Bank of America: doubling oil costs will lead to record losses for airlines.

Analysts at Bank of America said that a doubling in jet fuel costs would turn the global aviation industry's expected profit of $72.8 billion this year into a loss of $148 billion. These analysts wrote that this would be the largest annual loss ever recorded in the industry, surpassing the $111 billion loss after the COVID-19 pandemic in 2020. If jet fuel prices remain at that level and other conditions remain unchanged, airlines would need to raise ticket prices by 20% to break even. With Brent crude prices falling to single digits, European airline stocks rose. Ryanair rose by 2.9%, IAG, the owner of British Airways, rose by 2.3%, and EasyJet rose by 2.5%. A broader industry index rose by 2.2%.