Europe is down to roughly six weeks of jet fuel reserves, according to the head of the International Energy Agency.
In an interview on Thursday, Fatih Birol said flight cancellations could begin if the ongoing conflict involving Iran continues to block shipments through the Strait of Hormuz, a key route for global energy supplies.
Birol described the situation as the largest energy crisis the world has faced, noting that the strait — which normally handles nearly 20 percent of globally traded oil — has become a critical chokepoint.
He explained that if the waterway cannot be reopened soon, travelers would likely hear about flights being canceled due to jet fuel shortages. Birol added that developing countries in Asia, Africa, and Latin America would suffer the most, but no nation would be completely spared. He stressed that while some countries may be richer, none are immune to the crisis.
Beyond flight disruptions, Birol predicted higher gas, electricity, and petrol prices. Several airlines, including KLM and easyJet, said they were not experiencing immediate shortages, though KLM had already cut 160 European flights next month due to rising fuel costs.
Birol also revealed that more than 110 oil tankers and 15 LNG carriers were stuck waiting in the Persian Gulf. He warned that even if the strait reopened immediately, war damage to over 80 regional energy facilities meant full production could take up to two years to return to pre-war levels.
Calling the situation a dark and long shadow of geopolitics, Birol said he found it shocking that a couple hundred men with guns could hold the global economy hostage.
