Lahore (Commerce Desk): The war and tensions between Iran and the United States have caused severe financial losses to airlines and the aviation industry worldwide, including Pakistan, while rising oil prices have further intensified the crisis.
Due to the recent tensions, passengers’ travel expenses have increased by 30% to 35%. The current situation is being described as the biggest financial blow to the aviation industry since the COVID-19 pandemic.
The closure of the Strait of Hormuz has also severely affected commercial activities. When traders turned to air transport for the delivery of goods, airlines also increased their fares by 40% to 50%.
According to the report, if the situation does not return to normal soon, several airlines may be forced to suspend their flights. Repeated closures of Middle Eastern airspace have severely disrupted global air travel, with more than 52,000 flights cancelled worldwide.
In South Asia, India suffered the greatest losses from the crisis, with air traffic declining by 50% to 60%. More than 6 million passengers worldwide have been directly affected by the crisis.