The Mideast conflict has transformed what should have been a banner year for the global aviation sector into an existential crisis. The International Air Transport Association (IATA) has made drastic revisions to its midyear Outlook for Global Air Transport to account for the costs and consequences of geopolitical upheaval unleashed by the Feb. 28 attacks on Iran by the US and Israel. IATA points out that the typically lucrative summer season has been upended as airlines rejig their operations to preserve liquidity by balancing the need for ”conserving scarce and expensive fuel through capacity reductions, while retaining enough revenue generating flights to service high fixed costs and debt obligations.”