Jet Fuel Prices Near Peak Levels

Jet fuel prices have surged sharply in recent weeks, approaching levels last seen during the peak of the global energy crisis in 2022. Compared with gasoline or even diesel, jet fuel prices tend to be more sensitive to supply disruptions, as aviation demand is highly global and refining output is less flexible. According to data from Thomson Reuters via the U.S. Energy Information Administration, weekly kerosene-type jet fuel prices climbed to around $4.11 per gallon in May 2026 (May 18-24, 2026), not far below the record high of $4.63 reached in mid-2022 (Apr. 25-May 1, 2022).

As our chart shows, prices dropped sharply at the onset of the Covid-19 pandemic in 2020, as global air travel collapsed, before rebounding strongly through 2021 and spiking in 2022 amid surging oil prices following Russia’s invasion of Ukraine. After easing throughout 2023 and much of 2024, jet fuel prices have risen again since late 2025, with a particularly sharp increase in early 2026.

This latest surge comes against the backdrop of renewed instability in the Middle East, a key region for global oil supply. Escalating tensions have raised concerns about potential disruptions to production and shipping routes, pushing up crude oil and refined fuel prices. For airlines, higher fuel costs, typically one of the largest operating expenses, are translating into rising ticket prices and increased pressure on margins. In recent months, several carriers have also adjusted flight routes or reduced capacity on certain long-haul connections to avoid high-risk areas, contributing to longer travel times and occasional disruptions.