US EditionAirlines Brace for Surge in Oil Prices and Forex After Iran Crisis
Jet fuel prices hit record highs in Europe and Asia due to supply disruptions from the Middle East conflict, with EU imports through the Strait of Hormuz at particular risk.
- On March 5, 2026, global jet fuel prices surged as oil traders and commodity firms grappled with fallout from the U.S.–Iran war and disrupted Middle East output at the Strait of Hormuz.
- With the Strait of Hormuz largely closed, exporters have faced near-halted shipping, while Iraq cut output nearly 1.5 million barrels daily and Mangalore Refinery suspended exports.
- In northwest Europe, jet fuel premiums reached a record gap of more than US$76.60 a barrel, with about 329 oil vessels stuck in the Gulf, Sparta's James Noel-Beswick said.
- Carriers are rerouting and facing higher bills as they confront longer routes and tightening global supply, while the European Union's aviation market is especially exposed since half of the bloc's jet fuel imports pass through the Strait of Hormuz.
- Run cuts in Asia are increasingly likely, and most oil fields can restart within days but full capacity takes two to three weeks, while Qatar's force majeure may delay recovery by at least a month.
21 Articles
21 Articles
Channel News Asia
Oil prices rise as Iran conflict widens
TOKYO, March 5 : Oil prices rose on Thursday amid growing concern over the prolonged closure of the Strait of Hormuz, as the U.S.-Iran war chokes off vital Middle East oil and gas flows while production facilities limit output.Brent crude was trading up $1.67, or 2.05 per cent, at $83.07 per barrel by 0141 GM
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