Airline profits plummet as US fuel costs nearly double

Jet fuel prices in the United States are rising sharply ahead of the peak summer travel season as escalating tensions between the US and Iran raise concerns about disruptions in the Strait of Hormuz, a critical passage for global energy shipments. Fuel costs surged by 78 percent to nearly $6.5bn in April, following a 26 percent jump in March, according to US Department of Transportation data released on Monday. …