Global Airlines Hike Fares, Cut Routes As Fuel Costs Balloon
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Global airlines sounded the alarm over soaring jet fuel prices triggered by the U.S.-Israeli war against Iran.
March 17 (Reuters) - Global airlines sounded the alarm on Tuesday over soaring jet fuel prices triggered by the U.S.-Israeli war against Iran, warning of hundreds of millions of extra costs, higher fares and cuts to some routes.
Delta Air Lines Chief Executive Ed Bastian said the dramatic run-up in jet fuel prices had increased the airline’s costs by as much as $400 million in March alone. The industry is moving quickly to pass on higher expenses through fare hikes, he told a J.P. Morgan industrials conference.
American Airlines said it expects a $400 million increase in first-quarter expenses due to fuel costs.
Among the first to act, Scandinavia’s biggest airline SAS AB said it is cutting a limited number of flights because of the “sharp and sudden increase” in fuel prices.
“The entire European aviation system is now feeling the pressure from a sudden fuel shock,” it said in an email.
The U.S. Navy says the risk of attacks is too high for now, according to sources familiar with the matter.
Oil prices exceeded $100 per barrel on Monday, reaching peaks unseen since 2022, as the Iran war triggered a global energy crisis.
The officials also claimed that the sharp increase in gasoline prices resulting from the Iran war would last only weeks.
Bahrain has accused Iran of striking a desalination plant as the regional war expands and targets more civilian sites in Gulf states.
It was not immediately clear what caused the blast or who was involved, the Oslo police department said in a separate statement.
Among the injured are three minors: one 16-year-old and two 17-year-olds, according to the executive director of the Trujillo Health Network.
The Milan Cortina Winter Paralympics has officially opened with some countries boycotting the opening ceremony because of the return of the Russian flag to the global sports stage.
Oil prices hit their highest levels in almost two years, and Qatari officials warn they could spike as high as $150 per barrel.
A blackout has left millions of people without power in Havana and the rest of western Cuba in the latest outage on an island struggling with dwindling oil reserves and a crumbling electric grid.
Their entry into the war could pose a significant challenge to the embattled authorities in Tehran and could also risk pulling Iraq further into the conflict.
In a new text approved by Pope Leo, a top Vatican commission warned it can lead to an unrealistic search for a perfect figure.
The goal would be to create room for Iranians opposed to the Islamic regime to rise up, they noted.
Ten people were killed when protesters breached the compound’s outer wall after the killing of Iranian Supreme Leader Ayatollah Ali Khamenei.