Jet fuel prices surge as Iran War disrupts Middle East exports

Jet fuel prices have surged globally as the Iran conflict disrupts crude flows and shipping routes through the Persian Gulf. In Europe, prices have jumped to their highest level since 2022, with the region particularly exposed as roughly half of its jet fuel imports pass through the Strait of Hormuz. According to Sparta’s James Noel-Beswick, the market has seen “stratospheric moves in global jet pricing,” as airlines face both longer flight routes and tightening supply. With Asian refiners expected to cut runs and some exporters already suspending product shipments, jet fuel supply is likely to tighten further, pushing premiums over crude to record levels and adding to broader inflation concerns across energy markets.