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and Israel launched strikes on Iran on February 28, jet fuel prices have more than doubled.
U.S. jet fuel prices have risen over 120% since the February 28 U.S.-Israel strikes on Iran.
KEY POINTS
- The closure of the Strait of Hormuz is a key driver of the current jet fuel price spike.
- U.S. crude oil production is projected to hit a record 13.6 million barrels per day in 2025.
- Most major U.S. airlines have abandoned fuel hedging, unlike European carriers with strong hedging positions.
- Despite fare increases, global passenger air travel demand grew 6.1% year-over-year in February.
COMPANIES
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