Jet Fuel Bidding War Forces European Airlines to Cancel Flights, Hike Fares

A global bidding war for jet fuel is pushing European airlines to the brink after Middle East supplies were cut off following the Feb. 28 U.S.-Iran conflict, creating a 175,000 bpd shortfall against 1.6 million bpd demand per SocGen. U.S. exports have surged to a record 442,000 bpd in early April, with Europe's share rising to 200,000 bpd from pre-crisis 30-60k bpd. Lufthansa canceled 20,000 flights to save 40,000 metric tons of fuel, while Air France-KLM raised long-haul fares by €100; hedging mitigates costs but physical scarcity drives bullish WLDOIL momentum.