Airports have warned that jet fuel could run short within three weeks in Europe if oil supplies do not resume flowing through the Strait of Hormuz, raising concerns over 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 stating that the bloc is three weeks away from shortages.
The crisis follows Iran effectively closing the Strait of Hormuz in retaliation for US and Israeli attacks. Oil prices have soared since March, with Brent crude remaining at about $96 a barrel on Friday despite a two-week ceasefire announced by Donald Trump. Before the war, oil traded at about $72.
Jet fuel prices have more than doubled compared with last year to $1,650 a tonne, according to Iata. Smaller airports are particularly vulnerable, with typical reserves covering only four to five weeks. Some airlines have already cut flights, including Skybus, Aurigny, Air New Zealand, and Ryanair, which is considering a 10% reduction.
A UK government spokesperson said British aircraft have not reported any disruption and are operating as normal, but added that the government is engaging with carriers to limit the impact on passengers. The last cargo of European jet fuel to pass through the Strait of Hormuz before the war is due to arrive in Copenhagen on Saturday.
