U.S. — United Airlines Chief Executive Officer Scott Kirby warned that his company could face an $11 billion loss if oil prices remain at their current levels. Airlines worldwide have faced higher jet fuel prices since the U.S. and Israel began bombing Iran late last month.

Oil prices are hovering around $100 per barrel. Airline customers are already facing higher fares as airlines have been passing increased fuel costs onto consumers. Kirby said United's airfare could increase by 20%.

"If these other guys make the same mistakes they made six years ago, and if the forecast about $175 per barrel is right, you'll see airlines not survive," Kirby said. He also said "Prices are almost certainly going to be higher."

Andrew Nocella, Chief Commercial Officer of United Airlines, said the company has prepared for industry shocks. "We've prepared for shocks to our industry, because they occur on a regular basis," Nocella said. "Just like the gas stations have, we'll have to adjust pricing to reflect our cost of fuel."

Type A jet fuel cost $12.72 per gallon on Friday at Los Angeles International Airport, according to Atlantic Aviation. The same fuel cost $11.73 per gallon at Miami International Airport and $9.73 per gallon at Denver International Airport.

The U.S. West Coast is not connected by pipelines to the rest of the country, requiring all oil and refined products to be delivered by ship. "Fuel price is more susceptible to supply weakness on the West Coast than anywhere else in the country," he said.

Alan Fyall, Associate Dean of the University of Central Florida Rosen College of Hospitality Management, said budget airlines are at higher risk because they have razor-thin margins and rely on high customer volume. "Airlines will refuel where they can, at the cheapest source," Fyall said. Many airlines hedge their fuel to negotiate a fixed price and purchase fuel when prices are lower.