Lufthansa cuts summer flights as fuel prices surge

Lufthansa cuts summer flights as fuel prices surge14 minutes agoShareSaveAdd as preferred on GoogleFaarea MasudBusiness reporterGetty ImagesGerman airline Lufthansa will cut 20,000 short-haul flights over the summer, saying soaring fuel prices have made many journeys "unprofitable" for the firm.Jet fuel has doubled in price since the start of the US-Israel war with Iran as the conflict has slowed its production and transportation across the Middle East.Several airlines, including KLM-France and Delta, have also temporarily cut some flights while others have raised ticket prices as they pass on expenses to customers.Analysts have warned that travellers should expect further ticket price rises and more cancelled flights as the conflict continues.Airlines cut flights and hike fares as fuel prices surgeThe Gulf is a major source of aviation fuel, accounting for about 50% of Europe's imports. The bulk of it comes through the Strait of Hormuz, which Iran has effectively closed in response to US and Israeli attacks.The increase in jet fuel prices reflects the role Middle Eastern refineries play in supplies. The Al-Zour refinery in Kuwait alone provides roughly 10% of Europe's jet fuel imports, according to Energy Intelligence.The International Energy Agency warned last week that Europe could run out of jet fuel in weeks, though the UK government and airlines say they are not seeing a disruption in supply.Lufthansa said on Tuesday it was cutting down its European network, but that passengers will "continue to have access to the global route network, particularly long-haul connections"."However, due to the increase in jet fuel prices, this will be achieved significantly more efficiently than before."It said this would save "approximately 40,000 metric tons of jet fuel".The announcement on Tuesday comes after the firm said last week it was speeding up the permanent closure of its European flight offering CityLine.It also said...