Travelers can expect airlines to raise ticket prices, idle planes and implement fuel surcharges on certain flights if energy prices remain elevated, according to industry analysts.

The big picture: Jet fuel costs — which account for about 30% of airline expenses, according to Deutsche Bank — have spiked since the Iran war began.

• The closure of the Strait of Hormuz — which carries about 20% of the world's oil supplies — has triggered the rise.
• 📈 The global average price of jet fuel soared 58% in the first week after the war, according to the International Air Transport Association.

✈️ Follow the money: That's already led to price hikes for advanced purchase airline fares.

• In the first week after the war began, advance purchase fares more than doubled for transcontinental flights, according to Deutsche Bank analyst Michael Linenberg.
• 🌴 Fares to the Caribbean increased 58%, while fares to Florida jumped 43%.

⚠️ Threat level: While those fare increases will help partially offset the higher costs, a sustained rise in jet fuel prices poses "an existential threat to the industry's financially weakest carriers," Linenberg writes.

What we're watching: Whether airlines reduce capacity and pass along the extra costs in the form of fuel surcharges.

• Fuel surcharges aren't allowed on domestic U.S. flights but are common internationally, especially on long-haul routes, according to Linenberg.

The bottom line: Jet fuel prices often remain elevated for months after major crises, aviation expert Hans Joergen Elnaes tells Reuters.

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A federal judge tossed out DOJ subpoenas sent to Fed chair Jerome Powell earlier this year, according to a filing unsealed this afternoon, Axios' Courtenay Brown reports.

• Why it matters: The judge accused the Trump administration of using the criminal investigation to pressure the head of the world's most important central bank to lower interest rates.

Zoom in: "There is abundant evidence that the subpoenas' dominant (if not sole) purpose is to harass and pressure Powell either to yield to the President or to resign and make way for a Fed Chair who will," Judge James Boasberg wrote in his opinion.

• The judge also scolded the administration for providing "no evidence whatsoever" that the Fed chief had committed a crime.

What we're watching: DOJ said it planned to appeal, extending the unprecedented battle between the government and the Fed — and potentially prolonging the confirmation of Trump's next pick to lead the central bank, Kevin Warsh.

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💼 Longtime Adobe CEO Shantanu Narayen plans to relinquish the position after a successor is appointed. Narayen, who has served as CEO for nearly two decades, will remain as chair. (CNBC)

🚗 Mercedes-Benz has engaged in collaboration talks with Geely, the Chinese automaker that owns Volvo. (Bloomberg)

Please doff your hat before dining at Ruth's Chris Steak House.

• State of play: The Darden Restaurants chain is "cracking down on diners, rolling out a strict dress code that bans hats at the table and requires diners to show up in 'proper attire,'" the New York Post reports.

🔎 It's described as "business casual" — which also means no:

• 🏋️ Gym wear.
• 👙 Pool attire.
• 🎽 Tank tops.
• 🫣 "Clothes with offensive graphics or language, revealing outfits, and exposed undergarments."

Fun fact: The restaurant got its name due a quirk of history.

• An entrepreneur named Ruth Fertel acquired a New Orleans restaurant called Chris Steak House in 1965.
• A fire destroyed the original location in 1976. She had to move — but a contractual commitment prevented her from keeping the original name.
• So she renamed it "Ruth's Chris Steak House."

Inside the room: Some say she never liked the new name but felt she couldn't change it after the business took off.

💭 Nathan's thought bubble: One wonders what Ruth would've thought of the newly restrictive dress code.