Air fares soar by nearly a quarter, research shows

The war in the Middle East has helped to trigger a surge in air fares, with the lowest-priced economy tickets costing 24% more on average than they did a year ago, according to new research.

The report, from the consultancy Teneo, says that airspace restrictions caused by the conflict have forced airlines to reroute many flights, increasing the amount of fuel they have to use.

Additionally, disruption to oil supplies has pushed up the cost of fuel itself.

There has also been a significant loss of capacity on long-haul routes normally served by Gulf carriers, which have had their operations heavily disrupted.

Some rival airlines have expanded their operations to some long-haul destinations.

Jet fuel prices have soared from about $85-$90 per barrel to $150-$200 per barrel in recent weeks. Fuel accounts for up to a quarter of airlines' operating expenses.

The biggest impact on ticket prices has been felt on routes between Europe and East Asia, the report says. A flight from London to Melbourne in June now costs 76% more than last year, while the price of a flight from Hong Kong to London has gone up by 72%.

US media reported on Tuesday that Vice President JD Vance will travel to Pakistan for peace talks, but Iran has not confirmed it will send a delegation.

Meanwhile, US President Donald Trump said he did not want to extend the ceasefire, which is due to expire on Wednesday.

He told CNBC there was "not much time" to reach a deal, and that the Iranians could get themselves on "a very good footing" if they reach one with the US.