When will airline ticket prices come down? What to expect if Iran war ceasefire holds, Strait of Hormuz remains open

Benchmark U.S. crude oil prices fell to $94.98 a barrel following a two-week ceasefire in the Iran war, marking a 16% decrease. Despite this, gas prices rose by two cents to an average of $4.16 per gallon nationwide the day after the ceasefire announcement. Reopening the Strait of Hormuz is just the initial step, with oil flow recovery potentially taking months. Damage to oil and gas infrastructure from airstrikes also requires extensive repairs, further delaying full recovery. The conflict has significantly increased jet fuel prices, with prices reaching $195 a barrel in late March. These elevated jet fuel costs are expected to persist. Airlines are responding by increasing ticket fares and reducing flight schedules, as exemplified by Delta Air Lines. Additionally, several major airlines have raised their checked bag fees to offset these added expenses. Consequently, consumers should anticipate fewer flights and potentially more cancellations in the near future.