Jet fuel prices have more than doubled

A surge in jet fuel prices driven by the U.S.-Israeli war on Iran has upended the global aviation industry, forcing airlines to raise fares and revise financial outlooks.

Jet fuel prices have soared from $85 to $90 per barrel to $150 to $200 per barrel in recent weeks, a financial hit for an industry where fuel accounts for up to a quarter of operating expenses.

Industry officials warned that jet fuel supplies will remain tight and costly for months, even if Iran reopens the Strait of Hormuz, after damage to refining capacity across the Middle East.

“If it were to reopen and remain open, I think it will still take a ​period of months to get back to where supply needs to be given the disruption to the refining capacity in the Middle East,” Willie Walsh, director general ​of the International Air Transport Association (IATA), warned.

Attacks on Gulf countries have continued despite the announced ceasefire.

Source: reuters.com