Jet Fuel Prices Double Amid Iran Conflict, Prompting U.S. and Global Airlines to Cut Flights and Raise Fares Jet fuel prices in the United States have more than doubled in recent weeks, rising from approximately $2.17 per gallon to $4.56 per gallon by March 20, 2026, according to the Argus U.S. Jet Fuel Index. This sharp increase is driven by escalating tensions in the Middle East, particularly around the Strait of Hormuz, a critical chokepoint that handles about 20 million barrels of oil per day and significant volumes of jet fuel. The Middle East supplies roughly 17% of global jet fuel consumption, making the market highly sensitive to disruptions. Major U.S. airlines are already feeling the impact. United Airlines CEO Scott Kirby announced plans to reduce about 5% of scheduled flights in the near term and suspend select international routes, including those to Israel and Dubai. The carrier warned that sustained high prices could add $11 billion in annual expenses. Delta Air Lines CEO Ed Bastian reported an additional $400 million in fuel costs for March alone, while American Airlines projected a similar $400 million hit in the first quarter. Airlines are responding by raising ticket prices and adjusting schedules. Internationally, carriers such as Air France-KLM, Lufthansa, Cathay Pacific, SAS, Qantas, and Thai Airways are implementing fare increases, fuel surcharges, and flight cancellations, with SAS planning to cut about 1,000 flights in April. European airline executives have cautioned that a prolonged conflict could lead to fuel shortages and further strain supplies. Jet fuel's volatility stems from thin inventories, specialized storage requirements, and limited spot trading. The slowdown in tanker traffic through the Strait of Hormuz has amplified these pressures. While airlines work to pass on higher costs to consumers, the situation risks broader economic ripple effects on air travel affordability and availability.

Jet Fuel Prices Double Amid Iran Conflict, Prompting U.S. and Global Airlines to Cut Flights and Raise Fares

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