Air fares soar by nearly 25% as Iran war forces flights to re-route

Air fares have jumped nearly 25% due to the ongoing war in the Middle East. A new study shows that the lowest economy tickets are, on average, 24% more expensive than they were a year ago. The consultancy Teneo reports that airlines have had to change flight paths because of airspace restrictions from the conflict. This change has led to increased fuel usage. Moreover, disruptions in oil supplies have raised fuel prices. There has been a notable drop in available seats on long flights that Gulf carriers usually serve, as their operations have faced major interruptions. Although some competing airlines have started flying to certain long-haul destinations, there are still fewer seats than usual. In recent weeks, the price of jet fuel has soared from around $85-$90 per barrel to between $150 and $200. Fuel costs make up about 25% of what airlines spend to operate. The report highlights that the biggest rise in ticket prices is on routes connecting Europe and East Asia. For example, a flight from London to Melbourne in June is now 76% more expensive than last year, and a flight from Hong Kong to London has increased by 72%. On Tuesday, US media reported that Vice President JD Vance will go to Pakistan for peace talks, but Iran has yet to confirm whether it will send a delegation.