Fuel
Aviation Fuel Prices Climbing amid Middle Eastern Chaos
Operators brace for pump sticker shock
Fueling private jet
War in the Middle East is causing a global reaction in the fuel markets.

The turmoil in the Middle East resulting from the U.S. and Israeli attack on Iran is impacting the world fuel markets, as Iran vowed it would shut down commercial shipping traffic through the crucial Strait of Hormuz. Over the past week, the price of Brent crude oil jumped by 15%, from $70.77 a barrel to more than $81, while West Texas Intermediate (WTI) rose by nearly $9 a barrel.

Spot prices for Jet-A in the U.S. averaged $3.23 a gallon yesterday, up from the five-day average of $2.70 per gallon. Retail jet fuel prices at some Northeast U.S. business aviation hubs reached $10 per gallon, while at Los Angeles-area Van Nuys Airport (KVNY) they were hovering around $7.