FLASH
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New geopolitical tension in the Middle East and the risk of a prolonged disruption to shipping in the Strait of Hormuz are causing strong shocks in international energy markets, directly affecting the prices of oil, jet fuel and, consequently, transportation costs across Europe.
The pressures are already being reflected in fuel prices, air transport and the European Union's broader energy security planning.
Meanwhile, the situation has already caused significant uncertainty in the oil market and the refining industry, due to extreme price fluctuations and the lack of an agreement that would guarantee an end to the conflict in the Middle East.
Increase in the price of aviation fuel by over 106%
The economic impact is also significant due to the strong increase in prices. According to IATA data, based on the Platts platform of S&P Global, the average global price of jet fuel at the refinery exit was $99 per barrel at the end of February. By March 20, it had risen to $197, while on April 17 it reached $188.08 per barrel in Europe. On an annual basis, the increase amounts to 106.5%, significantly burdening airlines, as fuel accounts for about 25%–40% of operating costs.
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