The head of the global airlines body stated that even if Iran reopens the Strait of Hormuz, jet fuel supply recovery will take several months due to existing Middle East refining disruptions. This follows comments about a potential ceasefire and the importance of the strait to global oil trade.

The head of a body representing global airlines said on Wednesday that even if Iran reopened the Strait of Hormuz, it would take months for jet fuel supply to recover given disruptions to Middle East refining capacity. Oil fell below US$100 per barrel after US President Donald Trump said he had agreed to a two-week ceasefire with Iran ‌that was subject to the immediate and safe reopening of the Strait of Hormuz, which normally carries about a fifth of the world’s oil trade. Iranian Foreign...