Airlines Raise Fares as Middle East Conflict Sends Jet Fuel Prices Soaring

Analysts say that beyond soaring costs, disruptions to oil flows through the Strait of Hormuz could also lead to jet fuel shortages in some markets.

A Qantas flight takes off at Tullamarine Airport in Melbourne, Australia, on July 7, 2020. Daniel Pockett/Getty Images

Airlines around the world are raising fares and cutting capacity amid surging jet fuel prices due to the escalating conflict in the Middle East.

The aviation sector has been hit globally this week amid fears of a prolonged conflict in the Middle East, which has disrupted major airport hubs, led to thousands of flight cancellations, and driven up fuel costs.