Airlines are facing a severe crisis as the conflict in Iran disrupts fuel supplies and drives jet fuel prices up by more than 100% since February 28, 2023. Qantas Airways has warned of spiraling costs and delayed a planned share buyback, while Lufthansa's CEO Carsten Spohr indicated that jet fuel supplies could remain constrained for the rest of the year. The war has impacted routes between Asia and Europe, with many airlines raising fares and cutting routes to manage costs. Virgin Atlantic's CEO Corneel Koster mentioned that the airline has about six weeks of secure jet fuel supplies, after which uncertainty looms. European airlines are calling on the EU to implement emergency measures, including kerosene purchasing and tax suspensions, to mitigate the crisis. Analysts predict that the turmoil could lead to consolidation in the industry, as stronger airlines may absorb weaker competitors amid rising operational costs.