British Airways is considering raising ticket prices if fuel costs remain high due to ongoing conflicts in the Middle East. The airline’s CEO, Sean Doyle, highlighted the increasing fuel expenses linked to the conflict, which have driven oil prices up by over 50% since March.
The tension between the US and Iran escalated after joint US-Israeli strikes on key Iranian sites, leading to retaliatory actions by Iran, including closing the critical Strait of Hormuz. As a result, airlines are anticipating jet fuel price hikes.
Jet fuel prices have doubled since the conflict began in February. Doyle mentioned that British Airways has already raised fares to counter the elevated fuel costs and may need to implement further increases if prices stay high. The airline is likely to pass on more of the cost increases, especially on long-haul routes catering to business travelers.
Efforts have been made to broker a peace deal between the US and Iran amid the ongoing conflict. Israel responded to Iranian attacks by targeting Iran’s Karun petrochemical plant. With rising tensions in the Middle East, oil prices surged again, impacting global markets and potentially affecting airfares in the long run.
