US airlines lift fares 22.4% as jet fuel costs surge, prioritising yield over occupancy
Major carriers report record passenger revenue but fuel costs absorb much of the gain, with traffic barely growing
Major US airlines have raised fares sharply as jet fuel prices rose more than 90 per cent since the start of the Iran war, with carriers deliberately accepting emptier planes in exchange for higher revenue per passenger. Airfares climbed 22.4 per cent year over year, according to the Bureau of Labor Statistics, while the five largest US airlines generated nearly $8.8 billion more in passenger revenue in the third quarter of 2026, an 18 per cent increase, but passenger traffic grew less than 1 per cent.