Delta, United Raise Fares

Delta Air Lines and United Airlines last night raised all domestic one-way fares by $10 and $5, respectively, according to a report issued today by J.P. Morgan Securities analyst Jamie Baker. The price hike came as crude oil prices surged to new highs. In afternoon trading, a barrel of crude oil on the New York Mercantile Exchange was priced just under $66.

"Given current crude prices and generally consistent participation amongst legacy names, we see no reason for last night's initiative to fail." Baker said. "Year-to-date, this would represent the 11th successful industry fare increase."

Baker also noted that a $5 increase implemented last week by JetBlue Airways on one-way fares between Northeast cities and Florida has stuck. There has been "no broad change to Southwest fares since May 16," he added, "leading us to believe another round of increases may be forthcoming."