Spirit is not the only carrier under heavy financial pressure, and while it may be the first major casualty of the current fuel crisis, it’s unlikely to be the last, especially if the conflict in the Middle East continues and the crisis drags on.

While major international airlines and premium carriers are in a better position to absorb the price shocks, low-cost carriers have less room to do so.

Spirit’s rival Frontier Airlines is currently facing significant financial pressure that has been exacerbated by rising fuel costs, while JetBlue’s founder, David Neeleman, has recently warned that mounting debt could force it to file for bankruptcy later this year.

Elsewhere, airlines across the world have been making changes to their schedules and raising ancillary fees in attempts to absorb the fuel cost spikes.

Major European carriers like Air France-KLM, Lufthansa, and SAS have begun trimming their flight schedules to conserve fuel, while Air New Zealand and Qantas are also adjusting routes.

Meanwhile, Cathay Pacific and Virgin Atlantic have increased surcharges, raising fees for passengers, while American Airlines, Delta, and Southwest have all raised baggage fees in recent weeks in order to recoup funds.

Ultimately, the global aviation market is highly uncertain at the moment, and the situation could easily get worse if the Middle East conflict isn’t resolved.

In a stark warning about the severity of the situation, the International Energy Agency (IEA) warned this week that Europe has “maybe six weeks of jet fuel left,” so it’s clear that the external pressures on the aviation industry are immense.