economy
Fears of UK and EU flight cancellations as airports warn of jet fuel shortages
Summer holidays could be hit unless oil flows through Strait of Hormuz recommence within three weeks
TL;DR
- European airports are three weeks away from jet fuel shortages due to the closure of the Strait of Hormuz.
- This shortage could lead to inevitable flight cancellations across the EU and UK, impacting millions of passengers during the summer holiday season.
- Jet fuel prices have more than doubled globally, with Europe experiencing a 138% year-on-year increase.
- Smaller airlines have already started canceling flights, and larger carriers like Ryanair are considering significant cuts.
- Europe relies on the Gulf for over 60% of its jet fuel, with more than 40% shipped through the Strait of Hormuz.
- Unlike crude oil, jet fuel has limited alternative export routes, making the disruption particularly severe.
- The UK government states British aircraft have not reported fuel supply disruptions but is engaging with carriers to mitigate impacts.