Jet fuel crisis threatens travel

The closure of the Strait of Hormuz has triggered what some experts are calling an unprecedented crisis for the global aviation industry.

Lufthansa has already announced the cancellation of 20,000 short-haul flights through October, while other carriers like Air Transat and United Airlines are hiking fares by up to 20 percent to offset costs.

EU Energy Commissioner Dan Jorgensen has described the situation as a 'very serious crisis,' warning that price volatility could linger for years.

Travelers are being advised to maintain contingency plans as the industry grapples with supply constraints and skyrocketing operational expenses.