Flight tickets for domestic flights in the US around the upcoming holidays have reached a 10-year high. The average round-trip ticket for Thanksgiving is $402 - up $95 from the same period last year.
Traveling around Christmas is even more expensive. The average round-trip domestic ticket is $452, up $85 from the year before. Overall, round-trip airfares in the country have risen 31% compared to the same period last year.
Fuel is the main factor in the increase
According to travel search platform Hopper, prolonged high jet fuel prices related to the war with Iran have directly affected holiday fares.
“Months of higher jet fuel prices due to the conflict in Iran have contributed to 10-year highs in airfares for Thanksgiving and Christmas,“, Hopper said.
Before the war began in late February, the average price of jet fuel worldwide was about $99 per barrel, according to data from the International Air Transport Association, cited by S&P Global Energy Platts. In April, the price reached $209 a barrel, and in mid-September it was $195.
Oil remains above pre-conflict levels
The pressure on fuel prices is also reflected in the crude oil market. The international benchmark Brent briefly exceeded $101 a barrel before falling to $97.83. Before the war, a barrel was trading for about $72.
The decline came amid hopes of a deal between the United States and Iran that would end the fighting and lead to the reopening of the Strait of Hormuz – a key route for global oil supplies.
As fuel costs remain high, Americans planning Thanksgiving or Christmas travel will have to budget more for airfare. Hopper data shows that the price hikes are mostly affecting domestic flights, for which demand traditionally spikes at the end of the year.
Sources: Focus, CBS News