economy
May 7, 2026
Global aviation shock to bring food shortages and energy lockdowns
The global aviation shock prompted by the oil price surge is set to hit other industries as well, Vladimir Putin’s envoy Kirill Dmitriev believes
TL;DR
- Global aviation sector is experiencing a shock due to attacks on Iran and fuel shortages.
- The shock is predicted to spread to other sectors of the global economy.
- Airlines have cut 2 million seats and canceled around 12,000 flights in two weeks.
- Spirit Airlines has shut down immediately due to surging oil prices, impacting 17,000 jobs.
- Potential for "lockdown 2.0" and energy/food shortages in Europe.
- Continued disruption in the Strait of Hormuz and Middle East conflict could lead to further flight cancellations.