European airports have reportedly warned the European Union that jet fuel shortages could soon disrupt the summer holidays of many in the block. Airports Council International Europe (ACI Europe) have written a letter to EU transport commissioner Apostolos Tzitzikostas warning about the dwindling jet fuel reserves across the sector, it has been reported.
The letter said airports in Europe could face a “systemic shortage” of jet fuel unless trade through the Strait of Hormuz returns to normal within three weeks, reports Financial Times. It read: « If the passage through the strait of Hormuz does not resume in any significant and stable way within the next three weeks, systemic jet fuel shortage is set to become a reality for the EU. »
The warning could pose a real risk of flights or holidays being cancelled if the conflict involving the US, Israel, and Iran continues.
Oil prices have jumped sharply since early March because Iran shut down the Strait of Hormuz — a crucial route for shipping Gulf oil — in retaliation. Although Donald Trump announced a ceasefire this week, the price of Brent crude was still hovering around $96 a barrel on Friday, reflecting ongoing doubts about whether the ceasefire will last and whether the situation will stabilise.
Jet fuel prices have surged sharply since late February, a jump linked in reporting to the attacks on Iran ordered by Donald Trump and Israeli Prime Minister Benjamin Netanyahu.
Data from Iata, the airline industry group, shows that by the end of last week global jet fuel costs had more than doubled compared with a year earlier, reaching about $1,650 per tonne.
Asia has experienced the steepest increases, with prices up 163% year‑on‑year, while Europe has also seen a significant rise of 138% as airlines and suppliers worldwide compete to secure enough fuel.
International Air Transport Association (IATA) data shows that global jet fuel prices jumped 110%, rising from $99.4 per barrel on February 27 to $209 by April 3.
In Northwest Europe, the cost including insurance and freight also increased, reaching $216.9 per barrel.
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