NEW YORK, April 22, 2026 (BSS/AFP) - United Airlines reported higher earnings Tuesday but lowered its 2026 profit forecast due to spiking jet fuel prices because of the Middle East war.

The major US carrier reiterated that travel demand remains strong but said it will cut back its 2026 capacity by five percent compared with its original plan.

"United will continue to be nimble with capacity, with additional reductions or restored flying as appropriate to meet anticipated demand," United said.

Profits in the first quarter were $699 million, up 80.4 percent from the year-ago period.

Revenues rose 10.6 percent to $14.6 billion, while jet fuel costs rose 12.6 percent to $3.0 billion.

Major airlines expect a bigger hit to jet fuel costs in the second quarter. Prices were fairly low in the first two months of the year, but spiked in March after the US-Israel joint strikes on Iran launched on February 28.

United expects fuel prices to average $4.30 per gallon in the second quarter, up 55 percent from the average in the first quarter.

The company now sees 2026 earnings of between $7 and $11 per share, down from the prior range of between $12 and $14 a share.