Europe might run low on jet fuel in about "six weeks or so" if the disruptions in the Strait of Hormuz continue, warns Fatih Birol from the International Energy Agency. This could lead to flight cancellations and broader economic repercussions.
Birol pointed out that the ongoing conflict in Iran has sparked what he calls the "largest energy crisis" seen in recent history, with nearly 20 percent of the world's oil typically flowing through that strait.
If blockages last, airlines may have no choice but to reduce their routes because of fuel shortages, and rising kerosene prices are already putting pressure on carriers.
The crisis is likely to push petrol, gas, and electricity prices higher around the globe, with developing regions in Asia, Africa, and Latin America expected to feel the toughest impact. Still, Birol emphasized that "no country is immune," as the effects of supply constraints spread across markets.
Airlines such as Delta Air Lines, KLM, and easyJet are keeping a close eye on the situation, with some already cutting flights and increasing fares due to the rising costs.
Even if the strait reopens, it could take up to two years to fully repair the damage to regional energy infrastructure, which would continue to strain supply.
Birol also mentioned that this crisis could speed up the shift towards alternative energy sources, highlighting how geopolitical issues are reshaping global energy markets.
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April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.