Middle East conflict to unleash new era of soaring air fares [Yahoo! Finance Canada]
INTL CONSL AIRLNS S/ADR (ICAGY)
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Source: Yahoo! Finance Canada
The price of jet fuel, the single biggest part of an airline's costs, has surged to a four-year high after the US hit Iran last week Airlines typically “hedge” their fuel costs to stop wild price fluctuations but experts say airlines could be forced to increase fares for passengers once those hedging protections expire. Carriers traversing the Middle East are also having to make diversions of an hour or more to avoid skies made unsafe by the conflict – adding to airlines' fuel costs. Fares to Australia have already jumped £400 as far ahead as Easter as would-be travellers chase the reduced number of seats, with projections suggesting that prices could stick at 30pc to 40pc higher through the summer. John Strickland, an aviation consultant, said: “Those [oil price] hedges aren't going to last forever. On top of that, a shortage of capacity is going to drive up prices on some routes purely through the lack of availability. “So on balance I would expect an upward rise in fares
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