Airports across Europe have warned that jet fuel supplies could run short within three weeks unless oil shipments resume through the Strait of Hormuz, raising fears of widespread flight cancellations during the summer holiday season. The warning came from Airports Council International (ACI) Europe, which wrote to EU energy and transport commissioners stating that the bloc is three weeks away from shortages.
Jet fuel prices have more than doubled compared with last year, reaching $1,650 a tonne, according to Iata. The crisis stems from Iran's effective closure of the Strait of Hormuz in retaliation for US and Israeli military action. Although Donald Trump announced a two-week ceasefire, Brent crude remained at about $96 a barrel on Friday, up from $72 before the conflict.
Smaller airports are particularly vulnerable, with typical reserves covering only four to five weeks. Rico Luman, a senior economist at ING, said airlines might cut flights on less popular leisure routes first. Some smaller UK airlines have already cancelled services, including Skybus's Newquay to London Gatwick route and Aurigny's Channel Islands connections. Ryanair's chief executive Michael O'Leary said the airline is considering cutting 10% of its flights.
Europe sources more than 60% of its jet fuel from Gulf refineries, with over 40% shipped through the Strait of Hormuz. The last cargo of European jet fuel to pass through the strait before the war is due to arrive in Copenhagen on Saturday, while the final tanker destined for the UK arrived in Kent on Tuesday. European buyers are now competing with Asia for alternative supplies.
A UK government spokesperson said British aircraft have not reported disruption and are operating normally, adding that they are engaging with carriers to limit passenger impact. However, the global jet fuel market remains exposed due to limited alternative routes, unlike crude oil which can use pipelines.
