Airfare prices climb as conflict in Middle East pushes fuel costs higher
KOMO • • business
Key Points:
- Airfare prices are rising this summer due to soaring jet fuel costs, which have nearly doubled in just over a month amid global tensions and oil prices exceeding $100 a barrel.
- Fuel expenses account for about 30% of airline costs, prompting carriers to increase ticket prices by approximately 15% so far, with expectations of an additional 20% hike to offset fuel cost surges.
- Travel expert Brian Kelly advises booking flights early to avoid further price increases and additional fees, such as checked baggage surcharges, which some airlines like JetBlue have recently implemented.
- Demand for both domestic and international travel is high, with events like the FIFA World Cup driving up bookings and causing some flights, including long-haul and short trips, to sell out completely.
- Experts recommend travelers track fares closely, use points when possible, and remain flexible with travel plans to minimize costs amid ongoing fuel price volatility and rising demand.
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