“The biggest problem today is the lack of jet fuel and diesel; these are the main challenges and we are seeing it already in Asia, but soon, in April, or maybe beginning of May, it will come to Europe,” Birol said this week on the ‘In Good Company’ podcast hosted by Nicolai Tangen, the CEO of Norway’s sovereign wealth fund, the world’s biggest. Jet fuel is the highest cost for airlines, and “the most damaging episodes occur when fuel prices rise rapidly, and airlines do not have time to adapt their strategy,” the International Air Transport Association (IATA) said two weeks after the war in the Middle East began. The jet fuel situation will worsen in the coming weeks, and even if the Strait of Hormuz were to re-open unconditionally to all traffic today, it would take months for oil and fuel markets to return to some semblance of normality.
Author: Tsvetana Paraskova
Published at: 2026-04-02 22:00:00
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