Airports have warned that jet fuel supplies could run short within three weeks in Europe if oil flows through the Strait of Hormuz do not resume, raising fears of flight cancellations in the UK and EU during the summer holiday season. The warning came from Airports Council International (ACI) Europe, which wrote to the EU’s energy and transport commissioners, saying the bloc is three weeks away from shortages.
Jet fuel prices have soared since the end of February after US and Israeli attacks on Iran, with global prices more than doubling year-on-year to $1,650 a tonne. Europe has sourced over 60% of its jet fuel from Gulf refineries, with more than 40% shipped through the Strait of Hormuz, which Iran has effectively closed in retaliation. Brent crude oil prices remained at about $96 a barrel on Friday, despite a two-week ceasefire announced by Donald Trump.
Smaller airlines in the UK have already been forced to cancel some flights. Skybus closed its Newquay to London Gatwick route, while Guernsey-based Aurigny cut journeys between the Channel Islands and London City, Paris and south-west England. Michael O’Leary, chief executive of Ryanair, said the airline is considering cutting 10% of its flights. ING economist Rico Luman warned that smaller airports, with reserves covering only four to five weeks, could see cancellations within weeks.
The final tanker of Gulf jet fuel destined for the UK arrived in Kent on Tuesday, while the last cargo for Europe is due in Copenhagen on Saturday. A UK government spokesperson said British aircraft have not reported disruption and are operating normally, adding: “We are engaging with British carriers to support their operations against the backdrop of war in the Middle East, and to limit the impact on passengers.”
