Airlines will spend an extra $100bn on jet fuel this year as oil prices jump following the Iran war, the International Air Transport Association (Iata) has warned.
Willie Walsh, Iata director general, said jet fuel prices are expected to be 70 per cent higher year on year, at the 2026 Iata Annual General Meeting in Rio de Janeiro, Brazil.
He said: “When war broke out in the Middle East in March, oil prices jumped and jet fuel prices skyrocketed. As a result, we expect average jet fuel prices to be 70 per cent higher year on year – that will add $100bn to our collective fuel bill this year.”
The report on the state of the global air transport industry added that although jet fuel demand is “holding up”, profitability is set to almost halve from $43bn in 2025 to $23bn in 2026.
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Source nz.news.yahoo.com
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