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The
price of jet fuel has been extremely volatile after the U.S. and
Israel launched attacks on Iran.
Jet fuel has risen even faster than oil during the war,
reflecting both higher crude prices and tight supplies of the
refined fuel that is one of the largest operating expenses for
airlines. Carriers have cut some less profitable flights and
raised fares and baggage fees, although major U.S. airlines said
higher passenger revenue initially covered only part of their
soaring fuel costs.
Globally, jet fuel averaged about $99 a barrel on Feb. 27, the
day before the war began, according to the International Air
Transport Association’s Jet Fuel Price Monitor. Prices more than
doubled to $209 by early April, fell for nearly three months and
reached $195 a barrel in mid-September following their renewed
ascent, IATA said, citing data from S&P Global Energy Platts.
The global average jet fuel price is currently hovering around
$196 a barrel.
Since diesel and jet fuel are closely related products that
compete for space at refineries, shortages of one can put
additional pressure on the price and availability of the other.
The IATA expects fuel to account for nearly one-third of airline
operating expenses this year, up from about a quarter in 2025.
Ryanair said Monday that it doesn't expect European short haul
airfares to fully offset anticipated increases in its fuel bill
for next year, so it is reviewing its costs and may have to
impose temporary pay freezes, lower crew ratios and use more
artificial intelligence to get further productivity for back
office and support functions.
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