Jet fuel prices in Asia have surged by 72% to reach a record high of $225.44 per barrel, due to concerns about future supplies given the disruption of about 20 million barrels per day (bpd) of crude oil and refined product shipments through the Strait of Hormuz. The spot price of jet kerosene has risen 140% since February 27, when the United States and Israel launched an aerial bombing campaign against Iran. The profit margin for producing a barrel of jet oil from Dubai crude has risen to over $100 a barrel, suggesting a severe shortage. However, there are increasing signs of stress in Asian refiners, with reports of some plants lowering operating rates to preserve crude stockpiles and others bringing forward maintenance. If confirmed, this would significantly tighten regional product markets.