European Flight Prices Fall in Short Term Amid US-Israel-Iran Conflict, Says Wizz Air CEO

European flight prices are currently falling as airlines attempt to counteract customer hesitancy linked to the economic impact of the ongoing US-Israel war with Iran, according to Wizz Air's chief executive, József Váradi.

He noted that European airlines can afford to reduce prices in the short term because they purchased fuel at pre-conflict prices.

Váradi's comments contrast with other airlines that have reported raising prices or cutting flights due to surging jet fuel costs caused by the conflict.

The price of jet fuel in Europe has surged since late February, initially costing $831 per metric tonne before more than doubling to $1,800, and currently stabilizing near $1,500.

Europe relies heavily on jet fuel imports, with over half typically sourced from the Gulf region.

However, supplies have been blocked for eight weeks due to the effective closure of the Strait of Hormuz amid the war.

This has raised concerns about potential fuel shortages that could disrupt flights during the summer.

Despite these concerns, Váradi expressed skepticism about the likelihood of fuel shortages, stating that tankers are rerouting to the United States to procure fuel for Europe.

He acknowledged that a shortage would cause significant disruption, including flight cancellations, but believes such a scenario is unlikely.

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