Airlines are facing a dramatic rise in fuel prices that is putting pressure on their bottom lines.
Since access to the vital Strait of Hormuz — which connects the Persian Gulf and the Indian Ocean — was largely closed due to the war in Iran at the end of February, average jet fuel prices soared nearly 73% to $417.48 per gallon on April 21, according to the latest data available from Platts Jet Fuel Assessment. Prices have increased more in certain regions, like Asia and Europe; the U.S. has been a bit less affected than other places, since its fuel supply isn't as dependent on the Middle East.
Still, airlines are racing to adapt to this new high-fuel-cost world. One of the quickest and easiest levers to reduce fuel expenses is simply to fly less.
A great solo travel tip spotted this week on The Points Guy Articles.
