Travel expert warns Americans to ‘book now’ as oil prices threaten higher airfares
Travelers planning summer getaways may want to lock in flights sooner rather than later as surging oil prices threaten to drive airfares higher.
Under normal conditions, travel website The Points Guy (TPG) recommends booking domestic flights one to three months in advance and international trips three to six months ahead.
But with fuel prices climbing, travelers may want to secure tickets even earlier, TPG travel expert Clint Henderson told FOX Business.
"Book now for the rest of the year," Henderson said. "We expect prices to rise quickly as oil prices continue to rise. Remember, you can always get a trip credit if the price drops before your trip. Just don’t book basic economy!"
Henderson noted many airlines allow travelers to receive trip credits if fares fall after purchase.
Despite a long-standing myth, Henderson said there is no "magic time" that consistently guarantees the cheapest airfare.
However, flying on Saturdays, Tuesdays and Wednesdays is often cheaper because there are typically fewer business travelers, he said.
Travelers can also monitor price changes by setting alerts on Google Flights, which notifies users when fares drop.
Flying during off-peak seasons can also help reduce costs, according to Henderson.
As airfare prices rise, Henderson said travelers may also find value in redeeming credit card rewards or airline miles.
"You’ll get the best value from your points and miles by using them instead of paying cash when prices are high," he said. "Unfortunately, some airline miles are now priced dynamically, so they rise when cash prices rise, but you can still sometimes get a great deal using points or miles instead of paying cash."
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One of the most common — and costly — mistakes travelers make is waiting until the last minute to book flights, according to Henderson.
"Airfares are generally highest in the two-week period before the flight," he said. " . . . That’s when last-minute business trips happen, and airlines know that businesses have deep pockets and sometimes can’t plan ahead."
The escalating conflict involving Iran is already rippling through global energy markets, threatening to hit American travelers' wallets.
Oil markets have been rattled by halted shipments through the Strait of Hormuz and attacks on Middle Eastern oil facilities and tankers as U.S. military forces continue Operation Epic Fury.
Global benchmark Brent crude topped $100 per barrel on Friday, marking a more than 60% increase since the start of the year.
Jet fuel is one of airlines’ largest expenses, meaning rising oil prices could soon translate into more expensive tickets. Domestic airfares would need to rise at least 11% to offset current fuel prices, according to Skift Research.
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International carriers Qantas and Scandinavian Airlines have already announced they are raising fares, though U.S. airlines have not yet broadly done so.
FOX Business' Kristen Altus contributed to this report.