Airfares to Get Worse Over US-Iran Crisis, Chevron CEO Warns

Spread love

The Iran war’s stranglehold on jet fuel has sent fares surging worldwide. IndiGo and Air India have already hiked surcharges. The pain is far from over.

By S. JHA

Mumbai, April 24, 2026 — If you’re planning to fly this summer, brace yourself. Chevron CEO Mike Wirth told CBS News’s Face the Nation on Thursday that the aviation sector will “probably get worse over the next few weeks,” as the standoff with Iran over the Strait of Hormuz continues to rattle global markets and drive up the price of fuel. His warning crystallises what millions of travellers worldwide are already feeling in their wallets.

“We are seeing jet fuel tighten very quickly in Europe, in Asia, and we’re seeing airlines announce adjustments in their flight schedules. We’re seeing it flow through into fares. I think that’s one of the first places it will be felt most broadly,” Wirth said. He added bluntly: “Flights may not be as abundant as they otherwise would have been. Planes will probably be more full. And yes, fares could be higher.”

The numbers behind Wirth’s warning are stark. Since before the Iran conflict began, US jet fuel prices have surged 95% — from $2.50 per gallon on February 27 to $4.88 on April 2, putting the price per barrel at nearly $205, according to the Argus US Jet Fuel Index. United Airlines CEO Scott Kirby put the stakes in sharp relief for employees: “Jet fuel prices have more than doubled in the last three weeks. If prices stayed at this level, it would mean an extra $11 billion in annual expenses just for jet fuel. In United’s best year ever, we made less than $5 billion.”

Europe faces an even more acute squeeze. International Energy Agency Director Fatih Birol told the Associated Press that Europe has “maybe six weeks” of remaining jet fuel supplies and warned that the global economy is facing its “largest energy crisis.” According to Tourism Economics, air fares are expected to rise 5% to 10%, with fuel surcharges already appearing, though weak demand will limit how much can be passed on to consumers.

India: IndiGo and Air India Hike Surcharges

Indian carriers are no insulated from the storm. IndiGo has raised international fuel surcharges by as much as fivefold in some cases, with charges now ranging from ₹900 on Indian subcontinent routes to ₹10,000 for European flights. Air India followed from April 8, with fuel surcharges more than doubling on some domestic routes and rising fivefold on certain international routes, citing jet fuel costs having nearly doubled between February and March. Ministry of Civil Aviation acknowledged the gravity, with Joint Secretary Asangba Chuba Ao stating per media reports that “the Indian civil aviation sector is currently navigating a serious operational and financial situation, triggered by the conflict in West Asia.”

What Fliers Should Do Right Now

Experts say travellers still have meaningful options. AirHelp advises considering refundable or changeable fares for future travel, particularly for summer 2026, noting that the extra cost of flexibility may be worth it given current uncertainty. Travel expert Andrew Herriman of Global Travel Collection recommends using flight aggregators like Google Flights, considering alternate airports, and booking with travel-insured credit cards to protect against disruptions. Travel insurance specialist Tom Vaughan of Confused.com urges passengers to contact their airline promptly if disruption occurs to secure rebooking or refund options, and to keep all receipts.

For Indian fliers specifically, booking domestic routes well in advance and monitoring ATF-linked surcharge announcements from IndiGo and Air India before purchasing international tickets will be critical in the weeks ahead.

(This article is for informational purposes only. Fares and surcharge structures are subject to rapid change.)