It's not that simple
If we were unhedged and oil fell $2 per barrel(Jet), we would save $2 per barrel. Because we hedged 50%(or so) we only save $1 for every $2 fall in oil price.
Conversely, for every $2 rise in oil, we save $1 by having a smaller hedge loss. So overall we only lose $1 per $2 oil price increase.
Overall, we are better off with the biggest fuel hedge loss possible as that means we save a greater amount on the spot rate. So the recent increase in oil prices is actually BAD for us, not good. It actually REDUCES our profitability.