Europe could face jet fuel shortages in six weeks, warns IEA

AI Summary

The International Energy Agency (IEA) stated that Europe has 'maybe six weeks of jet fuel left' if it cannot replace half of its Middle Eastern imports. The Strait of Hormuz, essential for jet fuel exports, has been effectively closed by Iran for over six weeks. Europe has historically imported about 75% of its jet fuel from the Middle East and is now seeking alternatives from the US and Nigeria. Analysts predict that if these shipments do not meet the expected demand, physical shortages may arise, leading to flight cancellations.