US airlines’ fuel spending jumps 84% in May to $6.7B

US airlines' total fuel spending surged 83.9% year-on-year in May to $6.7 billion, driven by a sharp rise in jet fuel prices amid higher oil costs and supply concerns linked to the Middle East conflict, official data showed Tuesday.

The US Department of Transportation's Bureau of Transportation Statistics said scheduled US airlines' total fuel expenditure rose to $6.66 billion in May from $3.62 billion in the same month last year.

The figure was also up 3% from $6.47 billion in April.

The rise came as crude oil and refined fuel markets remained under pressure from supply disruptions and geopolitical risks in the Middle East, a key region for global energy exports.

The US Energy Information Administration said earlier that gasoline, distillate and jet fuel spot prices had increased rapidly after disruptions to Middle East crude oil and petroleum product exports, noting that higher crude prices feed into refined products because crude oil is typically the largest input cost for producing petroleum products.