EU airline industry fears fuel shortages if Strait of Hormuz stays closed

EU airline industry fears fuel shortages if Strait of Hormuz stays closed7 minutes agoShareSaveAdd as preferred on GoogleEmer MoreauBusiness reporterGetty ImagesThe trade body for European airports said there could be a jet fuel shortageEurope will suffer jet fuel shortages in just three weeks if the the Strait of Hormuz does not reopen, the trade body for the continent's airports has warned.The Persian Gulf is a major source of aviation fuel, accounting for about 50% of Europe's imports.Airports Council International (ACI) Europe said its members had "increasing concerns" about the availability of jet fuel, particularly with the approach of the summer tourism season.It warned smaller airports are particularly vulnerable."A supply crunch would severely disrupt airport operations and air connectivity – with the risk of harsh economic impacts for the communities affected, and for Europe," ACI Europe's director-general Olivier Jankovec wrote in a letter to the European commissioners for energy and tourism."At this stage, we understand that if the passage through the Strait of Hormuz does not resume in any significant and stable way within the next three weeks, systemic jet fuel shortage is set to become a reality for the EU."Several airlines worldwide have already cut flights and hiked passenger charges due to concerns about fuel shortages.Last week, the benchmark European jet fuel price hit an all-time high of $1,838 (£1,387) per tonne, compared with $831 before the war began.Jankovec urged the EU to intervene, writing that "relying on market forces and adaptation alone is not an option".He criticised the lack of EU-wide assessment and monitoring of jet fuel production and availability.ACI Europe wants the EU to engage in collective purchasing of jet fuel. The body has also called for restrictions and regulations on importing jet fuel to be temporarily lifted.The letter, which was written on 9 April and first repo...