IATA: It may take several months for aviation fuel supply to recover after the reopening of the Hormuz Strait.

The Director of the International Air Transport Association stated on Wednesday that, even if Iran reopens the Strait of Hormuz, the recovery of aviation fuel supply will still take several months due to the damage to refining capacity in the Middle East. US President Trump has announced a two-week ceasefire agreement with Iran, on the condition that the Strait of Hormuz is immediately safe for navigation - a waterway that typically carries approximately one-fifth of global oil trade. After the news was released, oil prices fell below $100 per barrel. Willie Walsh, Chairman of the International Air Transport Association, told reporters in Singapore that he expects crude oil prices to fall, but due to the impact on refineries, aviation fuel costs are likely to remain slightly higher. Walsh stated: "Even if the strait reopens and remains open, considering the interruption of refining capacity in the Middle East - a critical link in the global supply of refined products, it will still take several months for supply to return to normal levels."