The price of oil LCOc1 has surged to its highest since 2008 after Russia's invasion of Ukraine, adding to airline costs at a time when carriers have been struggling to recover from a pandemic-related collapse in demand.
Oil prices were already strong because of tight global supplies, but the conflict in Ukraine has sent prices into overdrive and the northwest European jet fuel price JET-C-NWE in the spot market has soared by 50% since Feb. 25 to $1,341 a tonne on Monday.
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