Two of Europe's top cargo carriers on Monday announced higher fuel surcharges coming in July.

Lufthansa Cargo will raise its fuel surcharge to 1.25 euros per kilogramme from 1.20 euros, effective July 7. Lufthansa already raised its surcharge 5 euro cents earlier this month. Germany's largest airline boosted its estimate of fuel costs for the current year from $8.2 billion to $8.8 billion.

British Airways World Cargo will increase its fuel surcharge to $1.25, effective July 4. The airline's fuel index has been above the level 25 threshold for two consecutive weeks. "The continued rise in fuel prices has made it necessary to increase our fuel surcharge by two levels in line with the index," said Adam Carson, senior manager of revenue management.

Crude oil futures on the New York Mercantile Exchange rose Friday to just under $135 per barrel. Just one year ago, the price was under $69, or less than half.