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As the Iran war drives up oil prices worries are deeping that some countries may run low on jet fuel. According to Associated Press the price of jet fuel has more than doubled in some markets since late February, when the war began with U.S. and Israeli strikes on Iran. Airlines are particularly vulnerable to fuel price shocks because jet fuel typically accounts for one of their largest operating expenses. For travelers, that is already translating into fewer flight options on some routes and higher fees and fares heading into the peak summer season, with many airlines raising checked bag fees or adding fuel surcharges. Fighting around the Strait of Hormuz, a waterway off Iran’s coast where a fifth of the world’s oil typically passes, has disrupted fuel prices and supplies around the world. The head of the International Energy Agency estimated on April 16 that Europe had about 6 weeks’ worth of jet fuel remaining and said airlines would start to cut routes from their schedules without more. The European Union’s top energy official is also warning that the energy crisis sparked by the war could impact prices for months “or maybe even years” to come.
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