European Airports Warn of Possible Jet Fuel Crisis

(MENAFN) European airports may encounter shortages of jet fuel within a three-week window if maritime trade through the Strait of Hormuz is not completely normalized, according to a report by Financial Times released on Friday.

Financial Times, referencing a letter sent by Airports Council International Europe (ACI Europe) to officials at the European Commission, stated that the organization has alerted the EU to rapidly decreasing jet fuel reserves across the aviation system.

The letter emphasized that European airports could be exposed to a “systemic shortage” of jet fuel unless commercial flows through the Strait of Hormuz return to standard levels within three weeks.

After the outbreak of the US-Israel-Iran war on Feb. 28, disruptions to shipping activity in the strait have significantly reduced the movement of roughly 15 million barrels per day of crude oil and about 5 million barrels per day of refined petroleum products passing through this key transit route.

These supply limitations have driven jet fuel prices in Europe to unprecedented highs, more than doubling compared with levels recorded before the conflict. Data from the International Air Transport Association (IATA) indicates that the global jet fuel index increased by 110%, rising from $99.4 per barrel on Feb. 27 to $209 on April 3.

Meanwhile, the cost, insurance, and freight (CIF) price of jet fuel in Northwest Europe also climbed sharply, reaching $216.9 per barrel.

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