United, Delta Hit Record Highs on June 30 as Airline Fuel Prices Fall to $2.90 per Gallon

According to MarketWatch, United Airlines (UAL-US) and Delta Air Lines (DAL-US) closed at record highs on June 30 as U.S. aviation demand remained robust and airline fuel costs declined sharply. Jet fuel prices fell from nearly $5 per gallon in April to approximately $2.90 per gallon following a 60-day ceasefire agreement between the U.S. and Iran, with June crude futures down about 20% for the month.

Supply constraints, including Spirit Airlines' bankruptcy and extended aircraft delivery delays from Boeing and Airbus, are limiting industry capacity during the peak summer travel season. The U.S. Global Jets ETF hit a record $34.66 last Friday and gained 13% in June. Airline ticket prices surged over 18% year-over-year in May, with economy fares up more than 20%, as consumer demand for air travel strengthened.