From EuroNews, April 7:
Jet fuel prices have increased by 95% since the United States and Israel launched military attacks against Iran on 28 February. Higher fares, fuel surcharges and reductions in capacity or limiting of unprofitable routes will be the new normal, energy analysts warn.
Recent air travel restrictions at several Italian airports due to concerns over fuel shortages linked to the Middle East conflict are raising the alarm that the trend could spread to other airports in the European Union.
Jet fuel prices have increased by 95% since the United States and Israel launched military attacks against Iran on 28 February. The war has culminated in the effective closure of the Strait of Hormuz, a vital energy trade route handling around 20% of global crude oil exports, placing significant strain on global energy markets.
The shutdown of the Strait of Hormuz has severely constrained supplies, with jet fuel—one of the most impacted refined products—facing worsening shortages in April and May, the International Energy Agency (IEA) has warned.
While Asia is already feeling the impact of such a price increase — with several flights cancelled due to its heavy reliance on Middle Eastern imports — Europe could be next.
Scandinavian airline SAS said it will cancel at least 1,000 flights in April.
"The situation is challenging. The effective closure of the Strait of Hormuz has taken out over 20% of the typical global seaborne jet fuel supply," George Shaw, senior insight analyst at trade intelligence firm Kpler, told Euronews.
At least 42% of the total seaborne imports into the EU-27 and the United Kingdom passed through the Strait of Hormuz, Shaw added.
Securing supply and domestic refining....
....MUCH MORE
