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Estimated Jet Fuel Price Impact
Comparison of Brent crude oil prices per barrel before and during the conflict.
Primary Sources
Jet fuel shortage: Why Iran war could ground flights in Europe
Seven weeks after the US-Israel war on Iran closed down airspaces and plunged the aviation industry into chaos, airlines traversing the Middle East are slowly returning to normal traffic after being forced to cancel and reroute hundreds of flights.But a new and potentially more damaging threat has emerged – a critical shortage in jet fuel that could ground flights in Europe, just as the summer travel season approaches.Recommended Stories list of 3 itemslist 1 of 3Australia to halve fuel tax as global energy crisis deepenslist 2 of 3Empty ships and shut wells: Why the Iran war oil crisis is not over yetlist 3 of 3Global oil demand to plunge amid disruptions caused by war on Iran: IEAend of listOn Thursday, the head of the International Energy Agency, Fatih Birol, told AP news agency that Europe has “maybe six weeks or so [of] jet fuel left”, warning of possible flight cancellations “soon” if oil supplies remain halted by the war, despite a two-week truce called between Iran and the US last week.At the centre of this disruption is a shortage of jet fuel amid the ongoing standoff at the Strait of Hormuz between the US and Iran. The strait is a vital water passageway through which one-fifth of the world’s oil and liquefied natural gas (LNG) supplies are shipped during peacetime.The collapse in supplies has driven a sharp spike in energy prices worldwide, initially forcing the price of Brent crude above $100 per barrel from a pre-war price of $66. The crisis has prompted governments to tap into strategic oil and gas reserves, and the United Kingdom has begun talks with a coalition of more than 40 countries – not including the US – aimed at finding a way to reopen the strait.European aviation is particularly exposed to the shortage of jet fuel, relying heavily on imports from the Middle East. Around 75 per cent of Europe’s jet fuel imports come from the region, making any prolonged disruption especially problematic for its aviation industry.The summer season is a particularly busy season for Europe in terms of tourists, with some 747 million international arrivals in 2024.Here’s what we know.What is jet fuel?Jet fuel is a colourless, refined kerosene-based petroleum product used to power aircraft with gas-turbine engines. It is most commonly found in the form of Jet A and Jet A-1.Another type is Jet B, which is used in aircraft during colder weather.Jet fuel is produced in oil refineries primarily in China, the Middle East and the US. These specialised refinerie...
Europe jet fuel shortage amid Iran war explained: Europe may run out of ...
SynopsisEurope jet fuel shortage: Europe faces a potential six-week jet fuel shortage due to ongoing supply blockages from the Iran war, raising concerns about flight cancellations. The International Energy Agency warns of the largest energy crisis ever, with restricted Strait of Hormuz access impacting global economic growth and inflation through rising fuel prices.ReutersEurope may run out of jet fuel in 6 weeks explainedEurope jet fuel shortage: Europe could soon begin to feel the real impact of the ongoing Iran war, with energy supplies tightening and disruptions becoming more visible in daily life. According to IEA Executive Director Fatih Birol, the continent may have only “maybe six weeks or so” of jet fuel left if current supply blockages continue, raising the possibility of flight cancellations in the near future, as per a report.IEA Warns of Global Energy Crisis and Supply DisruptionsSpeaking in Paris, Birol described the situation as one of the “the largest energy crisis we have ever faced,” as quoted by AP. With oil, gas, and other key supplies restricted through the Strait of Hormuz, the effects are already spreading beyond the region. He warned that the longer the disruption lasts, the more pressure it will put on global economic growth and inflation, with rising fuel, gas, and electricity prices expected.Strait of Hormuz Blockage: Why It Matters for the World - Rising Fuel, Gas, and Electricity Prices ExplainedHe pointed out that, “In the past there was a group called ‘Dire Straits.’ It’s a dire strait now, and it is going to have major implications for the global economy. And the longer it goes, the worse it will be for the economic growth and inflation around the world,” adding that the impact will be “higher petrol (gasoline) prices, higher gas prices, high electricity prices,” as quoted by AP.Why Developing Nations Could Be Hit HardestWhile the crisis is global, its impact will not be equal. Birol noted that developing nations in Asia, Africa, and Latin America are likely to be hit the hardest. Still, he stressed that no country will escape the effects entirely, regardless of wealth or energy resources.He highlighted that, “Some countries may be richer than the others. Some countries may have more energy than the others, but no country, no country is immune to this crisis,” as quoted by AP.You Might Also Like:Flight Cancellations Risk as Jet Fuel Supplies TightenThe situation could worsen if the vital waterway remains closed. Birol warne...
A 'systemic' jet fuel shortage, flight cuts in Europe loom: analysts - CNBC
Europe's airline industry is at risk of a "systemic" jet fuel shortage in the next few weeks if the Strait of Hormuz blockade continues, with the potential of hundreds of flight cuts, according to ...
EU Airlines Call for Action as Iran War Triggers Jet Fuel Crisis
BRUSSELS, April 14 (Reuters) - European airlines have urged the European Union to step in with emergency measures to tackle repercussions from the Iran war, including widespread airspace closures and mounting concerns over jet fuel shortages, a document seen by Reuters showed. Industry group ...
