Travellers should brace for higher air fares as airlines can no longer absorb the escalating costs stemming from disruptions in the Strait of Hormuz , according to the head of the International Air Transport Association ( IATA ). Willie Walsh, IATA's director general, informed the BBC that while there is no immediate concern regarding potential jet fuel shortages , the inevitable consequence of rising fuel prices will be an increase in air ticket costs. He said: "There may be some instances where airlines will discount to stimulate some traffic flow… but over time it’s inevitable that the high price of oil will be reflected in higher ticket prices." It follows Tui reassuring holidaymakers that peak summer flights will proceed as planned , despite fears of fuel shortages. Mathias Kiep, Chief Financial Officer of Tui Group, directly addressed the issue, telling The Independent : "I’m very much convinced that we will see no shortage in the next 10 weeks.…