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U.S. jet fuel prices surged to nearly $5/gallon, a new high since March, as the Russia-Ukraine conflict and Middle East tensions disrupted supplies.
Global jet fuel supplies are tightening due to Ukrainian attacks on Russian refineries and shipping disruptions in the Middle East, leading to a surge in US jet fuel prices. Jet fuel prices have reached $4.95 per gallon in New York and $4.91 in Los Angeles, marking their highest levels since March and April of this year, respectively. Concurrently, US diesel inventories are at seasonal historical lows, further pushing up jet fuel market prices and airline operating costs.
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