Hormuz Navigation Crisis Raises Jet Fuel 70 Percent, Cancels Thousands of Flights

Global aviation organizations revealed on Thursday, April 23, 2026, the cancellation of approximately 20,000 flights due to jet fuel prices rising over 70% following the Strait of Hormuz closure. IATA and ICAO warned of potential bankruptcies for low-cost airlines, as well as global economic losses potentially reaching $100 billion monthly, amid airlines resorting to longer and more expensive alternative routes.