Thai Airways' Q2 2026 net profit fell to 1.54 billion baht from 12.13 billion a year earlier. Average jet fuel prices rose 104.6% year-on-year because of Middle East unrest, and total expenses rose 29.7%. Passenger demand also weakened: revenue passenger kilometres fell 11.3% and cabin factor dropped to 71.5% from 77.0%, while fares (passenger yield) rose 20.3%. For a Thai SME, this signals that fuel-driven cost pressure is reaching air travel: budget higher airfares and freight-related surcharges for business trips and shipments, and expect fuel surcharges to persist while Middle East tensions continue.