Airlines Reduce Flights as Jet Fuel Prices Surge

Airlines are reducing their flight schedules following the effective closure of the Strait of Hormuz, which has caused jet fuel prices to more than double. According to NS3.AI, Lufthansa Group announced it will cancel 20,000 short-haul flights through October. Domestic airfare has increased by approximately 18% compared to last year, translating to around $55 more per trip. IEA Director Fatih Birol has warned that Europe has about six weeks of jet fuel stocks remaining.