Airlines bet surge in travel will help offset fuel costs

Travel demand has bounced back faster than expected this year, major airlines said Tuesday, a welcome trend for an industry battered by Covid and a sign that carriers expect to pass along higher fuel prices and other costs on to customers.

U.S. jet fuel prices last week surged to 2008 highs, propelled by Russia’s invasion of Ukraine, which sparked worries about scarcer crude supplies as countries sanctioned the oil producer. Though jet fuel prices have eased, they’re still up 35% so far this year.

The mix of stronger demand and higher costs is promising more expensive tickets, which were already on the rise before Russia’s…