EU transport official says no jet fuel shortage in Europe despite Middle East conflict

The European Union’s transport commissioner stated there is currently no jet fuel shortage in Europe despite ongoing Middle East conflict. He added that the situation would be very difficult by the end of the year if Middle Eastern supplies remained disrupted.

Airline capacity and pricing In May, airlines cut two million airline seats from their schedules, equal to less than 2% of global aviation capacity. Airlines have raised ticket prices to pass on higher fuel costs and to reduce demand. Tzitzikostas said it is critical that the war stops and that the Strait of Hormuz opens as soon as possible, while noting that Europe is prepared.

UK housing and retail data UK house prices edged down 0.1% in May, the third consecutive monthly decline, bringing the average price to £298,806 according to lender Halifax. On an annual basis, prices were 0.5% higher than in May 2025. UK retail footfall rose in May after a decline in April, coinciding with a rise in consumer confidence surveys as shoppers adjusted to higher petrol and diesel prices linked to the Middle East conflict that began in late February.