20 major airlines face $53 billion loss amid US-Israel-Iran conflict

2026-03-23 - 06:50

DUBAI – As many as 20 major airlines are reportedly facing losses to the tune of $53 billion as the ongoing war involving Iran, Israel, and the United States has disrupted global aviation. Airports and flights across the Gulf have been affected, raising concerns about fuel shortages and operational challenges. The airline industry, still recovering from the COVID-19 pandemic, now faces its worst crisis since the outbreak, as jet fuel prices have doubled. This surge in fuel costs is expected to push airfares higher and further strain airline finances. Meanwhile, crude oil prices have surged again in global markets. US crude has risen above $100 per barrel, while Brent crude has climbed to $113 per barrel. A Chinese-Canadian academic, Professor Chang, warned that the conflict is unlikely to end soon and could escalate into a prolonged regional war, with global ramifications. Speaking to American commentator Tucker Carlson, Professor Chang said such a conflict could send oil prices soaring to $200 per barrel and trigger a worldwide food crisis, severely disrupting energy supplies, transportation, production, and food chains across the globe.