Dutch airline KLM has announced the cancellation of 160 flights in Europe over the coming month due to rising jet fuel costs caused by the Iran conflict. The cancellations affect less than 1% of its total European flights, including routes to and from the UK.
The war in the Middle East and the shutdown of the Strait of Hormuz have triggered a surge in kerosene prices, with European prices doubling since US and Israeli strikes on Iran began in late February. Airspace restrictions have forced airlines to reroute flights, increasing fuel consumption.
Europe's largest airline, Ryanair, cancelled 20,000 short-haul flights through October, equivalent to approximately 40,000 metric tons of jet fuel. The price of jet fuel has doubled since the outbreak of the conflict.
Other airlines cutting flights include United Airlines, American Airlines, Emirates, Air New Zealand, Malaysia Airlines, Air Canada, Korean Air, Cathay Pacific, and Norse Atlantic. Lowest-priced economy tickets are costing 24% more on average than a year ago, according to consultancy Teneo.
