Qantas has cut domestic capacity by 5% for Q4 2026 as jet fuel prices surged to $120 per barrel. Fuel prices rose from $20 in February due to the Iran War, and the airline expects its fuel bill to reach $3.1B - $3.3B. The IEA warned that Europe will run out of jet fuel in six weeks, while other airlines like Lufthansa and KLM announced flight cuts for the summer season.
