Summary
Seven weeks after the US-Israel conflict with Iran disrupted air traffic, airlines in the Middle East are slowly recovering. However, Europe now faces a serious jet fuel shortage that could stop flights soon, especially with summer travel coming up.
Key Facts
- The war involving the US, Israel, and Iran closed airspaces and caused many flight cancellations and delays.
- Europe has about six weeks of jet fuel left, according to the head of the International Energy Agency.
- The Strait of Hormuz is a critical route for one-fifth of the world’s oil and gas, and conflicts there have cut supplies.
- Jet fuel prices have risen sharply, with Brent crude oil jumping from $66 to over $100 per barrel after the war started.
- Europe depends on the Middle East for 75% of its jet fuel imports.
- European airports warn they may run out of jet fuel within weeks if supply disruptions continue.
- The summer travel season in Europe is very busy, with over 740 million international visitors expected in 2024.
- Governments, including the UK, are trying to find ways to reopen the Strait of Hormuz and ease the fuel shortage.
