US carriers spent $6.5B on fuel in April; global profit forecast is cut nearly in half

U.S. airlines spent $6.5 billion on jet fuel in April, a 78% increase from the previous year, despite using slightly less fuel. The International Air Transport Association revised its 2026 global airline profit forecast downward to $23 billion from $41 billion, citing soaring energy costs linked to Middle East conflicts disrupting oil transit routes like the Strait of Hormuz. Airlines worldwide have raised fares, canceled flights, and reduced services to offset higher fuel expenses.