European airlines could face collapse as early as September if jet fuel prices remain at record highs, the chief executive of Wizz Air has warned.
Europe’s airlines are racing to lock in jet fuel as supplies from the Middle East are disrupted by the U.S.-Iran conflict, triggering a global scramble for cargo and driving prices higher.
The region uses around 1.6 million barrels of jet fuel a day, with about 500,000 barrels typically imported—largely from the Gulf. But flows through the Strait of Hormuz have been heavily restricted since the fighting began, creating a significant shortfall.
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