European airports could face jet fuel shortages within three weeks
European airports could face jet fuel shortages within three weeks
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European airports are warning of potential jet fuel shortages within three weeks if the Strait of Hormuz, a key oil shipping route, remains effectively closed. ACI Europe alerted the EU transport commissioner that systemic shortages could disrupt summer travel due to soaring jet fuel prices, which have more than doubled since last year. The crisis stems from increased tensions in the Middle East, particularly after Iran's actions in the Strait of Hormuz, impacting European access to Gulf refineries, which typically supply over 60% of its jet fuel. The UK is considered particularly vulnerable due to its reliance on Kuwait. European buyers are now competing with Asia for alternative fuel sources, exacerbating the global market's exposure.
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AI-ExtractedGlobal jet fuel prices at the end of last week had more than doubled compared with last year to $1,650 per tonne.
Oil prices have soared since the start of March after Iran effectively closed the strait of Hormuz.
Europe has typically sourced more than 60% of its jet fuel from Gulf refineries.
European airports could face jet fuel shortages within three weeks if oil supplies do not flow through the strait of Hormuz.
The UK was the most vulnerable country in Europe to potential jet fuel shortages because of its reliance on Kuwait.
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