Airlines hike ticket prices as Iran conflict propels energy costs
Australia's Qantas Airways, Scandinavia's SAS and Air New Zealand announced airfare hikes on Tuesday, blaming an abrupt spike in the cost of energy
An illustrative image related to: Airlines hike ticket prices as Iran conflict propels energy costs, highlighting key aspects of the story. | Image source: Geo News
Airlines hike ticket prices as Iran conflict propels energy costs
Australia's Qantas Airways, Scandinavia's SAS and Air New Zealand announced airfare hikes on Tuesday, blaming an abrupt spike in the cost of energy caused by the Middle East dispute.
Jet energy prices, which were around $85 to $90 per barrel before US-Israeli strikes on Iran, have soared to between $150 and $200 per barrel in recent days, New Zealand's flag carrier stated as it suspended its financial outlook for 2026 due to uncertainty over the dispute.
The conflict, which disrupted shipping via the world's most vital oil export route, has sent oil prices surging, upending global travel, pushing airline tickets on some routes sky-high, and sparking fears of a deep travel slump that could lead to widespread grounding of planes.
"Increases of this magnitude make it necessary to react in command to maintain stable and reliable operations," an SAS representative stated in a comment to Reuters , adding it had implemented a "temporary cost revision".
The largest Scandinavian airline stated last year it had temporarily adjusted its energy hedging directive due to uncertain market conditions and that it had no energy consumption hedged for the following 12 months.
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