It's a safe bet that before a few weeks ago, not a lot of us would have been able to name the Strait of Hormuz, let alone point to it on a map – but now that it's become one of the biggest geopolitical headaches on the planet (and the reason petrol prices are skyrocketing), suddenly that unassuming body of water is a household name.

More pressingly for aviation, of course, is the fact that the conduit for a fifth of the world's oil has been choked off, meaning jet fuel is suddenly harder to come by. Airlines are raising costs and slashing services to compensate, and there are worried noises from some corners about how much exactly we have in reserve – so, how concerned should we be, exactly?

On this week's Australian Aviation Podcast, Jake and David drill into the Middle East oil crisis, how it's affecting Australian airlines, and whether sustainable aviation fuel might help safeguard against future shocks.

Plus, the first report is out into slot usage at Sydney Airport – so are the big airlines really "gaming the system"?

High airfares are a continual thorn in the side of Australian travellers, and especially those in the regions – which is one reason why Tim Jordan embarked on his ill-fated attempt to be "here for Allstralia" with Bonza, flying point-to-point regional services with a low-cost ethos.

After a couple of years out of the limelight, Jordan has put his head back above the ramparts with a submission to the Productivity Commission pointing the finger squarely at the dominance of the big airlines – particularly Qantas – as a major contributor to the high cost of flying from the regions.

On this week's Australian Aviation Podcast, Jake and David examine Jordan's arguments and ask once again how Australia can bring more competition to its skies – and bring those soaring ticket prices back to earth.

Plus, updates from the Gulf as limited commercial flights resume and the RAAF sends reconnaissance planes to ward off Iranian strikes.

There is, as a wise journalist (no, not us, we said "wise") has pointed out, always an aviation angle. As Iranian bombs rained down across the Gulf following strikes by the US and Israel, countries like the UAE and Qatar suddenly found themselves uncomfortably less insulated than they thought, with even airports in Dubai and Abu Dhabi being damaged in the crossfire.

Unfortunately, these countries also happen to be major global aviation hubs, and thousands of flights over the past few days have been cancelled, leaving passengers stranded – which raises the question: in the wake of the chaos, will cautious flyers start avoiding Europe flights through places like Dubai, Doha and Abu Dhabi in favour of less volatile hubs like Singapore and Hong Kong?

On this week's Australian Aviation Podcast, Jake and guest host Bethany Alvaro examine the Iran conflict's impact on aviation and ask whether Australian airlines and travellers have put too many of their eggs in the Gulf's basket.

Plus, half-yearly results are out for airlines on both sides of the Tasman – which carriers had a better six months than the others?