Lufthansa faces €1.7B fuel hit

Lufthansa Group has announced that it expects a €1.7 billion increase in its annual fuel bill as a direct result of the ongoing Iran war.

The German aviation giant warned that the spike in kerosene prices will significantly impact its full-year profitability, forcing a reassessment of its summer schedule.

To mitigate these costs, the company plans to implement fare increases across its network and reduce capacity on less profitable routes.

This warning comes as the broader European airline industry struggles with the logistical challenges posed by the closure of the Strait of Hormuz and restricted airspace.