Middle East crisis could collapse US airlines - Fuel prices soar

Middle East tensions are driving up oil and fuel prices. US airlines spent $6.5 billion on fuel in April.

ByHarper Clark- Senior Editor

Today / 09:01|Last updated: Today / 09:02

Middle East crisis could collapse US airlines - Fuel prices soar — Photo: Prepared by Bond.az

In April, US airlines spent $6.5 billion on jet fuel, a 78% increase from last year.

Shipping in the Strait of Hormuz has halted due to conflict with Iran, driving up oil and fuel prices.

IATA predicts profits will halve by 2026, with fuel costs reaching $350 billion.

Airlines are raising fares and cutting flights, but it's not enough to offset the shock.

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