Airfares take off as Middle East war sends jet fuel soaring

Australia’s Qantas Airways and Air New Zealand said on Tuesday they are hiking fares due to the Middle East conflict, underscoring how global airlines are struggling to cope with the sudden and soaring costs of fuel.

Jet fuel prices, which were around $85 to $90 per barrel prior to the conflict, have increased sharply to between $150 and $200 per barrel in recent days, New Zealand’s flag carrier said as it suspended its financial outlook for 2026 due to uncertainty over the conflict.