---
title: Asia and Europe are running out of jet fuel:
description: "Jet fuel prices rose +70% since the US and Israel launched airstrikes on Iran six weeks ago, to $4.24 a gallon, according to the Argus US Jet Fuel Index.\n\nEurope has ~6 weeks of jet fuel remaining, though the situation varies significantly across the continent, with Britain, Iceland, and the Netherlands most at risk, while Austria, Bulgaria, and Poland hold more comfortable stocks, according to IEA Executive Director Fatih Birol.\n\nThis comes as only ~10% of a barrel of oil goes to jet fuel, making it the most vulnerable refined fuel to supply disruptions, according to GasBuddy.\n\nAfter China and Thailand stopped exporting jet fuel to meet domestic needs, import-dependent markets including Vietnam, Myanmar, and Pakistan began running out of supply.\n\nMajor European airlines including Lufthansa, Air France-KLM, and Ryanair have begun cutting flights and rationing fuel, with some Italian airports already restricting supply.\n\nTokyo-London round-trip airfares on ANA's nonstop service surged +90% over the 50 days surrounding the start of the Iran war, to ~$3,010, according to Nikkei.\n\nFuel surcharges on Japan-Europe routes are expected to exceed ~$503, per ticket if current kerosene prices persist, with JAL and ANA both considering raising surcharge caps.\n\nSource: Global Markets Investor, Brut"
---

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# [Asia and Europe are running out of jet fuel:](https://blog.syzgroup.com/syz-the-moment/asia-and-europe-are-running-out-of-jet-fuel)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Apr 17, 2026, 1:27:39 PM

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