Airlines in Asia hike fares as Mideast war raises fuel costs [Yahoo! Finance]
QANTAS AIR LTD S/ADR NEW (QABSY)
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Source: Yahoo! Finance
Airlines in the Asia-Pacific region, including Qantas, Air India and Cathay Pacific, have hiked fares -- or will soon -- to factor in surging jet fuel prices spurred by war in the Mideast. The average world price of aviation fuel reached $173.91 a barrel on Monday, according to the benchmark Platts index, nearly double the levels of January and well above crude oil. This is explained by refining costs, but also by the fact that kerosene is a lower priority than petrol or diesel, according to the International Air Transport Association (IATA). War in the Mideast has choked trade in the Strait of Hormuz, which normally carries nearly 20 percent of global oil production. The impact is particularly acute for Asia, as more than 80 percent of the oil and gas moving through the strait is destined for its markets, according to the US Energy Information Administration. "Since early March 2026, aviation turbine fuel (ATF), which accounts for nearly 40 percent of an airline's operatin
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