Since the conflict in the Middle East led to the closing of the Strait of Hormuz, about 20 percent of global oil supply has been choked off, sending prices sky high, especially for jet fuel. So far, the war may already be costing the airline industry an additional $15 billion.
Airlines have responded by raising ticket prices, charging more for bag fees, and cutting flights that they’ve deemed unprofitable because of higher fuel costs. It’s hitting low-cost carriers especially hard, even contributing to the May 2026 closure of Spirit Airlines.
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