Surge in jet fuel prices could push up air fares, analysts warn [Yahoo! Finance]
EASYJET PLC S/ADR (ESYJY)
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Source: Yahoo! Finance
A dramatic surge in jet fuel prices could push up costs for air travellers ahead of the summer holidays and even lead to flight cancellations, analysts have warned. Disruption to supplies from the Gulf, in the wake of the US and Israeli air strikes on Iran, has pushed the cost of aviation kerosene up by more than 80%. The Gulf is a major source of aviation fuel, accounting for about 50% of Europe's imports. The bulk of it comes through the Strait of Hormuz, which is effectively closed. This week Wizz Air warned that the conflict would cut its annual profit by €50m ($58m; £43m), with jet fuel costs playing a major role. Before the air strikes, the north-west European jet fuel price was $830 per tonne. It has since spiked to more than $1,500. These are the highest prices the industry has seen since 2022, in the wake of Russia's invasion of Ukraine. The surge reflects the role Middle Eastern refineries play in jet fuel supply. The Al-Zour refinery in Kuwait alone provides ro
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