Aviation fuel prices have doubled, a strait is choking the global aviation industry.
In recent weeks, aviation fuel prices have surged from $85 to $90 per barrel to $150 to $200 per barrel, posing a major challenge to the global aviation industry. Several airlines have begun adjusting their business strategies. On the 4th local time, Monique Fournier, chairman of the Dutch airline representative committee, issued a warning that if shipping in the Strait of Hormuz continues to be disrupted, airlines may face pressure to cancel flights six weeks later. Benjamin Smith, CEO of Air France-KLM, stated that the company is preparing for potential fuel shortages. Michael O'Leary, CEO of Europe's largest budget airline, Ryanair, said on the 1st of this month that the airline could face up to a 25% fuel supply gap in May and June, with overall aviation fuel supply in Europe expected to tighten in May. O'Leary also said there is a possibility of significant ticket price increases from April to June.
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