Summary
Europe may run out of jet fuel in about six weeks if it cannot replace at least half of its supplies from the Middle East. The closure of the Strait of Hormuz by Iran has blocked fuel exports from the Gulf, causing prices to rise and creating a risk of flight cancellations.
Key Facts
- Europe relies on the Middle East for roughly 75% of its jet fuel imports.
- The Strait of Hormuz, a vital shipping route, has been closed by Iran for over six weeks.
- Jet fuel prices in Europe have more than doubled since the conflict began.
- The International Energy Agency (IEA) warns of possible fuel shortages and flight cancellations starting in June if imports are not partially restored.
- US jet fuel exports have increased rapidly but can only cover a little over half of the lost Middle Eastern supplies.
- European airlines are facing higher fuel costs, with EasyJet reporting an extra £25 million spent in March.
- The European Commission says supply is stable for now but could face problems soon.
- Airports and airlines have requested immediate action to prevent shortages during the summer.
