"Iran has effectively blocked the Strait of Hormuz, a vital route through which about one-fifth of the world's oil passes, sending shockwaves through global energy markets. The price of jet fuel has surged, rising from approximately $90 per barrel to as much as $200 per barrel."
"The International Air Transport Association (IATA) has warned that this crisis has revealed "deep vulnerabilities in jet fuel security," particularly affecting Europe, which sources up to 30 per cent of its jet fuel demand from the Persian Gulf."
"If airports and airlines' stocks of fuel are depleted for any length of time, airlines will cease to be able to fuel their aircraft and will have to reduce their operations. This may have far-reaching consequences."
The US-Israel conflict with Iran has triggered a global aviation crisis as Iran blocks the Strait of Hormuz, a critical oil shipping route. Jet fuel prices have skyrocketed from approximately $90 to $200 per barrel, forcing airlines to reduce operations. Air New Zealand and Scandinavian Airlines have already announced significant flight cuts. The International Air Transport Association warns of deep vulnerabilities in jet fuel security, particularly affecting Europe, which sources 30 percent of its jet fuel from the Persian Gulf. Energy experts predict further disruptions if fuel stocks continue declining, with potential widespread flight cancellations affecting Easter travel plans.
Read at London Business News | Londonlovesbusiness.com
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