Major airlines are facing flight disruptions this summer due to the ongoing jet fuel crisis. To address the supply issues, Keir Starmer has authorized the importation of Russian diesel and jet fuel, marking a significant shift from the previous strict stance on Russia following the Ukraine invasion. A recent license permits the entry of these products into the UK indefinitely, provided they are refined in other countries.
The decision comes amidst soaring prices for jet fuel and diesel, fueled by conflicts in the Middle East and the blockage of the Strait of Hormuz, impacting about 20% of the global oil supply. Fortunately, Europe is now less likely to experience a jet fuel shortage and major flight interruptions in the upcoming weeks. Increased production in the US and Spain has led to a drop in jet fuel prices from a peak of over £150 per barrel, more than double the prewar rate, to around £120.
Despite positive developments, several airlines have already axed flights scheduled for the near future, with more potential cancellations looming if the situation persists. Airlines have issued warnings about possible flight cancellations, although the actual number of flights canceled so far remains relatively low.
