Oil prices have fallen to their lowest level since before the recent conflict involving Iran, with jet fuel prices also tumbling over the past week. Global benchmark Brent crude is now trading at  $72.31 per barrel, which is below what it was the day before the US and Israel launched attacks on Iran. Although jet fuel prices do not mirror crude oil prices exactly, they generally follow the same trend, with lower oil prices expected to reduce one of airlines' largest operating costs over the coming weeks. Jet fuel prices are now approximately 17% above their pre-war level in Europe, despite falling sharply over the past week as tensions eased and Gulf exports began to recover. At the peak of the crisis, European jet fuel prices surged by more than 70%, with some assessments showing even larger spikes due to severe supply shortages and the effective closure of the Strait of Hormuz. Since March, airlines across Europe, including the region, have increased fares to offset the rising cost of fuel.