With the eye - or otherwise - on developments in the Middle East following the new US-Iran agreement announcements, the first essentially holiday month for Europeans has begun with a significant de-escalation in air fuel prices, becoming an important breath for the market, slowly heading towards the summer peak.
Even though prices are still high, in early June, jet fuel prices averaged $3.3 per gallon in the first week of this month. ‘In Europe, air fuel prices remained high, 56% higher than pre-crisis levels, but have stabilised since the rise in March and April, with the support of, among other things, alternative supply flows’, noted in the relevant comment of the European Aviation Safety Agency Eurocontrol.
It is noted here that in the peak of the crisis on the market, in March-April it came to be more than twice as high as in the period before 28 February (when the geopolitical crisis in the Middle East broke out), even surpassing $5 per gallon and "catching" historically high levels.
It is precisely because of the increase in the price of air fuel that there have already been increases in air ticket prices from more air fares across Europe since March with the margins - but de-escalation being very limited at this time of rising demand due to European holidays.
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