British Airways owner IAG has taken a hit to its profit due to soaring jet fuel costs, which industry bosses warn could force some airlines into collapse next year.
British Airways owner IAG has taken a hit to its profit due to 'very high' jet fuel prices, which industry bosses have warned could force some airlines into collapse next year.
The group blamed this hit to profit on the 'significant increase in jet fuel prices from March onwards,' which was caused by the closure of the Strait of Hormuz following the outbreak of war in the Middle East.
Why this matters: The rising cost of jet fuel could lead to higher airfares for passengers and potentially force some airlines into collapse.
What this means for you: You may see higher airfares if airlines struggle to absorb the increasing cost of jet fuel.
Join thousands of readers getting the best of British news straight to their inbox.