Iran conflict impacts energy markets, EU says no immediate risk to aviation fuel supply

However, soaring fuel prices are prompting airlines to cut unprofitable routes. The Strait of Hormuz, a key waterway connecting the Gulf region to global markets, has been largely closed over the past three months, resulting in a reduction of about 14 million barrels per day in global oil supply, which is roughly 14% of worldwide demand. So far, the European Union has withstood this shock. The Middle East accounts for about 20% of the EU's aviation fuel imports, while supplies from the United States and Nigeria have largely filled the gap. "At present, there is no shortage of aviation fuel in Europe. We have no indication that a shortage will occur in the near future," said EU Transport Commissioner Apostolos Tzitzikostas in an interview, adding that regional airports are facing the highest risk.