Airline tickets on increase.

Airline ticket prices are at risk of rising by up to 9% due to a spike in the oil market. According to Willie Walsh, director general of the International Air Transport Association (IATA), this increase is inevitable if high prices persist. The surge, which saw Brent crude exceed $101 a barrel, followed attacks on tankers in Iraqi waters. Walsh stated that fuel constitutes about a quarter of airline costs. He noted that while major European carriers are largely hedged against this volatility, US carriers are not. Global demand remains strong.