IEA Warns Europe Faces Jet Fuel Shortage in Six Weeks Amid Iran War

The International Energy Agency (IEA) warned that Europe has approximately six weeks of jet fuel supplies remaining amid disruptions caused by the Iran war. IEA Executive Director Fatih Birol stated that the current situation represents the largest energy crisis ever faced.

Multiple sources, including the Associated Press, reported that flight cancellations could occur soon if oil supplies through the Strait of Hormuz remain blocked.

Jet fuel prices in Europe have surged over 100% since the war started, reaching a record $1,838 per tonne in early April from $831 before hostilities. The IEA noted that Europe historically relies on the Middle East for about three-quarters of its jet fuel imports. Gulf region exports are the largest global source of aviation fuel, making the disruption particularly severe.

The Strait of Hormuz closure, triggered by Iranian actions in response to U.

U.S. and Israeli military strikes, has halted key oil shipments. The IEA's latest monthly oil market report indicated that European stocks could hit a critical threshold in June unless at least half of Middle Eastern imports are replaced by alternative suppliers.

Physical shortages may emerge at select airports, potentially leading to demand destruction. Fatih Birol told the Associated Press that Asian countries like Japan, India, and China are on the front line of impacts, with pressure expected to spread to Europe and the Americas. The agency stated that several European countries may face shortages in the next six weeks.