Jet Fuel Shortages: Summer Travel Warning

0:00On March 19th, holiday makers heading out this summer could face much higher airfares and even flight cancellations due to jet fuel shortages linked to the war in Iran. Prices for jet fuel in Europe have hit record highs, almost double what they were before the conflict began. Government officials in the UK are drawing up contingency plans in case supplies get tight. The surge comes from Iran's blockade of the straight-of-form moves, which handles about a fifth of the world's oil. That is push crude oil prices above $100 a barrel from around $67 just before tensions escalated. Airlines bought some fuel in bulk at lower rates earlier, buying them a few months buffer. Airline leaders are blunt about the impact on families. Easy jets boss expects fairs to climb if high prices stick around, urging people to book trips early. Ryanair's chief sees potential issues by late summer if the fighting drags into the next couple of months. Already, carriers like SAS and Scandinavia have cut flights because of the sudden cost jump and others including Air France KLM plan to raise ticket.

1:06Prices. The UK relies heavily on imports from the Middle East for jet fuel and can only refine a third of what it needs at home. Experts warned that without quick resolution, more airlines might drop long haul routes or face outrised shortages in coming weeks as reserves to window. In exports from places like China and Thailand, slow down.