U.S. low-cost carrier Spirit Airlines has announced the closure of its operations after a White House rescue proposal failed. The company said in a statement early Saturday that rising oil prices and other pressures had significantly affected its future prospects. All flights have been canceled, and passengers were advised not to go to airports.

The airline cited the global oil price surge and fuel shortages following the outbreak of the Iran war as key reasons for its financial collapse. The sharp increase in jet fuel costs led Spirit to bankruptcy for the second time in less than two years. The company stated that with no additional funding available, winding down operations was its only option.

The Trump administration had proposed a $500 million rescue plan that would have given the government a major ownership stake in the airline, but the plan faced criticism and ultimately failed.