European Commission President Ursula von der Leyen has again warned of a "critical energy situation" as oil and gas markets convulse, underscoring growing fears of supply shocks, at a moment President Trump early this week claimed the Strait of Hormuz could "reopen very soon" if talks with Iran succeed - though Tehran has flatly denied any negotiations are underway as confusion reigns over the status of backchannel dialogue.
Already one country says it is suffering a fuel shortage crisis, amid broader reports of some demand destruction problems coming in from various parts of the globe. Philippine President Ferdinand Marcos on Tuesday said there's a "distinct possibility" planes may be grounded due to a jet fuel shortage, connected to the war on Iran and de facto closure of the Strait of Hormuz.
"Several countries have already told our airlines they cannot fuel their aircraft, so they have to carry fuel there and back," he told Bloomberg News in an interview.
He additionally warned that long-haul flights could become "a much more serious problem" due to the fuel crisis and restrictions. He was specifically asked whether planes might inevitably be grounded, to which he responded: "We’re hoping not, but it’s a distinct possibility."
Now in its fourth week, the US-Israel-Iran war had already disrupted commercial flights across the Gulf and Mideast region, especially impacting key regional hubs of Dubai, Doha, Abu Dhabi, and Tel Aviv - due to the ongoing missile and drone danger in the skies. Another significant development reported by Bloomberg Tuesday:
Vietnam Airlines will temporarily suspend flights on some domestic routes as jet fuel shortages and rising fuel prices caused by the conflict in the Middle East start to impact the nation’s air travel.
The national flag carrier will cut around 23 flights per week from April 1 over tightened supplies of jet fuel, according to a statement from the Civil Aviation Authority of Vietnam. VietJet Aviation JSC is also reducing flights on some routes, according to schedules on its booking website.
But as far as oil and fuel flows disruptions, Asia in particular has been the first region to feel the supply crunch most acutely. Below is a round-up of some of the latest examples:
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