Jens Asbjørn Bøgen
Airlines around the world are already raising prices and cutting flights.
Under normal circumstances, roughly 20% of the global oil and liquefied gas trade travels through the Strait of Hormuz.
But since the beginning of the war between Iran, Israel, and the US, traffic through the strait has been severely disrupted.
The chaos has sent oil prices soaring, and the disruption could soon affect daily life in Europe.
In fact, if the situation in the Strait of Hormuz does not change radically soon, Europe could soon run out of aviation fuel.
Flights at risk
The stark warning comes from International Energy Agency Executive Director Fatih Birol in an interview with AP.
He said Europe may have only “maybe six weeks or so of jet fuel left,” raising the prospect of travel disruptions if supply routes remain blocked.
Birol warned that it will only be a matter of time before flights start getting cancelled due to the lack of jet fuel, potentially putting travel plans for the summer at risk for millions around the world.
Airline fares hike and flights are cut
The BBC reported last week that the benchmark European jet fuel price hit an all-time high, as it has more than doubled since pre-Iran-war levels.
Airlines around the world are activating emergency measures by increasing costs for travellers as well as cancelling flights.
A spokesperson from Air New Zealand told the broadcaster that jet fuel prices are now more than double what they usually are—and given that fuel typically makes up 20–40% of an airline’s total operating costs, it is no surprise that airlines are scrambling to counter the effects of the war.
No country is safe, despite differing risks
In the interview with AP, Birol described the situation as the biggest energy crisis the world has ever faced and warned that rising costs will hit consumers worldwide, with “higher petrol (gasoline) prices, higher gas prices, high electricity prices,” he said.
However, he stressed that the burden will fall hardest on developing nations, pointing to Africa, Latin America, and Asia.
But no country can avoid feeling the effects of this crisis, he warns, despite different levels of resilience.
Sources: AP News, the BBC
