Lufthansa cuts 20,000 flights in ominous sign for European airlines

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German airline Lufthansa is cutting 20,000 flights due to soaring jet fuel prices caused by the Iran war. The move primarily affects loss-making routes, but is likely to be a sign of things to come. Air India, Air New Zealand and Delta have also announced plans to reduce flights and hike airfares. British carriers warned this week that they could be forced to take similar action. Jet fuel accounts for roughly a third of airline costs, and its price has doubled since the war began. Europe normally sources three-quarters of its imports from the Middle East and has been trying to plug supply gaps with purchases from the US and Nigeria. But the International Energy Agency says stocks could run out on the continent in six weeks.