Business
Flights are already getting more expensive after a jet fuel spike. When should you book?
Travelers wait in line at a Transportation Security Administration (TSA) checkpoint at William P. Hobby Airport in Houston, Texas, US, on Monday, March 9, 2026.
Mark Felix | Bloomberg | Getty Images
The surge in fuel prices since the U.S. and Israel attacked Iran nearly two weeks ago is already driving up airfare. Consumers’ appetite for travel this year will dictate just how much.
Cathay Pacific on Thursday said it would roughly double fuel surcharges on tickets starting March 18.
Earlier this week, Australia’s Qantas said it is raising fares to help cover its costs, Scandinavian Airlines said the “unusually rapid and substantial increase” in fuel prompted it to raise prices, and Air New Zealand pulled its financial outlook “until fuel markets and operating conditions stabilise,” adding that it has made “initial fare adjustments.”
“If the conflict leads to continued elevated jet fuel costs, the airline may need to take further pricing action and adjust its network and schedule as required,” Air New Zealand said.
U.S. airline CEOs and other executives will update investors on Tuesday at the J.P. Morgan Industrials Conference in Washington, D.C.
Analysts expect an earnings hit at least in the first quarter if not the first half of the year, though the impact will depend on how long higher fuel prices last.
“We think a hit to 1Q EPS appears almost certain at this point,” UBS airline analysts Atul Maheswari and Thomas Wadewitz wrote in a note last week.
United Airlines CEO Scott Kirby said last week on the sidelines of an event at Harvard University that higher fares were likely on the way because of the surge in fuel prices.
Kirby said travel demand is still strong, however. Two other senior airline executives at U.S. carriers, speaking on the condition of anonymity because they weren’t authorized to speak to media, also said travel demand has held up. If those trends persist, it could give airlines more pricing power, but that will depend on the war’s duration.
“Airlines never met a higher fare they didn’t want,” said Scott Keyes, founder of flight deal company Going, previously known as Scott’s Cheap Flights.
So what should consumers do?
Keyes said travelers can’t lose by booking early, as long as they’re not buying restrictive basic economy tickets. That way, customers can try to exchange or cancel their tickets and buy cheaper ones if airfare ends up falling.
“If you book a $500 summer flight today, and two weeks from now the price drops to $350, you can call up the airline and get the $150 difference back as a credit. Heads you win; tails the airlines lose,” he said.
Fuel costs
Jet fuel is airlines’ biggest cost after labor, accounting for about a fifth or more of expenses, depending on the airline.
United alone spent $11.4 billion last year on fuel, at an average price of $2.44 a gallon, according to a securities filing. U.S. jet fuel on Wednesday was going for $3.78 a gallon, according to Platts.
Jefferies airline analyst Sheila Kahyaoglu said in a note Thursday that she expects “the most acute financial impact to airlines from surging oil prices to be in the next 30-90 days as airlines have been booking yields for close-in flights assuming a much lower fuel price and carriers cannot retroactively raise fares.”
She said Delta Air Lines and United, which produce most U.S. airline profits, are better positioned than other carriers because of their high-end demand. Risks to demand, particularly for more price-sensitive customers, include the recent jump in gasoline prices.
Jet fuel has more than doubled in some regions since the first U.S.–Israel attacks on Iran on Feb. 28.
Oil prices surged to roughly four-year highs after the initial strikes. Energy prices have swung wildly since then as traders assess just how long the war — and all the logistics headaches — could last.
U.S. jet fuel prices were up more than 60% from before the attacks to a peak last week, according to pricing data assessed by Platts. Jet fuel can rise by a greater degree than crude because it includes the price of processing and ever-more difficult and costly transportation from oil fields to refineries to airplane fuel tanks.
On Feb. 27, the day before the attacks, the cost to fill the fuel tanks of a Boeing 737-800 would have would have been about $17,000 based on average prices in New York, Houston, Chicago and Los Angeles, compiled by Argus. Less than a week later, on March 5, it would have cost more than $27,000. On Tuesday, after oil prices fell following President Donald Trump‘s comment that the Iran war could end “very soon,” it would have cost around $23,000.
Line Service Technician Austin Beadles refuels a plane using a Federal Aviation Administration approved unleaded aviation fuel at Sheltair at Rocky Mountain Metropolitan Airport in Broomfield on Tuesday, Feb. 17, 2026. Sheltair, a fixed-base operator, will offer the Swift UL94 unleaded aviation alternative gas to pilots. (Photo by Matthew Jonas/MediaNews Group/Boulder Daily Camera via Getty Images)
Matthew Jonas | Boulder Daily Camera | MediaNews Group | Getty Images
After prior fuel price surges, airlines started making customers pay for bags — or charging them more. Even seemingly minor changes in weight can save airlines hundreds of thousands, if not millions of dollars, a year in fuel. United in 2018 changed to a lighter paper stock for its in-flight magazine. In 2014, American Airlines said it would switch to digital manuals for flight attendants, following changes for pilots. It said at the time that it would save $650,000 in fuel a year.
All about capacity
High fuel prices don’t automatically mean higher fares. The ongoing strong demand for travel is a key factor and so is capacity, or the amount that carriers fly.
If airlines raise fares and passengers balk, then capacity will likely go down in the form of fewer frequencies on a route or broader cuts, in more severe cases.
“Airlines love to say fuel is expensive so you have to pay more. What they’re doing is they’re setting the expectation,” said Courtney Miller, founder of Visual Approach Analytics, an airline industry advisory firm. “They price to prevent empty seats.”
If fuel prices come down, “they’re not suddenly saying ‘We’re making too much money,'” Miller added. “But they are likely to add another flight.”
Capacity, especially to and from the Middle East, is constrained because of airspace closures and other stop-and-start flights. More than 46,000 flights have been canceled to and from the region since the Feb. 28 attacks began, aviation data firm Cirium said.
Those constraints are driving up fares as well as demand, as United’s Kirby said, from regions where customers are looking for alterative routes.
Airspace closures are also requiring airlines to take longer, more fuel-guzzling routes, but many have strong demand, too.
Qantas, for example, told CNBC that its flight from Perth, Australia, to London is temporarily stopping in Singapore to refuel, allowing it to pick up another 60 customers, and that its Perth-London and Perth-Paris routes are more than 90% full this month, 15 percentage points higher than normal for this time of year.
Finnair said the increased demand for travel to Asia from Helsinki has pushed up its prices by 15% on average.
“The impact of higher fuel prices will be reflected in market fares with a delay, as airlines typically hedge at least part of their fuel purchases,” it said.
Airlines have been grappling with airspace closures for years, including from on-and-off conflict in the Middle East and since Russia’s 2022 invasion of Ukraine, that have left a large swath of airspace out of use for many carriers.
‘You can’t dry up an airport’
Most U.S. airlines no longer hedge fuel costs, or lock in prices using futures and other securities. Southwest Airlines was one of the last holdouts, and it quit last year. A spokesman for the Dallas-based airline told CNBC that Southwest currently has “no plans” to resume hedging.
That leaves U.S. carriers more susceptible to price swings.
Travelers at William P. Hobby Airport in Houston, Texas, US, on Monday, March 9, 2026.
Mark Felix | Bloomberg | Getty Images
Kirby said there would likely be an impact to United’s first-quarter results and to the second quarter if the war — and blockage of the Strait of Hormuz, a key shipping channel — persists. However, he said demand was increasing sharply from regions that have been affected by the thousands of flight cancellations and airspace closures in the Middle East.
Because of airlines’ upbeat outlooks on demand to start the year, “the environment is conducive for passing along fare increases. Further, should jet fuel stay higher for longer, it should help push off-peak capacity lower,” supporting unit revenues, UBS analysts said.
Rick Joswick, who heads of near-term oil research and analytics at S&P Global Energy, told CNBC that “demand for jet fuel is inelastic. You cannot shortchange an airport. If the cost of jet fuel goes up, it’s not like the plane will choose not to fly that day.
“You can’t dry up an airport,” he said.
Business
Stock market today (April 29, 2026): Sensex jumps 609 points, Nifty nears 24,200-Check top gainers and losers today – The Times of India
Benchmark equity indices Sensex and Nifty rebounded nearly 1 per cent on Wednesday, helped by bargain buying in FMCG, auto and telecom shares, upbeat earnings sentiment and gains across Asian markets.Traders said signs of possible de-escalation in geopolitical tensions also supported sentiment.In a volatile session, the 30-share BSE Sensex climbed 609.45 points, or 0.79 per cent, to close at 77,496.36. During the day, it surged 1,095.60 points, or 1.42 per cent, to touch 77,982.51.The NSE Nifty rose 181.95 points, or 0.76 per cent, to settle at 24,177.65, according to PTI.
Nifty 50 top gainers
- ITC (+3.88%)
- Tech Mahindra (+3.68%)
- Maruti Suzuki (+2.84%)
- Coal India (+2.77%)
- Reliance Industries (+2.63%)
- Bharti Airtel (+2.41%)
- M&M (+2.08%)
- Sun Pharma (+1.80%)
- Nestle India (+1.78%)
- Tata Consumer (+1.77%)
Nifty 50 top losers
- InterGlobe Aviation (-2.19%)
- Dr Reddy’s (-1.84%)
- NTPC (-1.37%)
- ICICI Bank (-0.86%)
- Bajaj Finserv (-0.84%)
- Hindalco (-0.67%)
- Asian Paints (-0.63%)
- Trent (-0.61%)
- Apollo Hospital (-0.57%)
- HDFC Bank (-0.46%)
BSE Sensex top gainers
- ITC (+3.88%)
- Tech Mahindra (+3.68%)
- Maruti Suzuki (+2.84%)
- Reliance Industries (+2.63%)
- Bharti Airtel (+2.41%)
- M&M (+2.08%)
- Sun Pharma (+1.80%)
- L&T (+1.45%)
- Adani Ports (+1.44%)
- Infosys (+1.34%)
BSE Sensex top losers
- InterGlobe Aviation (-2.19%)
- NTPC (-1.37%)
- ICICI Bank (-0.86%)
- Bajaj Finserv (-0.84%)
- Asian Paints (-0.63%)
- Trent (-0.61%)
- HDFC Bank (-0.46%)
- SBI (-0.41%)
Maruti advanced 2.82 per cent after the country’s largest carmaker reported a record annual consolidated net profit of Rs 14,679.5 crore for FY26, up 1.24 per cent year-on-year, driven by its highest-ever annual sales of more than 24.22 lakh units, helped by GST rate reduction.In Asian markets, South Korea’s Kospi, Shanghai’s SSE Composite and Hong Kong’s Hang Seng ended higher. Japanese markets were shut for a holiday.“The core driver of today’s strength remained earnings. Strong results from key companies reinforced confidence in underlying domestic demand and balance sheet resilience. This fundamental support, combined with easing geopolitical concerns, helped markets shift focus away from macro stress toward corporate performance,” Hariprasad K, Research Analyst and Founder, Livelong Wealth, said, PTI quoted.“Hopes of potential de-escalation in geopolitical tensions helped stabilise crude oil expectations, which is critical for India’s macro outlook,” he added.European markets were trading lower, while US markets had ended lower on Tuesday.Brent crude, the global oil benchmark, jumped 2.85 per cent to USD 114.4 per barrel.“Despite weak global cues, elevated crude prices, and a depreciating INR, India’s equity markets rebounded from recent lows as investors used the correction to add exposure, supported by better-than-expected earnings despite geopolitical uncertainty.“Gains were led by FMCG, auto, and realty stocks on strong results and positive commentary, while financials lagged due to regulatory tightening and provisioning concerns,” Vinod Nair, Head of Research, Geojit Investments Limited, said.Foreign Institutional Investors (FIIs) sold equities worth Rs 2,103.74 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 1,712.01 crore, as per exchange data.
The UAE is the fourth-largest producer in the Organisation of the Petroleum Exporting Countries and said it would quit the group on Tuesday after nearly 60 years as a member.
That will free Abu Dhabi from the oil production targets imposed by OPEC and its allies to balance supply and demand.
The UAE’s exit came as a shock, said five OPEC+ sources, who asked not to be named as they are not allowed to speak to the press.
The exit would complicate OPEC+’s efforts to balance the market through adjustments to supply because the group would have control over less of global production, four of the five sources said.
The UAE will become the largest oil producer to depart OPEC, a heavy blow to the organisation and its main member, Saudi Arabia.
Abu Dhabi pumped around 3.4 million barrels per day (bpd) or about 3% of the world’s crude supply before the US-Israeli war on Iran forced it and other Middle East Gulf producers to curb shipments and shut down some production.
OPEC and the Saudi government’s communication office did not immediately reply to a request for comment.
Once outside OPEC, the UAE will join the ranks of independent oil producers that pump at will, such as the United States and Brazil.
For now, there is not much the UAE can do to increase production or exports due to the effective closure of shipping through the Strait of Hormuz.
If and when shipping recovers to pre-war levels, the UAE could increase output to the country’s capacity of 5 million bpd of crude oil and liquids.
There has been tension between the UAE and Saudi Arabia over the Emiratis’ production quota, which stands at 3.5 million bpd.
The UAE has asked for a bigger quota to reflect the fact that it has expanded capacity as part of a $150 billion investment programme.
“For years, Abu Dhabi has been looking to monetise its investment in expanding capacity,” said Helima Croft from RBC Capital Markets.
The US-Israeli war on Iran would, however, slow those plans down after drones and rockets damaged the UAE’s production facilities, she said.
The war has resulted in the biggest-ever global energy supply disruption in terms of outright daily oil production, according to the International Energy Agency.
The conflict has also exposed discord among Gulf nations, including between the UAE and Saudi Arabia.
Rumours of the UAE’s exit from OPEC+ have circulated for years amid worsening relations with Riyadh over conflicts in Sudan, Somalia and Yemen.
The UAE has also grown increasingly close to the United States and Israel.
Iraq stays in
The UAE is the fourth producer to quit OPEC+ in recent years, and by far the biggest.
Angola quit the bloc in 2024, citing disagreements over production levels. Ecuador quit OPEC in 2020 and Qatar in 2019.
Iraq, the third-largest producer in OPEC+ after Saudi Arabia and Russia, has no plan to leave OPEC+ as it wants stable and acceptable oil prices, two Iraqi oil officials said on Tuesday.
OPEC+ will not collapse as Saudi Arabia will still want to manage the market with the help of the group, said Gary Ross, a veteran OPEC watcher and CEO of Black Gold Investors.
“At the end of the day, Saudi Arabia was essentially OPEC — the only country with spare capacity,” said Ross.
Saudi Arabia can produce 12.5 million bpd, but has in recent years kept production under 10 million.
OPEC+ membership gives countries more diplomatic and international weight — one of the reasons cited by analysts behind Iran’s decision to stay in OPEC even at the peak of its fight with Gulf countries.
US President Donald Trump has accused OPEC of “ripping off the rest of the world” by inflating oil prices.
Trump has said the US may reconsider military support to the Gulf because of OPEC oil policies.
It was, however, Trump who helped convince OPEC+ to cut output in 2020 during the COVID pandemic as oil prices slumped and US producers suffered.
“The UAE withdrawal marks a significant shift for OPEC … the longer-term implication is a structurally weaker OPEC,” said Jorge Leon, a former OPEC official who now works at Rystad Energy.
OPEC+ members will be more focused on rebuilding facilities hit by the war rather than on embarking on production cuts in the near future, said Croft.
Hence, the broader OPEC+ breakup is not on the cards for now, she added.
Declining power
OPEC’s sway over the market has been declining for decades.
Formed in 1960, OPEC once controlled over 50% of global output.
As rivals’ production grew, the group’s share declined to around 30% of the world’s total oil and oil liquids output of 105 million barrels per day last year.
The United States, which used to rely on imports from OPEC members, has become its biggest rival over the past 15 years.
The US has raised production to as much as 20% of the world’s total on the back of its shale oil boom.
The US production spike prompted OPEC to team up in 2016 with several non-OPEC producers to form OPEC+, a group led by Russia — previously one of Saudi Arabia’s top rivals in the oil industry.
The alliance gave the group control over around 50% of the world’s total oil production in 2025, according to the International Energy Agency.
The loss of the UAE means it will decline to around 45%.
Business
Ganga Expressway inaugurated by PM Modi: UP’s longest expressway between Meerut & Prayagraj; check travel time, route, speed limit – top facts & images – The Times of India
Ganga Expressway, the longest expressway so far in Uttar Pradesh, was inaugurated by Prime Minister Narendra Modi on Wednesday. The 594 kilometres long Ganga expressway is a six-lane expressway that aims to reduce the travel time between Meerut and Prayagraj to just 6 hours!Uttar Pradesh has over 60% of India’s total access-controlled expressway network. Recently, Chief Secretary Manoj Kumar pointed out that of the nearly 2,900 km of such highways across the country, close to 1,200 km are located in the state.Meerut District Magistrate and Collector Vijay Kumar Singh on Tuesday said the project has generated tremendous excitement among the public. He noted that the expressway will greatly enhance connectivity to Prayagraj as well as the state capital, Lucknow.Experts say the expressway’s length is particularly significant. According to the Department for Promotion of Industry and Internal Trade, road transport remains economically efficient for freight over distances of up to about 600 km, while rail becomes more viable beyond that point. At 594 km, the Ganga Expressway falls almost exactly within this crucial range for cargo movement.
How will the Ganga Expressway cut down travel time, what districts will it cover, what will be the toll policy, and what cost has it been constructed at? We take a look:
Ganga Expressway: Top Points About UP’s Longest Expressway
Travel time: One of its most noticeable benefits will be the sharp reduction in travel time. The trip between Meerut and Prayagraj, which currently takes around 10 to 12 hours, is likely to be cut to approximately 6 to 7 hours. Access from Delhi: For travellers from the Delhi-NCR region, access will be seamless through the Delhi-Meerut Expressway, followed by a short connecting link at Bijoli to join the Ganga Expressway.
Construction cost: Developed at an estimated cost of Rs 36,230 crore, the Ganga Expressway ranks among Uttar Pradesh’s most ambitious infrastructure initiatives. The Ganga Expressway stretches from Bijoli village in Meerut to Judapur Dandu village in Prayagraj.Speed limit: The expressway has been built for speeds of up to 120 kmph. The six-lane access-controlled expressway, has been designed with the provision for expansion to eight lanes.
Route & Districts covered: The expressway will pass through 12 districts: Meerut, Hapur, Bulandshahr, Amroha, Sambhal, Badaun, Shahjahanpur, Hardoi, Unnao, Rae Bareli, Pratapgarh and Prayagraj. In doing so, it will directly influence more than 500 villages along its alignment.Interchanges & amenities: Its connectivity is further strengthened by 21 interchanges that link the corridor with existing national highways and state roads.
The project also includes major river crossings, notably a 960-metre bridge over the Ganga and a 720-metre bridge across its tributary, the Ramganga. Both structures have been engineered to suit local flood conditions.To support travellers, the expressway will also feature nine public utility complexes equipped with fuel stations, rest areas and food courts.
Emergency Landing Strip: One of the expressway’s standout features is a 3.5-km emergency landing strip in Shahjahanpur district. Already tested by the Indian Air Force, this airstrip adds a strategic defence dimension to the project, enhancing national preparedness in addition to its economic significance, according to an official statement.Integration with other expressways: Ganga Expressway will eventually be integrated with existing and even upcoming corridors. These include the Agra-Lucknow Expressway, the Farrukhabad Link Expressway, the Jewar Link Expressway, and a proposed extension that will connect Meerut to Haridwar.According to reports, plans are underway to extend the expressway by around 146 kms up to Haridwar. This extension will pass through Amroha and Bijnor and cover more than 200 villages.
Toll: The project will be operated under a toll-based public-private partnership model. Adani Enterprises and IRB Infrastructure Developers have been awarded concession rights for a period of 30 years.For toll collection, two primary toll plazas will be set up at the main entry points in Meerut and Prayagraj. The final toll charges have not yet been announced, however officials have indicated that they are likely to be in line with other expressways in Uttar Pradesh. At present, four-wheelers pay around Rs 2 to Rs 3 per kilometre.
US-Iran war pushes India denim prices up by $0.66/metre
UAE dismantles drug ring worth over Dh3m
Stock market today (April 29, 2026): Sensex jumps 609 points, Nifty nears 24,200-Check top gainers and losers today – The Times of India
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