Airlines are cutting more seats between the Middle East and Europe, with November capacity now down 12.7% on last year, according to UBS.
The figure has worsened from a 11.3% decline a week earlier, based on flight schedule data from Cirium, the aviation analytics firm.
October capacity on the route is down 9.4%, while December is set to fall 8.4%.
The cuts follow the conflict in the Middle East, which slashed capacity on the route by more than half in April.
Emirates and Qatar Airways, the two biggest Gulf carriers, are cutting long-haul capacity this year by 11.1% and 17.1% respectively.
UBS said it wants to see airlines shrink capacity rather than grow it, given the sharp rise in fuel costs.
Jet kerosene prices are up more than 130% since the start of the year, having peaked at over 160%.
Capacity growth among European airlines is also slowing.
Long-haul capacity is set to rise 2.2% in the fourth quarter, down from 2.5% a week earlier.
Short-haul capacity growth has eased to 0.3% from 0.4%.
For the first three months of 2027, UBS expects long-haul capacity to grow 5.8% and short-haul 1.1%.
Ryanair remains the largest provider of short-haul seats in Europe, with an 18.7% share.
Wizz Air, the Hungarian low-cost carrier, is the fastest grower among the big players, adding 26.6% more short-haul capacity this year.
On long-haul routes, Air France-KLM leads with an 11.4% share, ahead of IAG, the owner of British Airways, on 9.9%.
