FLASH
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The European Commission has raised the alarm about a further tightening of the jet fuel market in the European Union if the situation in the Strait of Hormuz does not improve in the coming weeks.
Following the last meeting of the oil and gas coordination groups, the Commission warned that the effective closure of the strait is affecting not only crude oil, but also all major petroleum products.
“ All EU countries are affected by this dynamic. If the situation does not improve in the coming weeks, markets are expected to become increasingly tight, especially for jet fuel ,” the statement said. So far, Europe has mainly felt the effects in prices, without any physical disruption of supply to consumers.
The price of jet fuel has risen more than any other oil product since conflicts in the Middle East led to the virtual closure of the Strait of Hormuz, forcing some airlines to cancel flights.
There was a wave of optimism over the weekend about the possibility of a deal between the United States and Iran, but new attacks overnight have cast serious doubts over the durability of a fragile ceasefire.
The geopolitical situation in Hormuz is creating new tensions in European energy markets, precisely at a time when the EU is trying to manage its energy transition and dependence on imports.
European authorities say they are closely monitoring developments and working with international partners to secure supply alternatives, but warn that a prolongation of the crisis could have more serious consequences for the aviation sector and for air travel prices.
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