Global aviation fuel supplies face severe shortages due to the closure of the Strait of Hormuz for several months, caused by the war between the US and Israel against Iran. Europe is particularly hard hit, with consultancy Energy Aspects predicting a deficit of nearly 600,000 barrels per day in European aviation fuel supply in the third quarter of this year, while the US and Asia-Pacific regions are expected to see surpluses. The International Energy Agency (IEA) has made similar estimates. Fuel prices have fluctuated wildly, reaching as high as $215.32 per barrel in late March before falling to above $130 per barrel. Ryanair of Ireland stated that its unhedged fuel was impacted by the price surge, increasing operating costs by 11%. Southwest Airlines' fuel expenses in the second quarter increased by nearly $900 million year-on-year, and United Airlines expects an additional nearly $6 billion in full-year fuel expenditures in 2026. EU Energy Commissioner Dan Jorgensen stated that the EU might face fuel shortages by the end of summer and plans to coordinate the release of national reserves to cope.