Oil spikes are pushing airlines to hike ticket prices. These carriers have already raised fares or canceled flights.

A Cathay Pacific Boeing 777. ADEK BERRY/AFP via Getty Images 2026-03-12T12:03:05.334Z Share Copy link Email Facebook WhatsApp X LinkedIn Bluesky Threads lighning bolt icon An icon in the shape of a lightning bolt.

Impact Link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. Airline travelers' wallets are taking a hit right now. Rising fuel costs and increased demand for direct flights are driving up ticket prices. Here are the airlines that have announced their airfares are going up. The Iran war is making travel more expensive. Loading audio narration... Some airlines have announced that they will raise ticket prices due to geopolitical instability.In particular, jet fuel costs have risen due to the war. Oil prices have faced considerable volatility, with tankers attacked in the Strait of Hormuz. Brent crude sat around $97 a barrel early Thursday, up 60% since the start of the year.Meanwhile, the war is also changing flight maps. Every time Pete publishes a story, you'll get an alert straight to your inbox! Stay connected to Pete and get more of their work as it publishes. Sign up By clicking "Sign up", you agree to receive emails from Business Insider. In addition, you accept Insider's Terms of Service and Privacy Policy. The Gulf countries are home to airport megahubs that connect passengers from all over the world, helping to link Europe with Asia and Oceania.Plus, the Gulf itself was one of the busiest air corridors in the world before traffic was forced to re-route when the first strikes were launched in late February. More people have therefore been trying to book direct flights between Asia and Europe.That increased demand and a lower capacity is also prompting price hikes. Here are the airlines that have spoken about their plans:Thai AirwaysThai Airways is raising ticket prices by 10% to 15% due to "overwhelming" demand and rising fuel costs, Chief Financial Officer Cherdchom Therdthirasak said this week. "Passengers planning to travel should secure their tickets as soon as possible before fares rise further," Cherdchom said, according to Bloomberg. "Over the next two weeks, tickets will be extremely limited across both European routes and other destinations."Cathay PacificThe CEO of Hong Kong's flag carrier said at a news conference this week that fuel prices this month are twice the average, compared to the last two months. "In March, like ever since the Middle East episode began, the costs of our fuel already doubled," CEO Ronald Lam said, according to the AFP. "So we are going to announce (a surcharge rise) very soon."Air New ZealandThe Kiwi airline said it will cancel 1,100 flights affecting over 44,000 passengers between now and early May, its CEO Nikhil Ravishankar told Radio New Zealand. "It's an unprecedented issue as far as fuel price is concerned, but managing fuel spikes is a well-trodden path if you're running an airline," Ravishankar said.