Fuel prices are on the rise and airlines are cutting flights and raising fares. The Gulf is the largest source of aviation fuel in Europe, accounting for around 50% of its imports. The majority of the fuel is imported through the Strait of Hormuz which Iran has closed as a result of US and Israeli attacks. The increase in jet oil prices reflects this. According to Energy Intelligence, the Al-Zour refinery, located in Kuwait, provides 10% of Europe’s imports of jet fuel. The International Energy Agency warned that Europe could run short of jet fuel within weeks, although the UK government and airlines claim that they are not experiencing a disruption. Due to the increased jet fuel prices, it will be done much more efficiently. It said that this would save “approximately 40 000 metric tons” of jet fuel. The announcement on Tuesday follows the firm’s announcement last week that it was speeding up its permanent closure of the European flight offering CityLine. Lufthansa announced that “the first 120 flights” were cut on Tuesday. Routes affected include those from Frankfurt to Poland and Norway.Europe has ‘maybe six weeks of jet fuel left’, energy boss warnsAir fares soar by nearly 25% as Iran war forces flights to re-routeCompaniesTravelFuelAir travelIran war
