European flight prices are falling in short term, Wizz Air boss says

European flight prices are falling in short term, Wizz Air boss says5 minutes agoShareSaveAdd as preferred on GoogleTheo LeggettTransport correspondentGetty ImagesEuropean flight prices are falling as airlines try to overcome customer "hesitancy" over the economic hit from the US-Israel war with Iran, Wizz Air's chief executive has said.József Váradi said European airlines can make price cuts in the "short term" because they have bought fuel at a price set before the war began.His comments contrast with many airlines who have said they are raising prices or cutting flights due to surging jet fuel costs caused by the conflict.Meanwhile, Spain's industry and tourism minister has advised people to buy flights sooner rather than later to avoid potentially costlier airfares due to the war.The price of jet fuel in Europe has surged since 28 February when the US and Israel first started attacking Iran.Back then, it cost $831 (£614) per metric tonne. After more than doubling to $1800, it has since settled back at closer to $1500 – still very high by historical standards.Europe is heavily dependent on jet fuel imports to meet its needs, and under normal circumstances more than half of these would come from the Gulf region.However, those supplies have been blocked for the past eight weeks by the effective closure of the Strait of Hormuz due to the war.As well as pushing up fuel prices, the situation has raised fears of potential shortages, which could lead to disruption and flight cancellations over the summer.While Váradi said Europe's dependence on jet fuel supplies from the Middle East was "kind of crazy" and needed to be addressed, he believed summer disruption fears have been overplayed."I don't think we'll be running out of fuel," he told reporters. "Jet fuel is currently $1500 per metric tonne… and that creates a lot of room to be creative."I know for a fact that tankers are going to the United...