The jet fuel crisis is impacting Europe's airline industry, with Wizz Air predicted to be the most vulnerable due to lower margin buffers, better fuel hedging, and lower direct operational exposure to the Middle East. However, Loredana Muharremi, equity analyst at Morningstar, warned that even the best-hedged airlines are only "partially-shielded" from the soaring fuel prices. She also highlighted that low-cost Hungarian carrier Wizzair has the lowest full-year hedge for 2026 at about 55%. Meanwhile, International Consolidated Airlines Group, which owns British Airways, Iberia, Aer Lingus, and Vueling, is 62%. The International Energy Agency has warned that Europe could run out of jet fuel within six weeks. Despite a ceasefire extension announced by U.S. President Donald Trump, the maritime corridor remains volatile and oil prices have left oil prices elevated and jet fuel supply restricted, leading to capacity cuts among many carriers. European airlines have already reduced short haul capacity for April and May, with some also cutting transatlantic capacity.