U.S. jet fuel production surged to a record 2.0 million barrels per day in early May, up from 1.7 million barrels per day in late February, as refiners responded to skyrocketing prices triggered by the closure of the Strait of Hormuz on February 28. The U.S. Energy Information Administration reported the milestone on June 8, 2026, noting that weekly estimates showed the four-week average production first exceeded 2.0 million barrels per day in the week ending May 1. The surge represents both a strategic shift by refiners to maximize jet fuel yields and a response to unprecedented global demand after the critical Persian Gulf shipping route closed.
The data shows just how dramatically prices moved. From March through May, U.S. Gulf Coast Jet Fuel Spot prices averaged $3.91 per gallon, roughly double the price at the start of 2026 and higher than regional spot prices for both gasoline and diesel fuel. The jet fuel crack spread on the U.S. Gulf Coast—an indicator of refining profitability—averaged $1.25 per gallon during the same period, up sharply from $0.42 per gallon at the year's start. Jet fuel prices at major global trading hubs in Amsterdam, Rotterdam, Antwerp, and Singapore also averaged about double their January levels from March to May. Europe and Asia saw jet fuel prices trade at significant premiums to U.S. Gulf Coast prices in March and April, with weekly estimates based on U.S. Customs data indicating U.S. jet fuel exports reached record highs in April and May.
The report finds that the increased production reflects both above-average refinery runs and strategic shifts to increase jet fuel yields, with U.S. refiners "maximizing jet fuel production to take advantage of high jet fuel prices and margins." According to the EIA, higher crude oil prices and supply concerns, particularly in Europe and Asia, "which previously imported much of their jet fuel supply from the Persian Gulf, have driven up jet fuel prices." The agency notes that much of the increased U.S. jet fuel production is being exported, as domestic inventories remain above average.
The report explains that the closure of the Strait of Hormuz created an immediate supply crisis for European and Asian markets that had relied heavily on Middle Eastern jet fuel imports. U.S. refiners pivoted quickly, ramping up production to capture the lucrative export market—jet fuel prices in Europe and Asia traded at premiums to U.S. prices specifically to attract replacement supplies. The profit opportunity was substantial: crack spreads nearly tripled in just a few months, making jet fuel far more profitable to refine than gasoline or diesel. Despite the export boom, U.S. jet fuel inventories as of May 29 totaled 45 million barrels, 7% above the 2021–2025 average, suggesting domestic supply remains comfortable for now.
The report indicates that jet fuel prices in Europe and Asia are now closer to U.S. Gulf Coast prices, and prices are lower than their April peaks in all three regions as "concerns of an imminent jet fuel shortage have eased." However, the EIA warns that if the recent decline in imports to the West Coast continues, the region—which relies most heavily on jet fuel imports—may need to increase draws from inventories. The price spike has cooled, but the underlying supply disruption from the Strait of Hormuz closure continues to reshape global jet fuel trade flows, with U.S. refiners now playing a central role in meeting international demand.