Grounded jets threat as fuel supplies dwindle

Al Jazeera - The closure of the Strait of Hormuz due to the US-Israel war on Iran has triggered a growing jet fuel crisis, with experts warning of “systemic” shortages by May or June.

As a vital artery for 20 percent of global oil supplies in peacetime, the blockade specifically threatens Asia and Europe.

While the European Commission reports no evidence of fuel exhaustion, spokeswoman Anna-Kaisa Itkonen acknowledged that supply issues are imminent.

Rystad Energy and the International Energy Agency (IEA) both predict that flight cancellations could begin in May.

The IEA warned in its latest monthly report on the oil market that if Europe cannot “secure more than 50 percent of their lost Middle East volumes, then stocks will hit the crucial 23-day level in June”.

The OECD Europe region includes European Union countries and others, such as Britain and Norway. The region imports more than 30 percent of its jet fuel, mostly through the Strait of Hormuz, IEA data shows.