Airlines have started raising costs and cutting routes as the fuel crisis, spurred by the Iran war, has increased costs. The risk of last-minute cancellations and disruptions before the summer holiday season is also rising.
The jet fuel squeeze is being driven by disruption in one of the world’s most critical energy chokepoints. The Strait of Hormuz has strangled fuel transport globally amid the US-Israeli war on Iran, according to a report by RT. Around a fifth of global oil supply passes through the narrow route linking the Persian Gulf to world markets, making it vital to energy flows to Europe and Asia, according to the International Energy Agency.
Read Full Article: https://thewashingtonstandard.com/airlines-are-cutting-costs-grounding-flights-as-fuel-crisis-expands/
