Airlines had already been dealing with higher operating costs due to the sharp increase in oil prices since the onset of US military operations in Iran. Jet fuel costs nearly doubled over the past several weeks, according to data from IATA. Multiple airlines recently announced plans to scale back capacity, which could contribute to ticket prices potentially being on the verge of taking flight. Rising flight prices may in turn cause travel demand to descend, even if the conflict in the Middle East de-escalates.
Jet fuel price per barrel
Source: International Air Transport Association (IATA), as of April 8, 2026.