IEA: Europe Faces Jet Fuel Crisis in 6 Weeks Due to Mideast Conflict

IEA Executive Director Fatih Birol warned that Europe has only six weeks of jet fuel supply due to the Middle East conflict and Iran's control of the Strait of Hormuz. He told the Associated Press this is "the largest energy crisis we have ever faced," with major implications for the global economy.

Birol stated Asian countries are on "the front line," but pressure will then "come to Europe and the Americas." He warned that if the Strait of Hormuz is not reopened, "some of the flights from city A to city B might be cancelled as a result of lack of jet fuel." Over 110 oil-laden tankers and more than 15 carriers loaded with liquified natural gas are waiting in the Persian Gulf, but this is "not enough."

EasyJet CEO Kenton Jarvis said all airports it serves are "operating as normal" and they have "visibility to the middle of May" with "no concerns." He stated the industry typically has "three to four weeks visibility (of jet fuel supplies)."

EasyJet reported the Middle East conflict cost it about £25m (€28.7m) in higher jet fuel prices last month, introducing "near-term uncertainty around fuel costs and customer demand." Bookings are down 2% for the three months to the end of both June and September compared with a year ago.