Global energy markets are facing one of the most serious supply crises in the current decade. International agencies have issued stern warnings of disruptions in the market for refined oil products, particularly aviation fuel, marine fuel, and liquefied petroleum gas. This is due to the impact on the operation of refineries against the backdrop of the Iranian war, which has led to a near-complete halt to shipping in the Strait of Hormuz. Prices for aviation fuel have reached historic highs, exceeding the $210 per barrel mark in mid-March 2026. The rise in aviation fuel prices was exacerbated by the fact that the Strait of Hormuz is the main route for about 20% of global aviation fuel supplies coming from the giant refineries in the Gulf to the world.
