Even if a lasting ceasefire between the US and Iran lowers oil prices, travelers hoping to snag cheaper airfare should buckle their seatbelts and expect continued turbulence. Jet fuel was trading about $149 a barrel as of 4 August, up from $90 at the start of 2026 – a 65% increase. Jet fuel costs rise slightly higher than oil prices because on average, only about 10% of refined oil can be turned into jet fuel. But rising jet fuel prices are just part of the reason for expensive plane tickets. Demand for flying has also persisted despite higher airfares, giving airlines more leeway to continue charging higher prices.