Airfare may stay high after Hormuz
European airlines are facing a sharp rise in fuel costs amid the current crisis, with aircraft fuel prices in Europe increasing by 70% compared to pre-war levels. This has led to total fuel expenditures reaching approximately $10.5 billion in 2026, representing a 20% increase from the previous year. It is estimated that fuel costs account for 40% of airlines' operating expenses worldwide. The crisis has caused a decline in aircraft fuel supplies, especially after a significant drop in Middle Eastern supplies, particularly following Europe’s reduced oil imports from Asia during the summer. Expectations of rising demand in Asian markets threaten to worsen the crisis in the coming summer. Prices are anticipated to continue rising without signs of decline due to ongoing shortages of petroleum derivatives, which will increase travel and shipping costs and lead to higher ticket prices and product costs. There are also warnings of a severe shortage of aircraft fuel that could impact travel activities and the aviation markets in the coming months.
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