The military conflict involving the United States, Israel and Iran has provoked a large-scale crisis in the aviation industry, blocking oil supply chains throughout the region. This is reported by Business Insider.
At the end of March, the cost of jet fuel reached USD 195 per barrel, which is almost twice the level of February, when hostilities began. The situation is especially critical for countries that do not have their own fuel production or significant reserves, since jet fuel requires specific storage conditions and its global reserves are much smaller than gasoline.
The world's largest air carriers have already begun to implement strict anti-crisis measures to compensate for costs. European low-cost carrier Ryanair is considering reducing routes, and German Lufthansa is preparing for a worst-case scenario, which could involve the shutdown of up to 40 aircraft. Scandinavian Airlines, which plans to cancel about 1,000 flights, and United Airlines, which will reduce the number of flights over the next two quarters, also announced large-scale flight cancellations. Similar steps were announced by Air New Zealand and a number of Vietnamese companies, including Vietnam Airlines and Vietjet Air.
In addition to reducing flight schedules, the industry is forced to raise ticket prices, which threatens the sector's previously predicted record profit of USD 41 billion for 2026. Now the future of air travel directly depends on whether passengers can afford to fly at new fares amid general pressure on household budgets. Thus, the energy crisis caused by the conflict is forcing global aviation giants to completely review their strategic plans and route networks.
As Ukrainian News Agency earlier reported, attempts to establish a dialogue between the US and Iran have not yet yielded results - Tehran has refused to make concessions and has effectively blocked the negotiation process.
Iran also stated that it is ready to fully restore the operation of the Strait of Hormuz only on one condition - after full compensation for the damages caused by the war.
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