'Critically low levels': UK braces for jet fuel shortage as rationing looms

Published: 2026-05-06 01:21:12 ET GS

Published on 05/06/2026 at 01:21 am EDT

THE UK is particularly vulnerable to the jet fuel shortages caused by the Iran war, as the risk of rationing looms as supplies fall to "critically low levels".

The ongoing closure of the Strait of Hormuz has led to an "extreme tightness" in the supply of jet fuel in Europe, with the UK the "most exposed," according to a note from Goldman Sachs.

The Gulf region produces around one fifth of the fuel traded on international markets, with Europe one of its significant customers, but the closure of the strait has choked up the global oil supply.

The price of jet fuel has doubled since the start of the conflict on 28 February, while airlines have been forced to cut roughly two million seats from their schedules for this month within the past two weeks.

Goldman Sachs said: "The UK is the largest net importer of jet fuel in Europe, and it holds no strategic reserves, leaving commercial inventories as the primary buffer.

"As a result, inventories in some countries, especially the UK, could fall to critically low levels, increasing the likelihood of rationing measures."