"Gas prices increased by 2 cents to an average of $4.16 a gallon nationwide, despite the recent ceasefire in the Iran war and falling crude oil prices."
"Reopening the Strait of Hormuz is only the first step; regional oil executives indicate that full oil flow recovery could take days, weeks, or even months."
"Jet fuel prices have skyrocketed to $195 a barrel, nearly $100 higher than at the beginning of the war, leading airlines to face significant added costs."
"Airlines are responding to increased costs by raising fares, reducing flights, and increasing checked baggage fees, with Delta recently raising its fee by $10."
Despite a ceasefire in the Iran war, U.S. crude oil prices fell, yet gas prices increased. Reopening the Strait of Hormuz is just the beginning, with full recovery potentially taking months. Damage from air strikes complicates the situation. Jet fuel prices have surged, leading airlines to raise fares and fees. Delta Air Lines announced higher fares and reduced flights, while other airlines have increased checked baggage fees. Cancellations and fewer scheduled flights are expected as the industry adjusts to rising costs.
Read at Fast Company
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