Airline profits plummet as US fuel costs nearly double

Jet fuel prices in the US surged 78% in April to nearly $6.5bn due to US-Iran tensions threatening the Strait of Hormuz. IATA forecasts net profit of $23bn for 2026, down from a previous projection of $41bn and from $45bn in 2025. Airfares have risen 5.5% since the war began, and stocks of major airlines like Southwest, United and Delta fell on Monday.