00:00Fares on long-haul flights are skyrocketing all around the world.
00:04Want to get home from here in Sydney to London right now?
00:07$3,900, please. In June, it'll cost you $1,500, double last year's fare.
00:14Want to fly from London to Melbourne to cool off?
00:16That'll set you back $1,300 for travel in June.
00:19And if you want to get from Amsterdam to here in Singapore for some summer chill,
00:23be prepared to pay up to 80% more.
00:25Why the insane markups?
00:27It all points back to the Middle East conflict that began in February
00:31when the U.S. and Israel attacked Iran.
00:34Airspace closures and limited operations at major Gulf hubs have caused massive travel chaos.
00:41Plus, with conflict intensifying, critical oil and jet fuel can't get through the Strait of Hormuz.
00:47Less fuel and fewer seats equal sky-high airfares.
00:51And there's little relief in sight.
00:53Even if the conflict ends tomorrow, it will take time for travel hubs to readjust.
00:59Prices on some popular routes are expected to stay 30% above last year's levels all the way into October.
01:07Already, travelers are pulling back on their holiday plans.
01:11Summer bookings from Europe to the U.S. have dropped, as well as Asia to Europe routes.
01:16So if you're rethinking your travel budget and staying closer to home, you're not alone.
01:21Besides, this was so lucky.
01:21I'm not alone.
01:22Also, I'm not alone.
01:22We've got to take advantage of the space where we wish to have space.
01:22We are able to save the city.
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