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IATA Chief Warns Summer Flight Costs to Surge Due to Iran-Driven Fuel Price Spike

GateNews
Commodities
FUEL-0.93%
ON1.45%
MAY1.03%
According to IATA Director General Willie Walsh on May 14, airlines warn that summer holiday flight ticket prices will inevitably rise as fuel costs surge due to disruptions in the Strait of Hormuz caused by the Iran conflict. Walsh said there is no need to panic over jet fuel shortages, but rising fuel prices will feed through into higher ticket prices. "There's just no way airlines can absorb the additional costs," he stated. British Airways parent company IAG warned separately that it expects to spend approximately 2 billion euros (£1.72 billion) more than planned on fuel this year, with jet fuel prices having more than doubled since the start of the Middle East conflict.
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