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Alaska Air (ALK.N) said on Wednesday it would raise $500 million through a debt offering as the ​airline looks to bolster liquidity as a war-driven surge in ‌jet fuel prices erodes margins.

The carrier said it will issue five-year debt securities that mature in 2031.

Airlines ​around the world have cut capacity, ​raised baggage fees and added fuel surcharges to weather skyrocketing ⁠fuel costs after Iran's closure of the ​Strait of Hormuz drastically disrupted oil supplies.

Jet fuel prices, ​which typically form about a quarter of an airline's operating expense, have nearly doubled since the U.S.-Israeli strikes against Iran ​on February 28.

The financial strain is more ​pronounced for carriers such as Alaska Air that are ‌based ⁠on the U.S. West Coast, where pipeline and refining capacity remain limited, forcing airlines to rely on oil imports.

Last month, the airline said it was ​looking to raise ​the share ⁠of fuel it sources from Singapore to 30% to 40% over ​time, from about 20% currently.

Rivals American ​Airlines (AAL.O) ⁠and JetBlue Airways (JBLU.O) also tapped into the debt market over the last month to battle ⁠the ​rising costs due to the ​Iran war.

American has raised $1.14 billion, while JetBlue raised $500 million.