Jet fuel costs skyrocket

The Hill -   An international jet fuel shortage is driving up airfares and triggering thousands of flight cancellations as airlines grapple with rising costs. Analysts warn the crisis could deepen in the coming weeks, with the war in Iran showing little sign of easing and jet fuel prices continuing to climb.

Since before the war began, the price of jet fuel in the U.S. has surged by 95 percent — from $2.50 per gallon on Feb. 27 to $4.88 on April 2, according to the Argus U.S. Jet Fuel Index, published by Airlines for America. That puts the price per barrel at nearly $205.

Airlines have already begun taking steps to offset higher costs, reducing flight schedules and quietly raising fares.