Don’t expect today’s high airfares to fall before the end of summer—but vacationers might be able to find deals if they are nimble, travel experts tell Forbes.
Airfares are likely to stay high for the summer, travel experts tell Forbes.
Airfares were up nearly 27% in May compared to last year, according to U.S. Bureau of Labor Statistics.
Jet fuel, which typically accounts for 20% to 25% of airlines’ operating expenses, was $2.91 a gallon Thursday on the Argus U.S. Jet Fuel Index—down 40% from the peak in early April but still 16% higher than in late February when the U.S. and Israel attacked Iran, which led to the closing of the Strait of Hormuz.
Dozens of vessels passed through the Strait of Hormuz earlier this week—the most since the beginning of the Iran war—but traffic has since slowed again and remains restricted.
