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00:02Jet fuel prices have roughly doubled since the start of the Iran War,
00:06as disruptions in the Strait of Hormuz blocked both crude oil and refined fuel shipments,
00:11according to NPR. Airlines are cutting routes, raising fares, adding fuel surcharges,
00:17and increasing baggage fees in response. Asia faces the most pressure, with some countries
00:22rationing fuel and restricting exports, while China banned jet fuel exports and South Korea
00:27reduced production. Europe warned a shortage could emerge if shipping does not resume,
00:32though some analysts questioned the timeline. U.S. airlines stopped fuel hedging after deciding
00:37it was not worth the cost, leaving them fully exposed to rising fuel prices and facing large
00:43expenses during the current price spike. Delta estimates a $2 billion quarterly impact and is
00:48reducing unprofitable flights while raising ticket prices. For all things money, visit Benzinga.com.
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