FOX Business’ Stuart Varney discusses how the Iranian attack on the Strait of Hormuz is choking global energy and threatening to drive domestic gasoline prices above $4 a gallon.
The escalating conflict in Iran may be out of reach in the Middle East, as it threatens to deliver a direct hit to America’s pocketbook.
As oil prices rise and global flight paths are redrawn, international carriers are already raising fares. While US airlines have yet to raise fares, a new analysis warns double-digit fare increases could be in store for domestic fliers.
Since jet fuel is one of the biggest expenses for airlines, the price of a domestic flight would need to increase by at least 11% to offset current fuel costs, according to at Skift Research. Higher fuel costs can translate into higher costs for American travelers.
Global Brent crude was up $100 a barrel late Thursday morning, marking a more than 60% increase since the start of the year. The market continues to react to the suspension of oil shipments in the Strait of Hormuz and several strikes on Middle East oil facilities and tankers as the US military continues Operation Epic Fury.
AMERICAN AIRLINES BECOMES FIRST US CARRIER TO RETURN VENEZUELA FLIGHTS FROM 2019 CLOSED.
Qantas and Scandinavian Airlines announced earlier this week that they would increase fares due to rising fuel prices, Reuters reported.
Travelers at William P. Hobby Airport in Houston, Texas, Monday, March 9, 2026. (Getty Images)
Air New Zealand said it plans to cancel 1,100 flights, affecting more than 44,000 passengers, between now and early May.
“It’s an unprecedented problem with fuel prices, but managing fuel increases is a well-trodden path when you own an airline,” CEO Nikhil Ravishankar told Radio New Zealand.
Multiple outlets reported Wednesday that Thai Airways plans to raise ticket prices by 10% to 15% due to demand and rising fuel costs, CFO Cherdchom Therdthirasak said at an investor meeting this week that “passengers planning to travel should secure their tickets as soon as possible before fares increase.”
Fisher Investments founder Ken Fisher discusses the Democratic Party’s ‘tax on the rich’ proposals and his view on oil prices in ‘Varney & Co.’
The chief executive officer of the cargo company in Hong Kong, Cathay Pacific, in a press conference said that since the fuel prices are high as they are increasing, it is expected that the prices will increase.
“In March, since the Middle East episode started, the cost of our fuel has doubled,” CEO Ronald Lam said, AFP reported. “So we will announce it [a surcharge] soon.”
United Airlines CEO Scott Kirby spoke at an event at Harvard University on Thursday and said higher oil prices will have a “meaningful” impact and could extend into the second quarter if the war continues, adding that the impact on fares “will probably start immediately,” according to Forbes.
Most U.S. carriers, including United, Delta, Southwest and American, stopped hedging fuel decades ago, Forbes said, and there is no hedging contract with the U.S. government that fixes fuel prices for commercial companies.
Delta, however, is partially insulated because of its ownership of the Trainer refinery in Pennsylvania, which allows them to avoid refining margins, although they still pay market prices for crude oil.
FOX Business host Liz Claman talks to The Points Guy founder Brian Kelly about FAA delays and how travelers can stay ahead of the curve on ‘The Claman Countdown’.
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Popular travel guide The Points Guy recommends not waiting to book flights during the conflict – or risk paying more.
“If you’re planning to fly this summer, go ahead and lock in your airfare now. As experts note, prices could go up any day now,” wrote The Points Guy. “That’s especially true if you’re hoping to fly in June or July, which in recent years have been the busiest and most expensive months of the summer to travel.”
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