economy
Europe has only six weeks’ supply of jet fuel left owing to Iran war, says energy chief
There will be flight cancellations ‘soon’ if oil supplies are not restored in coming weeks, says head of IEA
TL;DR
- Europe has approximately six weeks of jet fuel supply left.
- The Iran war has disrupted oil supplies from the Middle East, closing the strait of Hormuz.
- Flight cancellations are expected soon if oil supplies are not restored.
- Global energy markets and the economy are facing turmoil, with potential for higher fuel and electricity prices.
- Some airlines, like Air France-KLM, are cutting flights due to high kerosene costs, even with hedging.
- Other airlines, such as easyJet, currently express no concerns about fuel supply for the next month.