The world’s 20 largest publicly listed airlines have lost about $53 billion in value since the US-Israel war on Iran began in February, Al Jazeera reports, citing the Financial Times.

The UK newspaper said the airline industry is in the grip of its worst crisis since the Covid-19 pandemic, as the war has disrupted the Gulf’s hub airports and grounded flights.

The report also said that airline executives are sounding the alarm of possible fuel shortages as the war heads into its fourth week.

Jet fuel, which accounts for a third of airlines’ costs, has doubled since the war began on February 28, raising the possibility of an increase in airline tickets, the report added.