• Jet fuel prices have more than doubled since the start of Operation Epic Fury.
• Airlines that hedged fuel prices are absorbing the shock, while those that didn't are facing financial headwinds.
• European carriers have higher hedge coverage ratios than US airlines.

The fuel price surge may indicate a shift in the airline industry's approach to hedging, as carriers that locked in prices are better positioned to weather the crisis. This could suggest a renewed focus on risk management and fuel price volatility, which may benefit airlines with robust hedging strategies and could lead to changes in the competitive landscape.