US Airline Jet Fuel Costs Soar by 56% in March Amid Global Oil Market Disruptions

US airlines have seen their jet fuel costs skyrocket in March, with major carriers spending over $5 billion on fuel, up from $3.88 billion in the same period last year.

This represents a 56% increase in just one month, with the cost per gallon of fuel rising to $3.13, a 31% jump from February's price of $2.39.

The surge in jet fuel prices has been attributed to disruptions in global oil markets following the US-Israeli war with Iran and its impact on shipping through the Strait of Hormuz.

Airlines have responded by hiking air fares, cutting routes, and implementing cost-saving measures, but low-cost carriers such as Spirit Airlines have not been immune to the fuel price spike, which has forced them to end operations due to financial strain.