Commercial jet fuel supplies across the European Union may face further strain throughout the summer months, despite the ongoing recovery of maritime traffic through the Strait of Hormuz, according to EU Energy Commissioner Dan Jorgensen. Speaking on Friday, the commissioner noted that while the situation is improving, the energy market remains fragile.
Since June 15, the volume of traffic has been steadily rising through the strait, a critical waterway that typically accounts for approximately one-fifth of global oil and gas exports. This uptick follows a preliminary agreement reached last week between Iran and the United States aimed at de-escalating the conflict. Furthermore, the United Nations’ International Maritime Organization has initiated a comprehensive plan to assist vessels and crews that were previously stranded in the Gulf due to the hostilities.
Jorgensen acknowledged the positive developments regarding transit but warned that global energy markets would require significant time to stabilize. He remarked that it would likely take several months for oil markets to return to normalcy, while gas markets could take several years to recover due to the extensive destruction of infrastructure within the region.
The disruption of crude and oil product exports from the Gulf had an immediate impact, triggering jet fuel shortages across Asia and fueling concerns regarding potential supply constraints in Europe during the busy summer travel period. Jorgensen cautioned that in the short term, the market will likely experience a more precarious situation regarding commercial stocks as the season concludes.
To mitigate the risk of severe shortages, the commissioner suggested that EU member nations might need to release their reserve jet fuel supplies. He confirmed that officials would continue to closely monitor the energy supply landscape to determine the necessary course of action.
