United Airlines warns airfares could jump 20% as oil prices continue to surge

United Airlines is warning that airfares could rise up to 20% if the cost of jet fuel remains elevated for longer due to the spike in oil prices amid the war in Iran.

United CEO Scott Kirby said in an interview on Bloomberg TV on Tuesday that the airline anticipates consumer demand for air travel will soften if higher fuel prices continue to push ticket prices higher.

Kirby added that United has already moved to cut 5% of its capacity on routes that aren't profitable and don't cover the cost of higher fuel prices...