The largest American low-cost airline Spirit Airlines is closing. The reason cited was rising oil prices.

On May 2, one of the largest low-cost airlines in the United States, Spirit Airlines, announced its intention to begin liquidation of the company. The company cited the increase in oil prices, which was provoked by the war in the Middle East, as one of the reasons. A message about this appeared on the company's website.

“Unfortunately, despite the Company's efforts, recent significant increases in oil prices and other factors placing significant pressure on the business have materially impacted Spirit's financial prospects. Without additional funding, Spirit had no choice but to begin winding down operations,” the press release states.

The company has faced financial difficulties over the past several years, starting with the COVID-19 pandemic.

Spirit Airlines noted that in March of this year the company reached an agreement on restructuring, “which would allow us to get out of the crisis situation.” However, it was the rise in fuel prices over the past few weeks that left the company with no choice but to decide to close.

Spirit was a low-cost airline that flew throughout the United States as well as the Caribbean.

Oil and fuel prices around the world have risen amid the war in the Middle East, which has led to supply problems. This week, the price of Brent oil on the London Stock Exchange exceeded $120 per barrel for the first time since the summer of 2022.

Due to rising fuel prices, the European airline Lufthansa previously announced a reduction in air travel.