Jet fuel squeeze exposes Europe’s reliance on Middle East supply
Lawmakers on the continent have been told to make "timely preparations in anticipation of a potentially prolonged disruption" in energy flows from the region.
Europe, especially the northwest, is feeling the strain from the near-closure of the Strait of Hormuz, with jet fuel markets tightening as the US-Israel-Iran war disrupts supply to the airline industry.
What happened: The Financial Times reported Monday that the United Kingdom was due to receive its last scheduled shipment of Middle Eastern jet fuel this week. The shipment is due to arrive in the UK around Thursday from Saudi Arabia, according to maritime analytics firms Kpler and Vortexa. The companies said that no other UK-bound cargoes are currently visible.
Meanwhile, Reuters reported Tuesday that in a letter to EU energy ministers dated March 30, the bloc’s energy commissioner, Dan Jorgensen, said governments were "encouraged to make timely preparations in anticipation of a potentially prolonged disruption" to energy markets.
Benedict George, head of European products at commodities specialist Argus Media, told the news agency the last kerosene shipments that passed through the Strait of Hormuz before its closure are due to arrive in Europe around April 10.
