Let's Talk Energy

Running on empty: How the Middle East war is squeezing jet fuel markets, with Susan Bell

13 May 2026

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Join us for our annual Summits in Singapore, Houston and London: https://rystad.info/48VVL1MLet’s Talk Energy and take the pulse of the aviation industry as it struggles to source enough fuel as the Middle East war dries up global supplies. Airlines are facing their biggest test since Covid. While Brent futures are up 70+% this year, jet fuel prices have doubled in Europe and risen 110% in Asia over 2025 averages. The situation caused the CEO of United Airlines to warn ticket prices could increase by about 20%. Lufthansa canceled 20,000 flights that it said were no longer profitable. US budget carrier Spirit Airlines stopped flying altogether after declaring bankruptcy. And finally, Fatih Birol, head of the International Energy Agency (IEA), warned that Europe could start running out of jet fuel in as little as six weeks. How has the war hit jet fuel supplies, and why has the price squeeze been even worse for jet than for crude? How are refiners reacting to the shortage, and do high prices necessarily mean high margins for the sector? What can countries do – short of grounding flights – to manage this market and help consumers cope with the runup in prices? Related Analysis Special Report #4: Middle East conflict implications (available to non-clients) Hormuz crisis reshapes clean fuel investment across the transportation space (available to non-clients) AusFuel Monitor: Emergency cargoes steady Australia jet-fuel supply for now (clients only) Weekly insight: Europe’s jet-fuel market tightens as replacements fall short (clients only) Weekly insight: Middle East strikes force jet fuel cracks to soar (clients only) Related Episodes What China’s oil stockpiling means for OPEC+, prices and global trade, with Lin Ye The Hormuz crisis and the real cost of a barrel of oil Asia's oil scramble is reshaping crude markets Let’s Talk Energy is a Rystad Energy Production.  Produced by Elliot Busby & Både Og.  Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.  Follow us on: LinkedIn  YouTube  Instagram  X 

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13:00H | 21 DIC 2025 | Fin de Semana

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10:00H | 21 DIC 2025 | Fin de Semana

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12:00H | 20 DIC 2025 | Fin de Semana

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2ª PARTE | 06 ENE 2026 | EL PARTIDAZO DE COPE

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El Partidazo de COPE

3ª PARTE | 22 ENE 2026 | EL PARTIDAZO DE COPE

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El Partidazo de COPE

3ª PARTE | 04 MAR 2026 | EL PARTIDAZO DE COPE

01 Jan 1970

El Partidazo de COPE

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Let's Talk Energy

Running on empty: How the Middle East war is squeezing jet fuel markets, with Susan Bell

This episode hasn't been transcribed yet

Other recent transcribed episodes

13:00H | 21 DIC 2025 | Fin de Semana

10:00H | 21 DIC 2025 | Fin de Semana

12:00H | 20 DIC 2025 | Fin de Semana

2ª PARTE | 06 ENE 2026 | EL PARTIDAZO DE COPE

3ª PARTE | 22 ENE 2026 | EL PARTIDAZO DE COPE

3ª PARTE | 04 MAR 2026 | EL PARTIDAZO DE COPE

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