
The ongoing Iran-US conflict has disrupted oil supplies through the Strait of Hormuz, creating a critical jet fuel shortage in Europe. The International Energy Agency warns Europe has approximately six weeks of jet fuel remaining. About 75 percent of Europe's jet fuel imports originate from the Middle East. Jet fuel prices reached record highs. Airlines face potential cancellations during peak summer travel season. Germany's Lufthansa announced closing its CityLine regional unit citing surging fuel costs.