Commercial jet fuel supplies could face challenges this summer despite positive developments in the Strait of Hormuz, according to EU Energy Commissioner Dan Jorgensen. Since June 15, there has been a gradual rise in traffic flow through the strait, a key route for global oil and gas exports. The situation has improved further following a recent preliminary agreement between Iran and the US to resolve their conflict, with the UN’s International Maritime Organization launching a plan to assist ships and crews affected by the tensions in the Gulf. Jorgensen emphasized that although maritime traffic through the strait is increasing, the energy markets will require time to stabilize.
He mentioned, “Recovery to normal levels for oil may take months, while gas could take years due to the infrastructure damages in the region.” The disruption in crude and oil product exports from the Gulf led to jet fuel shortages in Asia, raising concerns about potential shortages in Europe during the busy summer travel period. Jorgensen warned of a potential worsening situation concerning commercial jet fuel stocks by the end of the summer, prompting EU nations to consider releasing reserves to prevent shortages. Authorities are closely monitoring the situation to ensure adequate supplies.