Markets 
The head of the International Energy Agency says Europe has “maybe 6 weeks or so jet fuel left” amid shortages due to Iran’s blockade of the Strait of Hormuz, the Associated Press reported Thursday.
IEA Executive Director Fatih Birol offered the analysis in an interview, telling the AP that the Hormuz situation has caused “the largest energy crisis we have ever faced.”
“In the past, there was a group called ‘Dire Straits.’ It’s a dire strait now, and it is going to have major implications for the global economy. And the longer it goes, the worse it will be for the economic growth and inflation around the world,” he said.
“I can tell you soon we will hear the news that some of the flights from city A to city B might be canceled as a result of lack of jet fuel,” he added.
TRUMP DETAILS SWEEPING ‘ALL OR NOTHING’ BLOCKADE OF STRAIT OF HORMUZ AFTER FAILED IRAN TALKS
The war in Iran has caused oil prices to spike in the U.S. as well, though Treasury Sec. Scott Bessent has said the surge is “transient.”
For its part, Iran has threatened to shut down traffic in the Red Sea and other regional shipping lanes if the U.S. continues its blockade of Iranian ports this week.
TRUMP AGREES TO 2-WEEK CEASEFIRE IF IRAN OPENS STRAIT OF HORMUZ
Iran’s Maj. Gen. Ali Abdollahi Aliabadi issued the threat on Iranian television on Wednesday.
Aliabadi said if the U.S. blockade continues, it “creates insecurity for Iran’s commercial vessels and oil tankers” and constitutes “a prelude” to violating the ongoing U.S.-Iran ceasefire, the news outlet reported.
“The powerful armed forces of the Islamic Republic will not allow any exports or imports to continue in the Persian Gulf, the Sea of Oman, and the Red Sea,” Aliabadi reportedly added.
Read the full article here
