As the war with Iran continues, oil prices are soaring and airlines are seeing higher fuel costs – which could hit travelers around the world in their wallets.
Brent crude, the global oil benchmark, rose 3% to trade around $103 a barrel, having jumped more than 4% earlier in the trading session. WTI, the US benchmark, climbed 3.7% to trade around $97 a barrel. Gasoline prices in the United States continued to march higher, rising 7 cents Tuesday to a nationwide average of $3.79 a gallon – the highest price for a gallon of regular gas since October 2023, according to the American Automobile Association.
CNN senior business reporter David Goldman details the economic impact the Iran conflict is having across the travel sector.
0:00 Jet fuel costs have doubled, airfares rise
1:01 How fuel costs trickle down to the consumer
2:45 Airlines for America CEO’s take on the cost of airfare
4:06 Head of Petroleum Analysis at GasBuddy on one of the ‘largest ever’ oil disruptions
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