Flight Prices Are Up Amid Soaring Fuel Costs, but Travel Demand Remains High
Airline executives said the war in Iran had raised fuel costs and, as a result, fares, but that had not yet hurt demand for tickets from individuals and businesses.
Airline executives said the war in Iran had raised fuel costs and, as a result, fares, but that had not yet hurt demand for tickets from individuals and businesses.
Energy Secretary Chris Wright said the Strait of Hormuz, a critical passageway for oil shipments, remained unsafe for tankers. Iran has been firing projectiles and laying mines.
Emirates, Qatar Airways and Etihad Airways have become some of the world’s largest and most profitable thanks to their location at the center of busy travel routes.
Governments have stockpiled oil, and cars are more efficient but the supply shock is global, and there’s no sense of when it’ll end.
Four years after the Russian invasion of Ukraine sent energy prices soaring, the war in Iran is posing another challenge to efforts to revive European factories.
Oil prices surged on Thursday after ships came under attack in the Persian Gulf, and Iran’s supreme leader vowed revenge for U.S. and Israeli airstrikes.
The United States and Israel launched more strikes against Iran, where crowds mourned military commanders killed in the war. Israel also bombed targets in Lebanon, where the death toll climbed.
The members of the International Energy Agency will release 400 million barrels of oil, the largest such coordinated action on record.
In the lead-up to the U.S.-Israeli attack, President Trump downplayed the risks to the energy markets as a short-term concern that should not overshadow the mission to decapitate the Iranian regime.
Now 11 days into an expanding military campaign, President Trump and his officials have given conflicting indications on how long the United States intends the war to last.