Europe fuel shortages to hit airports as Middle East conflicts cut supply routes

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Europe’s energy crisis deepened Monday as fuel prices surged and shortages spread, driven by Middle East conflicts disrupting global supply chains.
Jet fuel shortages are expected to hit European airports in the fourth quarter, with deficits projected at 510,000 barrels per day, according to Energy Aspects. Stocks at the Amsterdam-Rotterdam-Antwerp hub fell to a seven-year low in early September, as Middle East conflicts—particularly between the U.S. and Iran—cut off a third of Europe’s pre-war supply routes through the Strait of Hormuz. Imports now rely on longer-haul sources like South Korea, where July shipments to Europe averaged 129,000 barrels daily, but transit times stretch to 35–45 days .
Natural gas prices have also spiked, with European LNG costs rising 70% since July to €73 per megawatt hour as of Sept. 21, Goldman Sachs Research reported. Exports from the Persian Gulf remain at 15–25% of pre-war levels, forcing Europe to outbid other regions for limited supplies. Analyst Samantha Dart said demand destruction in Asia and South America has already begun, but prices must stay elevated to sustain balance .
The European Union’s petroleum oil import costs jumped 55.8% in the second quarter of 2026, even as volumes held steady, Eurostat data showed . In Portugal, diesel prices reached a record €2.221 per liter, with €0.84 attributed to taxes, as the conflict in the Middle East pushed costs higher .
Latvia’s Saeima approved excise tax cuts on diesel and gasoline, reducing diesel duties by 16.7% to €330 per 1,000 liters and gasoline by 11.7% to €490 per 1,000 liters, effective Oct. 1. Economics Minister Viktors Valainis said the changes may lower retail prices by €0.08 per liter if fully passed on .
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