Middle East maintains lowest global jet fuel price despite 80% annual rise: IATA

The Middle East continues to maintain the lowest global jet fuel price, despite an 80% annual increase, according to data from the International Air Transport Association (IATA). The region's average weekly jet fuel price for the week ending August 21, 2026, was $151.62 per barrel, keeping it as the cheapest market for aviation fuel worldwide.

In contrast, global average prices reached $163.87, driven by higher costs in Latin America, Europe, North America, and Asia & Oceania. The Middle East holds a 5% share in the global jet fuel index, while North America and Europe account for 39% and 28%, respectively. However, the localized advantage does not fully alleviate broader inflationary pressures, as regional prices rose 80.8% compared to the previous year's average.

This surge mirrors a steep global trend, with total jet fuel prices up 82.0% year-on-year, largely due to a 34.5% year-on-year increase in Dated Brent crude oil prices. The widening gap between crude oil and aviation fuel is attributed to a sharp rise in refining margins, with the global crack spread increasing 237.1% year-on-year to $70.92 per barrel.

In its Global Outlook for Air Transport, IATA predicts that total industry fuel expenses will reach $351 billion in 2026, accounting for 31.4% of operating costs. While commercial demand remains stable, IATA notes that global net profit margins are projected to decline to 2.0%, resulting in a net profit of only $4.50 per departing passenger.