International Energy Agency warns Europe may run out of jet fuel within 6 weeks amid Iran war
Energy official warns of further impacts to Europe from supply shortages stemming from the U.S.-Iran conflict.
The head of the International Energy Agency warned Thursday that Europe could face a shortage of jet fuel within six weeks amid the ongoing shock to global energy markets stemming from the Iran war.
Europe has "maybe six weeks or so" of remaining supplies, IEA Executive Director Fatih Birol told the Associated Press.
The disruption caused by the conflict between Iran and the United States is “the largest energy crisis we have ever faced,” the official told the news outlet.
During the conflict, Iran has bet that it can outlast the United States’ military operation by holding the global energy market hostage and has used its drones and missiles to threaten shipping in the Strait of Hormuz. The conflict has led to volatility in global oil pricing.
Before the conflict, about 25% of the world’s seaborne oil trade transited the strait, the vast majority of it destined for South and East Asian markets.
He said Europe can also expect “higher petrol (gasoline) prices, higher gas prices, high electricity prices."