There are no signs of a jet fuel shortage in Europe in the coming months despite the energy shock caused by the war with Iran and the ongoing restrictions in the Strait of Hormuz, European Transport Commissioner Apostolos Zidzikostas said in an interview with "Reuters".
According to him, the European Union has so far managed to cope with the consequences of the crisis, as the Middle East provides about 20 percent of Europe's jet fuel imports, and supplies from the United States and Nigeria largely compensate for the shortage.
"There is no shortage of jet fuel in Europe at the moment. We have no signs that we will face one in the near future," Zidzikostas said. He warned that smaller regional airports remain the most vulnerable if the situation worsens.
The main problem, he said, is the sharp increase in fuel prices. Data from the International Air Transport Association (IATA) shows that aviation fuel accounts for between 25 and 30 percent of airlines' operating costs.
"That is why we see some airlines choosing to cancel routes that are no longer economically viable," the European Commissioner said.
According to him, passengers may not immediately feel the impact of the crisis through higher ticket prices, as some airlines are still taking advantage of pre-contracted fuel supply contracts. However, after they expire, prices may start to rise more seriously in the second half of the year or in 2027.
Analysts expect the average price of oil this year to reach around $90 per barrel, which is nearly 40 percent more than in February.
Dzidzikostas warned that if supply disruptions from the Middle East continue until the end of the year, the situation will become "very difficult".
"It is extremely important that the war stops and the Strait of Hormuz is opened as soon as possible," he stressed.
According to him, the European Union has strategic fuel reserves in all member states and, if necessary, the European Commission is ready to coordinate their use.
The Commissioner warned that the prolonged conflict could have consequences far beyond the aviation sector. According to him, there is a risk of a significant slowdown in the world economy and even a global recession.
"This is not just a question of aviation fuel or energy resources. It is possible that it will lead to a global recession," said Zidzikostas.