Several major airlines have halted flights this summer due to the ongoing jet fuel crisis.
In an effort to increase fuel supplies, Keir Starmer has approved the importation of Russian diesel and jet fuel, marking a significant shift from the previous tough stance towards Russia following its invasion of Ukraine in 2022. A recent permit allows these products to enter the UK on an ongoing basis, provided they have undergone refining in other nations.
This decision comes amidst soaring jet fuel and diesel prices triggered by conflicts in the Middle East and the blockade of the Strait of Hormuz, which has impacted approximately 20% of the global oil supply.
Fortunately, Europe is now at a reduced risk of facing a jet fuel shortage and significant flight disruptions in the near future. Increased production in the US and Spain has led to a drop in jet fuel prices, declining from over £150 per barrel – more than double the pre-war price – to approximately £120.
Despite positive developments, a few airlines have already scrapped upcoming flights scheduled for the following months.
Several airlines have cautioned that they may need to cancel flights if the situation persists, though the current number of cancellations remains relatively low.
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