Middle East Tensions Boost Air Fares by 24%

0:00On April 22nd, Middle East tensions are driving up airfares big time, with the cheapest economy tickets now averaging 24% higher than last year. A new report from Consultancy Toneo pins it on the conflict forcing airlines to dodge restricted airspace. That means longer routes and way more fuel burned, plus oil supply hits jacking of costs even further. Golf carriers have lost tons of long haul capacity, and while some rivals stepped in, there's still fewer seats out there. Travelers feel it hardest on Europe to East Asia runs, like London to Melbourne tickets of 76% this June, or Hong Kong to London, spiking 72%. UK airlines are sounding alarms that worst conflict could mean slash flights and steeper prices. They're pushing the government hard in a seeker briefing, classify fuel disruptions as extraordinary to skip compensation payouts, cut passenger. Taxes, ease knife light bands, relax airports lots, prioritize jet fuel from refineries, and even allow US-style jet-a-fuel imports.

1:04Officials say no jet fuel shortage is yet, and they're planning contingencies to keep folks flying, but airlines want that flexibility locked in now to. Dodge bigger chaos down the line.