Aviation fuel prices are rising again. The International Air Transport Association (IATA) says the global average price went up 7% last week to $209 per barrel.
Over the past year, prices have jumped more than 130%. Prices vary by region: Asia-Pacific is the most expensive at over $228 per barrel, followed by Europe at $217, North America at $215, and South America at $199.
The higher fuel costs, which make up about a quarter of airline expenses, are putting pressure on airlines. Many are raising ticket prices, cutting flights, and adjusting financial plans, Reuters reports.
IATA Director General Willie Walsh said even if the Strait of Hormuz reopens today, it could take months to restore fuel supplies because of problems in Middle Eastern oil refineries. “This region is key to the global supply of aviation fuel,” he said.
On April 8, the US and Iran agreed on a two-week ceasefire and temporary opening of the Strait of Hormuz, with Pakistan helping to mediate.
