Europe Prepares for Fuel Crunch Amid Middle East Tensions

Austrian Economy Minister Wolfgang Hattmannsdorfer warns of reduced fuel deliveries in Europe due to tensions in the Middle East. Strikes and shipping disruptions have driven oil prices up, with diesel and jet fuel supplies expected to drop. Austria remains prepared despite potential challenges.

Europe is bracing for a reduction in fuel deliveries starting next month, prompted by ongoing tensions in the Middle East. Austrian Economy Minister Wolfgang Hattmannsdorfer confirmed the situation during a visit to India, as reported by Austrian news agency APA.

The escalation follows Israeli and U.S. military actions against Iran, with Tehran's reaction to limit shipping in the crucial Strait of Hormuz. This has caused oil prices to spike, leading Western governments to seek measures to mitigate consumer impact.

Hattmannsdorfer noted an anticipated 5% decrease in diesel and a 15% reduction in jet fuel deliveries by May, affecting prices. Despite this, Vienna International Airport remains well-stocked, being closely tied to the Schwechat refinery. Austria has yet to draw from its strategic oil reserves, having coordinated with International Energy Agency members for such measures.

(With inputs from agencies.)