European energy ministers are considering the strategic release of jet fuel reserves as prolonged disruption in the Middle East threatens to jeopardise supply just as the summer travel season begins, a document seen by Euronews reveals.
A European Council briefing prepared ahead of a gathering of EU energy ministers on 26 June warns that while crude oil and natural gas markets have so far avoided major physical shortages, aviation fuel remains the most exposed product as disruptions to shipping through the Strait of Hormuz enter their third month with no resolution in sight.
Ministers are now considering the potential coordinated release of strategic fuel reserves, including jet fuel stocks, should commercial supplies prove insufficient later this year.
"Jet fuel is drawing more focus as the demand is heading into its seasonal summer peak. The possibility of drawing on strategic reserves to cover commercial shortfalls before the year ends is a real and near-term risk," reads the document.
The closure of the Strait of Hormuz has dramatically reduced tanker traffic through one of the world's most important energy chokepoints, cutting off a significant share of Middle Eastern oil exports and sending shockwaves through global markets.
