Since the beginning of the year, the IAG (LSE:IAG) share price has risen 12.8%. But it’s not been straightforward, with some fairly erratic movements. I’m already a shareholder in IAG, and I’ve held the stock since the end of the pandemic. But because of the impact of Russia’s war on Ukraine, it’s not been an overly successful investment. I’m up around 12%. So, the question is, should I buy more, hold, or sell? Let’s take a closer look. Analysts weren’t expecting much from IAG, which operates brands like British Airways and Iberia. There were concerns that the company’s hedging strategy, while effective, would leave it vulnerable to a rise in the price of aviation fuel. That concern around fuel still exists. IAG shares dropped almost 15% following Iran’s strike on Israel and didn’t recover until Israel’s retaliation was deemed to have concluded matters. Conflict in the oil-rich Middle East tends to push up fuel prices. However, IAG surprised investors in February with some very strong results and solid underlying data. As of 29 February, the airline operator was 92% booked for Q1, and 62% booked for H2 — ahead of its position a year previous. This positive set of results...