Bangladesh, July 2 -- Asian airlines that picked up passengers and pushed fares higher on European routes following the start of the Iran conflict are now watching those gains shrink as Gulf carriers restore capacity and cut prices, according to industry data.

The shift has unfolded gradually, but it has raised questions over whether carriers such as Singapore Airlines, Cathay Pacific, Korean Air, and ANA Holdings can hold on to the market share they picked up during the disruption.

Nathan Gee, Head of Asia-Pacific Transportation Research at BofA Global Research, said the industry has passed the peak of load factor gains for Asian carriers, though long-haul bookings run on a six-month window, meaning the strongest revenue impact may st...