Global jet fuel shortage due to Iran conflict

PARAGRAPH 1 --- What happened: A global jet fuel shortage, driven by disruptions in Middle Eastern supplies following the Iran conflict, is causing widespread concern. Europe has only six weeks' supply left, with flight cancellations imminent (Birol, IEA). Airlines are facing a "global stress test" as they scramble for alternative supplies (Reuters). Jet fuel prices have soared by over 100% since the conflict began, pushing up airfares and leading to flight cuts (Reuters, Travel Association).

PARAGRAPH 2 --- Market impact: The airline industry is bearing the brunt, with major carriers like Qantas, Lufthansa, and Virgin Atlantic warning of spiraling costs and potential flight cancellations (Reuters). Airports could face a jet fuel crunch within three weeks, disrupting summer travel and harming the European economy (ACI Europe). Consumers are advised to book flights early to avoid higher fares and potential disruptions (Travel experts).

PARAGRAPH 3 --- What to watch next: The next six weeks will be critical, as Europe's jet fuel supplies dwindle. The IEA's monthly oil market report, due in late April, will provide an updated assessment of the global fuel supply situation. Additionally, airlines' earnings reports in the coming months will offer insights into how they're managing increased fuel costs and potential flight disruptions.