Airlines ramp up fares as Iran battle sends value of flights hovering – see full checklist

Airlines worldwide are hiking ticket prices and emergency fuel surcharges as the Iran-Israel/USA conflict drives oil and jet fuel costs to record highs, leaving British families facing cancelled Easter holidays

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Airlines around the world are ramping up ticket prices and emergency fuel surcharges as the war between Iran and the USA-Israel sends oil and jet fuel costs soaring. As a result, Brits hoping for a sunny Easter getaway are facing heartbreak.

Moreover, airlines hike prices and families are now reportedly scrambling to cancel holidays, all thanks to the escalating conflict in the Middle East. On Thursday (March 12), Cathay Pacific reportedly became the latest to slap on an emergency fuel surcharge, doubling the cost on most of its routes.

The price of crude oil has reportedly jumped by a third, topping $100 (approximately £76) a barrel.

This comes after the Strait of Hormuz, a key route for jet fuel and oil from the Middle East, was effectively shut down. Iran has subsequently threatened to attack any ship entering the strait, which handles a fifth of the world’s oil supply.

There have already been 18 attacks on vessels in the area, confirmed by the UK Maritime Trade Operations. European airlines get about half their fuel from the Gulf, so it’s no surprise that flight prices are shooting up, the Daily Mail reported.

Travellers who’ve already booked won’t be hit with extra charges, but anyone buying new tickets is in for a shock. Before the first strikes on Iran at the end of February, a ton of jet fuel for Europe cost around $830 (£ 627).

Now, it’s more than $1,500 (£1,133), a near doubling in just weeks, as per the Daily Mail. Dr Amrita Sen, founder of Market Intelligence at Energy Aspects, warned MPs: “Everyone is talking about crude oil but there are prices for jet fuel that have gone above $300 [a barrel] – it is crazy what is going on.

“I am expecting quite significant rises in air fares. Some airlines hedge (against price rises) which will help a bit, but we should absolutely be expecting higher air fares for at least the next couple of months.”

Airlines reactions:

Air France and KLM: The French and Dutch partners have hiked fares. Air France says economy tickets will go up by €50 (£43) for a return flight.

Cathay Pacific: Hong Kong’s flagship airline has doubled surcharges on most routes and will review again next month.

Air New Zealand: One of the first to act, adding NZ$20 (£8.79) to short-haul and NZ$90 (£39.60) to long-haul flights.

Qantas: The Aussie carrier is raising prices on long-haul routes, especially those through the Middle East.

United Airlines: The US airline’s boss Scott Kirby warned fares will rise quickly if oil prices stay high.

SAS Scandinavian Airlines: The Nordic airline has already adjusted prices to cover fuel costs.

Air Transat: Canada’s long-haul budget airline has increased surcharges and is raising fares on busy routes.

Norwegian: The low-cost airline confirmed price adjustments to cover higher fuel costs.

Norse Atlantic Airways: This Norwegian long-haul carrier says higher fuel prices are already reflected in ticket prices.

Air Canada: The Canadian airline says fares are “continuing to be adjusted” to reflect fuel costs.

Air India and Air India Express: Both have introduced surcharges on domestic and international flights.

AirAsia: Malaysia’s budget giant has temporarily increased ticket prices due to fuel surcharges.

Hong Kong Airlines: Surcharges of up to 35% are being added to fares.

Thai Airways: Fuel surcharges on tickets are going up by as much as 15%.

Vietnam Airlines: Operating costs have soared by 70%, and the airline is asking the government to remove jet fuel taxes.

Meanwhile, major European airlines like Ryanair, easyJet, Jet2, and Wizz have yet to say if they’ll raise fares.

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