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Virgin Atlantic chief executive says jet fuel prices will remain high for long

Corneel Koster added that a prolonged war in the Middle East could also dampen global travel demand

LONDON, April 14. /TASS/. Jet fuel prices will remain high despite the ceasefire between Iran and the United States, according to Virgin Atlantic Chief Executive Corneel Koster.

"No matter what happens in the Gulf going forward <…> some of this disruption to global energy prices will be here to stay," he said in an interview with the Financial Times (FT) newspaper.

Despite what Koster described as the "positive news" of a ceasefire between the US and Iran, "all-in jet fuel prices" remain more than double their levels before the US-Israel conflict against Iran began, he noted. A prolonged war in the Middle East could also dampen global travel demand, the chief executive added.

The rise in global jet fuel prices is related to the conflict between the US and Israel against Iran. This has forced global airlines to raise ticket prices and cancel flights. Among those announcing flight cancellations were Australian airline Jetstar and New Zealand's Air New Zealand.

On April 11, Iran and the United States held several rounds of talks in Islamabad. As Tehran and Washington announced later, the parties failed to reach an agreement on a long-term settlement to the conflict due to a number of differences.

The US and Israel launched a military operation against Iran on February 28. Major Iranian cities, including Tehran, were hit. The White House justified the attack by citing alleged missile and nuclear threats from Iran. The Islamic Revolutionary Guard Corps (IRGC) of Iran launched retaliatory operations against Israel and US targets in Bahrain, Jordan, Qatar, Kuwait, the UAE, and Saudi Arabia. Iranian authorities also decided to close the Strait of Hormuz to vessels linked to the US, Israel, and countries that supported the aggression against the Islamic Republic.