Chevron CEO Mike Wirth predicted that airline fares will likely increase and flight availability will tighten in the upcoming weeks as ongoing tensions with Iran escalate fuel costs and disrupt supply. Speaking on “Face the Nation” on April 23, 2026, Wirth cited the standoff around the Strait of Hormuz as a key factor pressuring global jet fuel markets.
“We are seeing jet fuel tighten very quickly in Europe, in Asia, and we’re seeing airlines announce adjustments in their flight schedules,” Wirth stated. He noted these changes are already causing airlines to raise ticket prices, with fare increases expected to become more widespread.
Before the Iran conflict began on February 28, certain regions already faced jet fuel shortages, according to Wirth. Since the outbreak of hostilities, airlines have responded by increasing ancillary fees, cutting flight routes, and optimizing schedules to adapt to rising fuel costs. U.S. carriers are relatively better positioned than European counterparts due to domestic jet fuel production, although they are not immune to these pressures.
Data from the International Air Transport Association (IATA) shows that jet fuel prices in North America have surged over 80% compared to the previous year. This increase is reflected in broader fuel market trends: as of April 23, the U.S. national average gasoline price reached $4.03 per gallon, nearing a dollar more than the same period last year. Diesel fuel has risen even more sharply, hitting $5.47 per gallon.
“The upward pressure they’re seeing on prices and the tightness in the market is likely to lead to further route optimization. Flights may not be as abundant as they otherwise would have been,” Wirth said. He added that planes are expected to operate with higher passenger loads amid fewer flights, while fares “could be higher.”
Why it matters
Rising jet fuel prices directly impact airline operating costs, which are typically passed on to consumers through higher fares and reduced service. The Iran standoff adds uncertainty to global supply chains, potentially causing longer-term disruptions in air travel pricing and availability. This has implications for travelers, businesses, and the broader transportation sector reliant on stable fuel prices.
Background
The Strait of Hormuz, a strategic chokepoint for global oil shipments, has been a focal point of geopolitical tensions between Iran and other nations. Disruptions there affect global fuel supply, particularly jet fuel, a specialized product critical to aviation. Airlines worldwide have been adjusting to these supply constraints since the conflict escalated in early 2026, incorporating cost increases through route changes and fare adjustments. The U.S. jet fuel market is buffered somewhat by domestic production, unlike many international markets heavily dependent on imports.
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