofitable flights. He also said that demand for private flights has risen during this period of instability caused by the Iran War.

He claims: "Those stories are largely politically driven by governmental authorities who are trying to pressure an end to the war, and no better way to get people out than tell them that they can’t get to their summer holiday.

"Not only has demand not slowed for private aviation, since fuel prices went up and the war started, it’s actually gone up slightly.

"Aviation is up this year in terms of total demand, total hours flown, total volume of arrivals and departures, on a global basis."

Cancelled flights are a nightmare (Alex Wong/Getty Images)

How much fuel is blocked in the Strait of Hormuz?

The Iran War and blockade of the Strait of Hormuz has seen around 20 percent of the world's supply of jet fuel blocked from getting to its final destination.

Some airlines, such as Lufthansa and Turkish Airlines, have grounded flights during this period, citing knock-on issues with the war in their reasoning.

And Heathrow Airport in London is among those to see more than 100 flights cancelled from its runways - but it is important to note these are not due to the Gulf crisis, officials say, but instead pre-planned arrangements.

For Raiff, his belief is 'we are in no risk of running out of jet fuel anytime soon' - but what we have seen is increased prices both in the open commercial flight market and private jet section.

Gas and oil tankers cannot get through the Strait of Hormuz (Amirhossein KHORGOOEI / ISNA / AFP via Getty Images)

Ryanair, Jet2, TUI, and easyJet latest

in late April, easyJet said it was planning to 'go ahead' with all flights as scheduled.

CEO of easyJet Holidays, Garry Wilson, told customers in an email: "We know that holidaymakers may have questions about what recent global events might mean for their travel plans this summer, so we are giving our customers absolute peace of mind that no surcharges will be added to their flights or package holidays."

Ryanair is among one of the best placed airlines on the market, given it 'hedges' its fuel in advance - this is where it agrees a fixed price for its jet fuel for years in advance in case of unforeseen market turbulence.

"We do not plan any cuts to our schedule this summer," a spokesperson has said.

Likewise, Jet2 chief executive Steve Harpy says you can book a flight or holiday with his company with 'complete assurance', adding: "Customers booking with Jet2 know that they are locking in their price without additional cost surprises later."

TUI has dismissed fears of shortages, with CFO Mathias Kiep saying: "I’m very much convinced that we will see no shortage in the next 10 weeks. There’s definitely enough fuel."