No jet fuel shortage in Europe, transport chief says, despite Middle East conflict – business live

AI desk brief

A hotter-than-expected US payrolls report is the most immediate precious-metals takeaway: nonfarm payrolls rose 172k in May versus 85k expected, reinforcing a hawkish Fed narrative, lifting the dollar/yields and likely pressuring gold near term. The article’s market read is straightforward: stronger labor data delays rate cuts, which is typically bearish for XAU unless geopolitics keep safe-haven demand elevated. The broader business-live piece is mainly about Europe’s jet-fuel situation, with EU transport chief Apostolos Tzitzikostas saying there is currently no jet-fuel shortage in Europe despite Middle East tensions and the unresolved Strait of Hormuz risk. He flagged demand destruction already showing up in airline route cancellations and said conditions could become “very difficult” by year-end if supplies stay disrupted, but for now emergency stocks are holding. For metals, the key cross-asset link is that a firmer US rates backdrop from the NFP surprise is likely to outweigh the near-term safe-haven bid from geopolitical stress unless Middle East headlines escalate further.