Airlines in Europe slash thousands of flights as Iran war cuts jet fuel supplies

The ongoing war in Iran has led to a significant increase in jet fuel prices, causing European airlines to cut thousands of flights during the busy summer travel season. Jet fuel costs have doubled since the conflict began, severely impacting airlines like Lufthansa, which plans to reduce its schedule by 20,000 flights to save on fuel. Other airlines, such as KLM and Scandinavian Airlines, are also making cuts, though not as extensive. The closure of the Strait of Hormuz, a crucial passage for Middle Eastern oil, has exacerbated the situation, leading to potential fuel shortages in Europe. The International Energy Agency warns of a major energy security threat, and the International Air Transport Association suggests that authorities prepare for possible rationing. In the U.S., airlines are raising fares to offset fuel costs. QUESTION: How might the reduction in flights due to high fuel prices impact people’s travel plans and the overall economy?