The downstream impacts of the blockade of the Strait of Hormuz expanded across the global economy.
European jet fuel prices have roughly doubled, and airfares are up 24% year-on-year; Lufthansa canceled 20,000 short-haul flights, other European carriers have announced similar measures, and Air France-KLM introduced a €100 surcharge on long-haul flights. Several US airlines have pushed prices onto consumers by raising baggage fees.
The world’s largest condom maker, meanwhile, said it would raise prices as oil and gas feedstock costs increase. Rising fuel costs have pushed up the price of food, and plastic goods are getting more expensive: Bangkok will recycle water pistols from its Songkran festival, famous for its water fights, as polyethylene costs rise 30%.