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00:02Jet fuel prices surged to record levels as the Iran war disrupted shipping through the Strait of Hormuz
00:08and squeezed global fuel supplies ahead of the summer travel season, according to Bloomberg.
00:13Airlines cut thousands of flights, grounded older aircraft, and raised ticket prices as fuel costs climbed.
00:20Asian jet fuel and kerosene output fell to 2.9 million barrels per day in April from February levels,
00:27while Europe faced pressure from refinery closures and heavy reliance on imported jet fuel.
00:33U.S. airlines remained exposed after largely abandoning fuel hedging strategies following the 2008 financial crisis.
00:41American Airlines said it faces more than $4 billion in additional costs this year,
00:47while IAG expects fuel costs to rise by about $2.4 billion in 2026.
00:53Airlines reduced summer capacity by nearly 4%, removing 9.3 million seats from schedules.
00:59For all things money, visit Benzinga.com.
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