The global air transport sector faces a stifling crisis unseen since the pandemic era, following a skyrocketing 70% increase in jet fuel prices within just two weeks as a direct result of the Strait of Hormuz closure. Reports from IATA
and ICAO on Thursday, April 23, 2026, sounded the alarm over 20,000 canceled flights, warning of low-cost airline bankruptcies and global losses potentially exceeding $100 billion monthly, while Gulf states race against time to secure alternative air routes.
