Air fares could rise by 30 to 80pc due to the escalating conflict in the Middle East involving the United States Israel and Iran.
Jet fuel prices have surged more than 80pc with some reports showing a 50pc weekly increase to around $3.88 per gallon. Airlines are rerouting flights to avoid unsafe airspace adding over an hour to journeys and increasing fuel consumption.
Hedging protections for many airlines lapse or will be reduced significantly by the busy summer season.
Over 20,000 flights to and from the Middle East have been cancelled since the conflict escalates.
