Iran conflict impacting energy market, EU says aviation fuel supply not at risk for now.

The EU Transport Commissioner stated that despite the tensions in Iran causing energy supply disruptions, there are no signs of aviation fuel shortages in Europe in the coming months. However, the high cost of fuel is prompting airlines to cut unprofitable routes. The Strait of Hormuz, a key waterway connecting the Gulf region to global markets, has been largely closed over the past three months, leading to a daily reduction of around 14 million barrels in global oil supply, equivalent to about 14% of global demand. So far, the EU has managed to withstand this impact. The Middle East region accounts for about 20% of the EU's aviation fuel imports, with supplies from the US and Nigeria helping to fill the gap. "Currently, there is no shortage of aviation fuel in Europe. We have no signs indicating that there will be shortages in the near future," EU Transport Commissioner Apostolos Tzitzikostas said in an interview, adding that the greatest risk is faced by airports in the region.