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Reuters UK
Reuters UK
(Reuters) – The price of oil this week surged to its highest point since 2008 after Russia’s invasion of Ukraine, adding to airline costs at a time when carriers have been struggling to recover from a pandemic-related collapse in demand. Oil prices were already strong because of tight global supplies, but Western sanctions on Russia, a major oil supplier, over its invasion of Ukraine, sent prices into overdrive. The northwest European jet fuel price in the spot market soared by 85% since Feb. 25 to $1,649 a tonne on Wednesday, though it fell back to $1,007 by Friday. Malaysia Airlines said on …