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Europe avoided a summer jet fuel shortage despite Strait of Hormuz disruption
The International Energy Agency had warned by April that Europe could start running short of aviation fuel in June if it replaced only half of its usual Gulf imports.
Early warnings tied to the Strait of Hormuz conflict suggested Europe could face physical jet fuel and related aviation fuel shortages by early summer. However, those shortages largely did not materialize, highlighting how global energy markets adapt even as they price in worst case scenarios early, according to OilPrice.
The disruption became acute after the Strait of Hormuz was effectively closed in late February, a route that previously carried nearly 20 million barrels per day of crude oil and petroleum products. The outlet said Gulf exporters also supplied major shares of global diesel, jet fuel, and liquefied petroleum gas, with Europe appearing particularly exposed because it imported far more aviation fuel than it produced and relied heavily on supplies originating in the Middle East.
By April, the risks looked more specific. The International Energy Agency estimated that Europe could begin running short of aviation fuel in June if it managed to replace only half of the supplies normally imported from the Gulf, prompting airline warnings and contingency planning by airports and European officials, including discussion of coordinated release and redistribution of jet fuel reserves.
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