The chairman of the International Energy Agency (IEA) has cautioned that Europe has “maybe six weeks of jet fuel left. According to a research released this week, stocks would hit a tipping point in June if Europe couldn’t replace at least half of its imports from the Middle East.
In reaction to US and Israeli attacks, Iran has effectively blocked the Strait of Hormuz, a vital conduit for jet fuel out of the Gulf, for more than six weeks, driving up prices and raising concerns about shortages.
Fatih Birol, executive director of the IEA, warned AP that if supplies were still blocked, flights would soon be canceled. The IEA, which advises 32 member nations on energy supply and security, stated in its monthly oil market report that the Gulf region’s exports accounted for the majority of jet fuel supplied to the world market.
Crude oil imports from the Middle East were crucial to refineries in other key exporting nations like China, India, and Korea. It stated that the crisis “has thrown a proverbial wrench into the inner workings of the aviation fuel markets” as a result.
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