It would take months ​for jet fuel supply to recover even if the he Strait of Hormuz reopens, given disruptions to Middle East refining ‌capacity, said Willie Walsh, Director General of the International Air Transport Association (IATA).

Oil fell below $100 per barrel after US President Donald Trump said he had agreed to a two-week ceasefire with Iran that was subject to the immediate and safe reopening of the Strait of Hormuz, said a Reuters report.

Walsh said in Singapore that ⁠while he expected crude oil prices to fall, jet fuel costs were likely to ​remain slightly elevated due to the impact on refineries.

"If it were to reopen and remain ​open, I think it will still take a period of months to get back to where supply needs to be given the disruption to the refining capacity in the Middle East, which is ​a critical part of the global supply of refined products, and not just jet ​fuel for other products as well," Walsh said.

Airlines across Asia have been cutting flights, carrying extra fuel ‌from ⁠home airports and adding refuelling stops as the Middle East conflict squeezed jet fuel supply, adding to pressure on an industry already hit by a doubling of jet fuel prices.