Jet fuel prices fell sharply on hopes the new memorandum of understanding (MOU) between the US and Iran, due to be officially signed off this Friday, will see the Strait of Hormuz finally reopen to shipping. Market prices are now at a three-month low but remain 16%-24% higher than before the war, according to Energy Intelligence indices (see graph). Jet fell hardest in Europe, where Hormuz traffic normally accounts for more than half of lifeblood jet fuel imports. Asia’s response was more muted given the time it will take for Mideast crude to be refined, while booming US jet exports to Europe continue to support prices on the US Gulf Coast.