Airlines to Cut Flights Amid Ongoing Oil Crisis
Airlines worldwide are planning to cut flights and reduce routes due to the ongoing oil crisis linked to the Iran war, which has seen the Strait of Hormuz closed since early March. United Airlines announced it would cancel off-peak and red-eye flights, with CEO Scott Kirby warning of an additional $11 billion in annual jet fuel expenses if prices remain high. Other carriers, including Lufthansa and Ryanair, are also preparing for significant operational changes, with Lufthansa potentially grounding up to 40 aircraft.