Europe may have only weeks of jet fuel left, according to a new warning that could put flights, fares, and summer travel plans under pressure. The head of the International Energy Agency says limited reserves are becoming a serious concern as oil supplies remain blocked by the Iran war and disruption through the Strait of Hormuz.
IEA Executive Director Fatih Birol told The Associated Press that Europe has “maybe six weeks or so (of) jet fuel left” if the supply route remains restricted. The Strait of Hormuz is one of the world’s most important energy lanes, so when traffic slows there, global markets react fast.
Birol called the current situation “the largest energy crisis we have ever faced,” warning that rising fuel costs, inflation, and weaker economic growth could spread across multiple regions. He added, “Everybody is going to suffer.”
He also said Europe could soon start seeing flights canceled because of shortages.
“If we are not able to open the Strait of Hormuz … I can tell you soon we will hear the news that some of the flights from city A to city B might be canceled as a result of lack of jet fuel.”
Some airlines say there are no immediate shortages, but financial pressure is already landing. KLM announced cuts to 160 flights from Amsterdam next month, citing “rising kerosene costs” and saying some routes are no longer financially viable.
Birol warned that developing nations in Asia, Africa, and Latin America may feel the worst effects first, while wealthier countries try to manage the blow. He said if the route stays blocked through late May, some economies could face “slow growth or even to recession.”
Even if a peace deal happens soon, recovery may take time. Birol said more than 80 major regional energy assets have been damaged, with over one-third severely impacted. That means even if the conflict cools off, the economic fallout may keep moving.
