JetBlue Says Jet Fuel Will Get Even More Expensive As Iran War Continues

JetBlue hiked its second-quarter forecast for jet fuel prices on Monday amid the Strait of Hormuz’ continued closure, Reuters reported.

The airline’s June 1 Securities and Exchange Commission (SEC) filing notes that fuel prices are expected to increase from a low of $4.13 to $4.26 per gallon, peaking at $4.36. JetBlue tied the increased estimate to Brent crude fluctuations.

JetBlue did not immediately respond to a request for comment.

“Although rising in-quarter Brent prices are driving a slightly higher second quarter fuel price versus our previous guidance, we now expect to recapture 40% or more of increased fuel costs in the quarter,” the filing reads.

JetBlue has recaptured fuel costs by increasing airfares and baggage fees, according to CNBC. Jet fuel is the airline’s second-largest expenditure after labor.

Jet fuel cost roughly $90 per barrel prior to Operation Epic Fury, according to the International Air Transport Association. A barrel now costs roughly $142.

Jet fuel closely follows elevated Brent crude prices, which have