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  "path": "/money/europe-six-weeks-of-jet-fuel-remaining-energy-chief",
  "publishedAt": "2026-04-16T15:07:21.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "Britain bracing for food shortages as Iran war threatens key supplies",
    "Oil prices surge back above $100 as Britain stares down the barrel of mass protests",
    "Even Tony Blair's organisation urges Ed Miliband to open up North Sea oilfields in energy",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nEurope may have just six weeks of jet fuel remaining as supply disruption continues to grip the market, the International Energy Agency has warned.\n\nFatih Birol, executive director of the IEA, said the conflict had caused “the largest energy crisis we have ever faced”.\n\n###\n\n\n\n\nMr Birol delivered the assessment to reporters in Paris, cautioning flight cancellations could soon materialise if supplies remain blocked.\n\nAccording to the agency's latest monthly oil market report, European stocks would hit a critical threshold in June unless the continent sources at least half of its Middle Eastern imports from alternative suppliers.\n\n###\n\n\n\n\nTRENDING\n\nStories\n\nVideos\n\nYour Say\n\n###\n\n\n\n\nThe IEA, which provides energy guidance to 32 member nations, said: \"Physical shortages may emerge at select airports, resulting in flight cancellations, and demand destruction\" if more than 50 per cent of Gulf supplies are not replaced.\n\nIf traffic through the Strait of Hormuz remains restricted then there could be flight cancellations “soon”, Mr Birol said.\n\nHe said Asian counties such as Japan, India and China that rely on energy from the Middle East are on “the front line”, but pressure will then “come to Europe and the Americas”.\n\nTehran took the action in response to US and Israeli military strikes, triggering disruption across global energy markets.\n\nThis closure has sent aviation fuel prices sharply higher, with the benchmark European jet fuel price reaching a record $1,838 per tonne at the beginning of April — more than double the $831 recorded before hostilities began.\n\n###\n\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nThe IEA said Europe has historically depended on the Middle East for roughly three-quarters of its jet fuel imports, leaving the region exposed to disruption.\n\nGulf region exports represent the largest source of aviation fuel for global markets, amplifying the impact of supply constraints.\n\nThe agency said: \"The crisis has thrown a proverbial wrench into the inner workings of the aviation fuel markets.\"\n\nEasyJet revealed the scale of industry pressure, disclosing £25million in extra fuel expenses during March alone as a direct consequence of the Middle East conflict.\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * Britain bracing for food shortages as Iran war threatens key supplies\n  * Oil prices surge back above $100 as Britain stares down the barrel of mass protests\n  * Even Tony Blair's organisation urges Ed Miliband to open up North Sea oilfields in energy\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nThe budget carrier had protected more than three-quarters of its fuel requirements through fixed-price contracts before the crisis erupted.\n\nDespite this hedging strategy, the airline issued a profit warning.\n\nEasyJet said it expects to report a headline loss before tax of between £540million and £560million for the six months to the end of March.\n\nThe Luton-based airline's shares fell by as much as nine per cent following the update.\n\n###\n\n\n\n\n###\n\n\n\n\nThe war has introduced “near-term uncertainty around fuel costs and customer demand”, EasyJet reported.\n\nBookings are down two percentage points for the three months to the end of both June and September compared with a year ago.\n\nThe European Commission said earlier this week that supply difficulties could emerge \"in the near future\", although it maintained there is currently no evidence of shortages across the bloc.\n\n###\n\n\n\n\n###\n\n\n\n\nA spokesperson said crude oil deliveries to EU refineries remain stable without requiring emergency stock releases.\n\nBrussels said energy coordination groups are convening weekly, with the Commission president set to announce further measures next week.\n\nAmerican jet fuel exports have increased in recent weeks, although the IEA warned these shipments would cover only slightly more than half of lost Middle Eastern supplies even if entirely directed to Europe.\n\nSeveral long-haul carriers have already introduced fuel surcharges as the industry responds to rising costs.\n\nA Government spokesperson said: “We continue to engage with British airlines to support their operations against the backdrop of war in the Middle East, and to limit the impact on passengers.\n\n“Most airlines purchase their aviation fuel in advance to offset price fluctuations, however we are aware of the impact to businesses, and are working with international allies to see a reopening of the Strait as soon as possible.”\n\n###\n\n\n\n\n\n\n\n\n\n\n**Our Standards: The GB News Editorial Charter**",
  "title": "Europe has 'just six weeks of jet fuel remaining', energy chief warns"
}