Cost of flights surges up to seven times higher as oil crisis hits airlines

The aviation sector faced major turbulence on Monday as airline stocks plummeted and airfares surged, driven by a sharp rise in oil prices amid the escalating US-Israeli conflict with Iran. Crude oil prices soared by 15 per cent, surpassing $105 a barrel – a level not witnessed since 2022. The dramatic increase was fuelled by supply cuts from major producers and growing concerns over prolonged shipping disruptions, with Brent crude futures briefly jumping by as much as 29 per cent. The ripple effect has seen some jet fuel prices double since the conflict began, intensifying pressure on carriers already contending…