Airline stocks in Asia and Europe extended losses on Tuesday as the US and Israeli air war against Iran escalated, with carriers monitoring fuel price spikes and passengers scrambling to find flights or alternative routes out of the Middle East.

Major Gulf hubs including Dubai, the world’s busiest international airport and normally handling more than 1,000 flights a day, remained closed for a fourth day, leaving tens of thousands of passengers stranded.

Aviation data firm Cirium said over 19,000 flights to the Middle East have been cancelled since Saturday.

Tourism Economics said the conflict could lead to an 11% to 27% decline in arrivals to the Middle East in 2026, as well as a $34 billion to $56 billion drop in visitor spending in the region this year.

Across the region, stranded travellers rushed to secure seats on the few repatriation flights that began operating.

Ambra Chessa, an Italian passenger who had been in Dubai, said she eventually boarded an unscheduled charter flight home. “As soon as I arrived at the airport, they said to me, ‘Get on board immediately, you’re leaving in an hour’,” she said.

Carolina Raggi, another Italian passenger, said she received a last-minute alert through Italy’s foreign ministry travel portal, leaving little time to pack. Each seat cost 1,500 euros ($1,739) and the “plane wasn’t full”, she said.

Kirill Lechleide, a German tourist in Dubai, chose to stay. She said the loud bangs of missiles and drones being intercepted overhead were frightening, but ruled out trying to leave overland via neighbouring Oman due to safety concerns.

“The safest place to be is the hotel.”