European airports could face jet fuel shortages within 3 weeks: Report

European airports could face jet fuel shortages within three weeks if trade flows through the Strait of Hormuz are not fully restored, according to a Financial Times report published on Friday.

The Financial Times, citing a letter from Airports Council International Europe (ACI Europe) to European Commission officials, reported that the group warned the bloc about dwindling jet fuel reserves across the sector.

The letter said airports in Europe could face a “systemic shortage” of jet fuel unless trade through the Strait of Hormuz returns to normal within three weeks.

Following the outbreak of the US-Israel-Iran war on Feb. 28, disruptions to maritime traffic through the strait have severely affected supplies of around 15 million barrels per day of crude oil and 5 million barrels per day of refined petroleum products passing through the chokepoint.

Supply constraints have pushed jet fuel prices in Europe to record highs, more than doubling from pre-war levels.

According to International Air Transport Association (IATA) data, the global jet fuel index rose by 110%, from $99.4 per barrel on Feb. 27 to $209 on April 3.

The cost and insurance and freight (CIF) price of jet fuel in Northwest Europe also climbed to $216.9 per barrel.

According to data compiled by Anadolu from S&P Global Commodity Insights, the Middle East supplies around 177,000 barrels per day of jet fuel to Northwest Europe, 31,000 barrels to Southern Europe and the Eastern Mediterranean, 100,000 barrels to Africa, and 17,000 barrels to Asia.

Another 34,000 barrels of jet fuel from the region pass through the Suez Canal into the Red Sea, most of it destined for Egypt.

Regions such as Europe, which rely heavily on jet fuel supplies from the Gulf, remain among the most vulnerable to any prolonged disruption.

As the supply squeeze deepens, some airports in Italy have already imposed jet fuel restrictions, while several airlines have warned that summer operations across Europe could be at risk if the war continues.

*Writing by Mucahithan Avcioglu in Istanbul