Jet fuel prices are soaring on the U.S. East Coast, home to some of the world’s busiest airports, with buyers anticipating a growing shortage as supply dwindles amid sanctions on Russian energy exports.
Following Russia’s Feb. 24 invasion of Ukraine, the United States and allies slapped heavy sanctions on Russian industry, leading to a tightening in worldwide energy markets. Russia is the world’s largest exporter of crude and petroleum products, and the supply crunch is filtering through to global markets.
