If it stays up at current levels all other airlines that hedged at this level are no better off than those that didn't hedge. If it falls, those that hedged get burned. If it climbs those that hedged win.
I would imagine that no airline would hedge its entire fuel bill on the futures market. Much more prudent to partially cover your position with options, as you then have the right (but not the obligation) to exercise them on maturity. You'll pay a premium for options of course, which is spent money if you exercise them or not.
Oil price > option? Exercise it, hedge successful - but not as cheap as on the futures market.
Oil price < option. Throw away option, waste option premium but revel in lower oil prices (and the fact that you have already raised ticket prices by between 5 and 15%...)