Jet fuel accounted for 9% of petroleum products made from crude oil in Japan in fiscal 2024, compared with gasoline at 31%, the Petroleum Association of Japan reports. Iran's nearly complete closure of the Strait of Hormuz has disrupted global crude oil supplies, causing jet fuel prices to skyrocket. The price of Singapore kerosene, the Asian benchmark for jet fuel prices, reached an all-time high of $242.06 per barrel on Monday.