Air travel costs may rise as Hormuz crisis tightens jet fuel supply, says Chevron CEO.

Chevron CEO Mike Wirth warned that ongoing conflict around the Strait of Hormuz is pushing up jet fuel prices, leading to higher airfares and reduced flight availability. The jet fuel market in Europe and Asia is tightening rapidly, causing airlines to cut routes and increase fees. North American jet fuel prices have surged over 80% year-on-year, squeezing airline profits and forcing changes in revenue strategies. U.S. airlines are somewhat shielded due to domestic jet fuel production, but global travel costs are expected to worsen in the coming weeks.