Airlines Slash Thousands of Flights as Jet Fuel Prices Double from Hormuz Disruptions

President Donald Trump's overall approval rating has sunk to the lowest level of his two terms in office, according to the latest CNBC All-America Economic Survey, as the grinding U.S. war with Iran drives up energy costs, disrupts global oil flows and leaves ordinary Americans paying the price at the pump and in daily life.

The survey of 1,000 adults nationwide, with a margin of error of plus or minus 3.1 percent, found that just 40 percent of respondents approve of Trump's job performance, a five-point decline from the previous quarter. Disapproval climbed six points to 58 percent, pushing his net approval rating to minus 18, the worst reading recorded across both of his presidencies. The drop matches the sharpest decline seen since public sentiment turned against his pandemic response in 2020.

The numbers reflect widespread frustration over the administration's handling of the economy, surging gasoline prices and the broader fallout from the conflict that began in late February. Even Republican support has softened noticeably. The party's net approval fell 17 points to its lowest level since 2017, driven by an eight-point drop in approval among Republicans to 82 percent and a nine-point rise in disapproval. While self-described MAGA voters remain steadfast at 96 percent approval, support among non-MAGA Republicans plunged 19 points to 60 percent. Net approval among Democrats and independents also reached record lows.

Micah Roberts, the Republican pollster for the survey at Public Opinion Strategies, sought to downplay the significance, arguing that a five-point drop amid war, inflation and high fuel costs is not catastrophic. He pointed to the intense loyalty of the MAGA base as evidence that Trump retains a fired-up core. Yet the broader erosion, particularly outside the hardest-line faction of his party, suggests the political costs of the Iran conflict are mounting faster than the White House may have anticipated.

The war has effectively closed the Strait of Hormuz to commercial traffic, a chokepoint that once carried roughly one-fifth of global oil and liquefied natural gas supplies. Nearly two months into the standoff, both Washington and Tehran are treating access to the waterway as a bargaining chip in intermittent peace talks, with no clear timeline for resolution. The resulting scramble for alternative routes has exposed the fragility of the world's energy system.

Middle Eastern producers are racing to expand pipelines and overland options, but as multiple analysts have noted, there are no simple substitutes. The infrastructure simply does not exist at sufficient scale to replace the volume that flowed through the strait. Fatih Birol, executive director of the International Energy Agency, told CNBC he feels like a "broken record" for having warned for years that countries must diversify supply routes. "The $110 trillion global economy can be taken hostage by a couple of hundred men with guns across a 50-kilometer stretch of strait — it doesn't make sense at all," Birol said. "We should make alternative routes, alternative options."

The consequences are rippling outward. Jet fuel prices have more than doubled in some markets since the conflict began. Europe, which imports about 75 percent of its jet fuel from the Middle East, is particularly exposed. On Thursday, Lufthansa Group announced it would cut 20,000 short-haul flights through October, eliminating less profitable routes and concentrating operations at its Frankfurt and Munich hubs. The move is expected to save roughly 40,000 tonnes of jet fuel. The airline has already accelerated the grounding of 27 planes from its CityLine subsidiary and says it has secured supplies for the immediate future while pursuing additional procurement options. Still, the reductions will mean fewer flights, higher fares for many travelers and further strain on an industry already operating on thin margins.

These disruptions arrive against a backdrop of long-understood but largely unaddressed vulnerabilities. Maisoon Kafafy, senior adviser to the Atlantic Council's Middle East programs, told CNBC that risks around the Strait of Hormuz were well known, yet the current crisis has laid bare how easily a critical artery can be severed. Similar chokepoints, from the Suez Canal to the Panama Canal, face comparable threats, yet meaningful diversification has been slow.

The International Energy Agency has warned that global oil demand could fall sharply because of the war-induced disruptions. For American families, the immediate reality is higher gasoline prices and growing anxiety about the cost of living. For businesses and travelers, it is canceled flights, supply chain headaches and the prospect of prolonged economic drag.

Trump's political strength has long rested on perceptions of economic competence. The new poll suggests that foundation is cracking under the weight of a war that has sent energy prices soaring and exposed the limits of unilateral power in a fragile global system. With peace talks sputtering and no easy off-ramp visible, the administration faces a mounting political bill for a conflict that is delivering tangible pain to the very voters who once formed its core support. Whether that erosion deepens will depend on how quickly the Strait of Hormuz reopens and whether the economic damage can be contained. For now, the numbers show a president whose standing is falling in tandem with public confidence in his handling of both war and the economy it has upended.