Hebrew media reported that American Airlines has canceled all flights to Israel until September 7. Last week, shares of United Airlines fell by 1.70% after the company announced plans to reduce its unprofitable flights over the next two quarters in anticipation of continued increases in jet fuel prices due to geopolitical tensions in the region.
Global airlines have begun raising ticket prices and reducing capacity to cope with the sharp rise in oil prices, but the sector's ability to remain profitable may depend on whether consumers stop flying as gasoline costs threaten household budgets.
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