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Airfares Set to Surge Amid Rising Oil Prices

3/12/2026

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Summary

Story summary

Airfares rise as oil prices climb due to the Iran conflict, with oil near $120 per barrel before stabilizing around $90 and jet fuel up over 58%.
International carriers Qantas, Scandinavian Airlines, and Air New Zealand have raised fares to offset higher costs.
U.S. airlines have not yet raised fares, but analysts expect increases of at least 11% soon.
The market remains volatile, leaving travelers uncertain about future pricing.

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Story summary

Airfares rise as oil prices climb due to the Iran conflict, with oil near $120 per barrel before stabilizing around $90 and jet fuel up over 58%.
International carriers Qantas, Scandinavian Airlines, and Air New Zealand have raised fares to offset higher costs.
U.S. airlines have not yet raised fares, but analysts expect increases of at least 11% soon.
The market remains volatile, leaving travelers uncertain about future pricing.