The closure of the Strait of Hormuz since March 1 has triggered an unprecedented distortion in global jet fuel markets, pushing European aviation fuel prices to historic extremes and exposing the continent’s structural dependence on Middle Eastern supply. In a market where diesel has traditionally commanded a premium over jet fuel, the sudden disruption of Gulf exports has inverted long-standing price relationships, leaving Europe desperately searching for alternatives that are either geographically distant, commercially unattractive, or…
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