Jet fuel prices surge 58% as of March 6 amid US-Iran conflict; what passengers and stock investors should know

Global jet fuel or aviation turbine fuel (ATF) prices surged more than 58% amid the raging conflict between the United States and Iran, which disrupted the global maritime oil trade, in turn fueling the oil prices to a record high for the world economy starting from early March 2026.

With the raging US-Iran conflict, the global crude oil prices hit a record high of $119.50 per barrel (bbl) on Monday, March 9, as investors and countries became cautious of the supply issue of the energy source, with Iran having strategic access to the Strait of Hormuz in the Persian Gulf.

How much did jet fuel prices rise?

International Air Transport Association’s (IATA) jet fuel pricing data from S&P Global Energy (Platts) showed that the weekly average price of jet fuel rose 58.4% to $157.41 per barrel (bbl) as of the first week ended Friday, March 6, 2026.

The weekly data also showed that the average oil price for the week ending February 27, 2026, was at $99.40 per bbl, highlighting the rapid surge due to supply and geopolitical concerns in the global market.

The jet fuel prices for the month of February 2026 ranged between $93.74 per bbl and $99.40 per bbl on a weekly basis, according to the IATA Platts data. The latest data for the fuel prices in the second week of March is expected to be released on March 13, 2026.

On a regional basis, the jet fuel prices were the highest for the Asia & Oceania region, which primarily uses the key trading route of the Strait of Hormuz for its oil imports from West Asian Gulf nations.

As jet fuel is a specially engineered form of high-quality blended or kerosene-based fuel, it is used to power gas turbine aircraft and helicopters. The most common types of jet fuel or ATF are known as Jet A, Jet A-1, and Jet B-1 (for specific cold air performance of the engines).

Oil Shock

During the early market session on Wednesday, the crude oil prices dropped further as investors were gauging the impact of US President Donald Trump’s intervention in the global oil trade flow. The Western leader also destroyed inactive mine-laying boats in the Hormuz Strait after issuing a warning to Iran to ensure smooth oil exports to other countries.

As of 4:15 p.m. (IST), Brent crude futures were trading 2.40% higher at $89.91 per bbl on Wednesday, compared to $87.80 per bbl at the previous commodity market close, Investing.com data showed.

The West Texas Intermediate (WTI) crude was also trading 2.1% lower at $85.26 per bbl, compared to its previous market close levels of $83.45 per bbl as per the data. The volatility in oil prices remained in the market as investors were cautious about the International Energy Agency’s potential largest release of over 182 million barrels of oil into the market.

Will airlines increase prices?

As airlines roughly spend anywhere between 20-40% of their operating costs on acquiring jet fuel, an increase in global oil prices are likely to weigh on the company’s operations or their ability to acquire the energy source.

Tata Group-owned full service airline, Air India, on Tuesday announced that they are imposing a “fuel surcharge” on domestic flight operations while also increasing their levy for the international travel routes due to the rise in jet fuel prices.

“Since early March 2026, aviation turbine fuel (ATF), which accounts for nearly 40% of an airline’s operating costs, has seen significant price escalation due to supply interruptions,” said Air India.

So far only Air India has announced such a move, which will be applicable for both Air India and Air India Express airlines, other national or international airline operators have not increased the ticket prices. A further shock in oil prices may have the potential to increase airfare amid the ongoing supply issue in the global market.