Spirit Airlines has announced it will immediately shut down operations due to rising oil prices. The airline's parent company, Spirit Aviation Holdings, has begun an orderly wind-down of operations and cancellation of all flights. Customers will receive refunds but will not receive assistance to book new flights through other airlines. The company's president and CEO, Dave Davis, stated that maintaining the business required hundreds of millions of additional dollars of liquidity that Spirit could not afford. Fuel prices have risen since the start of the U.S.-Israeli conflict in Iran and the closure of the Strait of Hormuz to shipping traffic has stifled oil and gas exports out of the Middle East. President Trump has hinted at a government bailout to keep Spirit running, amounting to $500 million.