Jet fuel across Europe may be depleted within six weeks, the IEA is warning, according to the Associated Press. Around 75% of Europe's net oil imports come from the Middle East, and the war in Iran has squeezed supply through the Strait of Hormuz hard enough that smaller European airlines can't afford to fill their tanks. Larger carriers are piling on baggage fees to offset higher fuel costs.
"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," IEA Executive Director Fatih Birol told the AP.
It's hitting this side of the Atlantic, too. Spirit Airlines has gone from bankruptcy proceedings to talking full-on liquidation in the face of rising fuel costs — a carrier that was already on life support now can't keep the lights on. Air Canada announced it's canceling its Toronto and Montreal flights to JFK due to refueling costs.
Meanwhile, Whiskey Pete Hegseth has ordered thousands of additional troops to the waters off the Iranian coast. That roughly 4,200 of those soldiers are part of the Boxer Amphibious Ready Group could signal that a ground invasion is coming, which would put U.S. Marines in range of Iran's rockets, cheap drones, and loitering munitions. Oil ain't getting any less expensive anytime soon.
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