Major US passenger airlines spent just over $5 billion on jet fuel in March, up $1.8bn or 56 per cent from what they spent in February, Reuters reports, citing the US Transportation Department.

The cost per gallon of fuel in March was $3.13, up 74 cents, and 31pc over February. Fuel use rose 20pc in March, the department adds.

Since the US-Israeli war with Iran began, disruptions to shipping through the Strait of Hormuz have roiled global oil markets. Surging jet fuel prices have created the air travel industry’s biggest crisis since the COVID-19 pandemic.