Jet Fuel Shock Hits Global Skies as Iran War Tightens Supply

Rising tensions over Iran and the closure of the Strait of Hormuz are driving jet fuel costs sharply higher, with prices jumping from about $85–$90 to as much as $150–$200 per barrel. Airlines including Qantas, SAS, and Air New Zealand have already raised fares, citing higher fuel expenses, while others hedge or reroute to manage risk. The squeeze could curb travel demand and pressure airline stocks, and further disruption from airspace closures and routing changes threatens global aviation in the near term.