As the summer travel season approaches, EU energy ministers are contemplating the strategic release of jet fuel reserves due to ongoing disruptions in the Strait of Hormuz. This crucial waterway has seen reduced tanker traffic, impacting oil exports and causing jet fuel prices to surge, with some markets experiencing price increases of nearly 100%.
While crude oil supplies have remained stable, jet fuel is particularly vulnerable, prompting concerns from the aviation industry about potential shortages. The International Air Transport Association has called for a temporary suspension of EU regulations that limit airlines from carrying extra fuel, which could help mitigate supply issues.
Despite reassurances from some airlines that they do not anticipate mass flight cancellations, the situation remains precarious. Energy analysts warn that even if the Strait of Hormuz reopens, it could take months for refining operations in the Gulf to normalise, prolonging supply strain throughout the summer.
The EU is preparing recommendations for coordinated reserve releases and demand management measures to ensure equitable fuel distribution among member states. As demand peaks, the risk of shortages looms, highlighting the need for strategic planning in energy security.
Source: Euronews
