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SINGAPORE –Global supplies of jet fuel will take months to recover even if the Strait of Hormuz remains open, meaning oil prices could stay elevated for some time, said the director-general of global airline industry body International Air Transport Association (IATA) Willie Walsh on April 8. 

Noting that many major refineries in the region have been severely damaged by drone strikes, he added that the recovery is “not going to happen quickly”.

“If we get crude oil flowing, that will provide some immediate relief – but it will take a little bit of time to get the full supply of jet fuel currency back to where it needs to be,” he added.

The United States and Iran on April 8 morning agreed to a two-week ceasefire, resulting in the temporary reopening of the strait that handles about a quarter of the world’s seaborne oil trade. 

But if oil prices continue to skyrocket, air fares will remain high given their “almost direct correlation”, Mr Walsh told reporters at a press conference on the sidelines of the IATA World Data Symposium.

The symposium brings global...