NICOSIA, Cyprus (AP) — The European Union’s energy commissioner said Wednesday that while there is no immediate threat to jet fuel supplies, the possibility of a longer-term shortage cannot be ruled out.Commissioner Dan Jørgensen told reporters that any shortage will depend on how the Iran war and the situation in the Strait of Hormuz will unfold, as well as how airlines will react after some companies — including the German owners of the airline Lufthansa — canceled a significant number of flights.Fighting around the Strait of Hormuz, from which a fifth of the world’s oil typically passes, has disrupted supplies and caused fuel prices to spike around the world.While Jørgensen said “we’re not there yet” in terms of a jet fuel shortage, he said the bloc’s executive arm will start talks with member states “on how best to address the situation,” without offering any specifics.
The Iran war has caused the price of jet fuel to more than double in some markets since late February and airlines are particularly vulnerable because fuel costs account for a huge chunk of their operating expenses.
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