Europe warns of jet fuel shortages as Qantas, Virgin cut flights

Economists - and motorists - have been nervously watching the Brent crude oil price spike above 100 US dollars a barrel in recent weeks as the Middle East conflict continues. It's currently sitting around 90 dollars a barrel - but it's expected to surge when markets open today. Meanwhile, jet fuel has also seen a significant spike since the start of the war. Last week, the International Energy Agency warned airlines in Europe may have just six weeks left of supply - as local airlines Qantas and Virgin suspended and cancelled flights as their fuel bills soar. Guest: Justin Wastnage, Adjunct Industry Fellow at Griffith University's Institute of Tourism Producer: Jason Whittaker