European flight prices are falling in short term, Wizz Air boss says

european flight prices are dropping in the short term, according to wizz air ceo józsef váradi. he said airlines are cutting fares to overcome customer "hesitancy" about the economic fallout from the us-israel war with iran. the price cuts are possible because carriers bought fuel at pre-war prices through hedging. jet fuel in europe has surged from $831 per metric tonne on february 28 to a peak of $1800, now settling around $1500. the strait of hormuz has been effectively closed for eight weeks, blocking more than half of europe's usual jet fuel imports from the gulf. váradi said he doesn't think europe will run out of fuel, noting tankers are going to the us to pick up supply. but he warned that if shortages do hit, it would be a "complete mess" with some airports having fuel when others don't. spain's industry and tourism minister jordi hereu advised people to buy tickets now before prices rise further, saying higher fuel costs "could affect demand." váradi expects jet fuel prices to stay above pre-war levels for 9 to 18 months. mark tanzer, head of the association of british travel agents, said protections for travellers remain strong and airlines aren't currently seeing supply disruption.