Air fares soar by nearly 25% as Iran war forces flights to re-route The ongoing conflict in the Middle East has triggered a significant surge in airfares, with the lowest-priced economy tickets now averaging 24% more than they were a year ago, according to a new report by consultancy Teneo. The study attributes this rise to airspace restrictions caused by the war, which have forced airlines to reroute flights, increasing fuel consumption. Additionally, disruptions to oil supplies have driven up fuel costs, further contributing to higher ticket prices. The report highlights that the biggest impact on fares has been felt on routes between Europe and East Asia. For example, a flight from London to Melbourne in June now costs 76% more than last year, while a flight from Hong Kong to London has seen a 72% price increase. These surges are partly due to the loss of capacity on long-haul routes typically served by Gulf carriers, which have faced severe operational disruptions. Although some rival airlines have expanded their operations to these destinations, the number of available seats remains below normal levels. Jet fuel prices have risen sharply, from approximately $85-$90 per barrel to $150-$200 per barrel in recent weeks. Fuel accounts for up to a quarter of airlines’ operating expenses, making this cost increase a major factor in the rise of ticket prices. The rerouting of flights has also led to longer travel times and additional fuel burn, compounding the financial strain on airlines. Airlines operating from the UK have warned that if the conflict in the Middle East continues or worsens, they may be forced to cut flights and further raise fares. They have called on the government to take several measures to mitigate the impact of the disruption caused by the closure of the Strait of Hormuz.#iran_war #strait_of_hormuz #jet_fuel #teneo #airlines_uk
Airlines are canceling flights as they face jet fuel shortages and rising prices brought on by the Iran war Jet fuel prices have spiked and supplies have dwindled as the US and Israeli war on Iran drags on, forcing some airlines to cancel flights. #Iran_war #fuel_shortages #Israeli_war #jet_fuel #Iran_drags #face_jet #war_Jet
