The International Energy Agency (IEA) has warned that Europe may have "maybe six weeks" of remaining jet fuel supplies left. The Iran war and the effective closure of the Strait of Hormuz have exacerbated the problem. If Europe replaces only half of its Middle Eastern oil volume, it is possible that jet fuel stocks will hit a critical 23-day threshold by June, triggering flight cancellations and reduced demand. Airlines are already cutting flights due to rising kerosene costs, and EasyJet expects a pretax loss of £540 million to £560 million for the first half of this fiscal year due to high fuel costs. The European Commission is introducing tighter measures to prevent a market shortage and to ensure existing refining capacity is fully utilized. The EU is also considering waiving existing rules regarding potential fuel shortages.