Gediminas Ziemelis is the owner of the world’s largest aircraft, crew, maintenance and insurance (ACMI) provider, Avia Solutions Group.

Major European airlines typically come knocking in early spring (autumn in Australia), leasing planes from Avia’s 145-strong fleet to accommodate the millions of tourists who flock to the region between June and August.

It’s a level of demand the firm is yet to – or may not – experience this year, the Lithuanian businessman told Bloomberg.

Bookings are “significantly lower” compared with previous seasons.

Plans are underway to move the bulk of Avia’s jets from Europe to Asia and Brazil.

“We need to be ready for any area, district, jurisdiction and geopolitical risk,” Mr Ziemelis, who has amassed an estimated fortune of $US1.5 billion ($2.17bn), told the publication.

“If (the war) lasts more than one month, we may see potential first bankruptcies of airlines across the globe,” he added.

MORE: How petrol price spike could hit home values Soaring fuel prices are mostly to blame, Mr Ziemelis said, representing about 25 per cent of the total cost of running an airline.

Oil prices have almost doubled since the conflict began on February 28.

After Donald Trump dashed hopes on Thursday of a quick end to the war – reiterating that US forces would hammer Iran for another two to three weeks and bomb it “back to the Stone Ages” – prices surged again.

America’s main oil contract, West Texas Intermediate, jumped 11.6 per cent to $US111.71 ($161) per barrel.

International benchmark Brent North Sea crude rose 6.7 per cent to $US107.86 ($156) per barrel.

Airlines triple fuel surcharges on international flights Earlier this week, Taiwanese airlines announced they would raise their fuel surcharges on international flights by 157 per cent.

Surcharges on short-haul flights increased by $US27.50 ($40) to $US45 ($65), and $US71.50 ($103) to $US117 ($169) for longer trips, the Civil Aviation Administration (CAA) and transportation ministry said.

China Airlines and Eva Air confirmed that passengers will be affected by the hikes from April 7.

MORE:Warning: Major bill for petrol ‘panic’ buyers “In response to international trends, prices often go up and down, so we need to make appropriate adjustments to reflect that,” CAA director-general Ho Shu-ping told parliament.

Several Chinese airlines, including national carrier Air China, also plan to raise their fuel charges from this Sunday, April 5.

Qantas, Air France-KLM, Air India and SAS have already raised their fares to reflect the increase in jet fuel prices.

“We are continuing to closely monitor the impact the conflict in the Middle East is having on the volatility in jet fuel prices, which have risen by up to 150 per cent over the past fortnight.

Despite hedging, this is driving....