According to a Financial Times report, the world’s 20 largest airlines have lost about $53 billion in market value since the start of the United States and Israel’s war against Iran. The conflict has forced several airlines across the Middle East to suspend their commercial operations due to safety and logistical concerns.

As the war enters its fourth week, airline executives are expressing concern over a potential shortage of jet fuel. The report notes that roughly one-third of airlines’ total operating costs go toward jet fuel, and prices have doubled since the conflict began. This sharp rise in fuel costs is expected to put upward pressure on airfares.

The ongoing instability in the region continues to disrupt global aviation markets, with uncertainty surrounding how long the conflict and its economic effects will persist.