A potential jet fuel shortage in Europe and Asia could occur within weeks if a fragile agreement to reopen the Strait of Hormuz collapses, leading to higher airfares and flight cancellations. The oil market is expected to take months to recover from shipment disruptions, and fuel prices typically take longer to fall than crude prices. The International Air Transport Association estimates that jet fuel costs are airlines' biggest cost, accounting for around 30% of overall expenses. Jet fuel prices have doubled since the Iran war began. In an exclusive interview with The Associated Press, International Energy Agency Director Fatih Birol said Europe had “maybe six weeks” of remaining jet fuel supplies. In Europe, several countries are now relying on less than 20 days of coverage in their fuel supplies, according to a report by the IEA.