Jet fuel prices doubled in 2026, and the question for every airline is who captures the margin that remains. Increasingly, the answer sits with counterparties: manufacturers, unions, premium travelers, airports and the banks behind co-brand cards.
Jet fuel prices doubled due to a combination of factors including supply chain disruptions, geopolitical tensions, and increased demand for air travel.
The counterparties include manufacturers, unions, premium travelers, airports, and banks linked to co-brand credit cards.
Airlines may adjust ticket prices, cut operational costs, or negotiate with counterparties to determine who absorbs the increased fuel costs.
Travelers may face higher ticket prices as airlines decide how to manage the increased costs of fuel.