An EasyJet spokesperson said the carrier was not currently being affected by higher fuel prices.
Earlier this week, Ryanair’s chief executive Michael O’Leary said the airline was well hedged against rising fuel prices, adding: “It won’t affect our costs and it won’t affect ​our low fares.”
But according to James Noel-Beswick, head of commodities at market intelligence firm Sparta Commodities, a physical shortage could still cause severe problems.
“Even airlines that will have hedged… will normally have hedged their supply or have long-term contracts from Asia. Now these Asian refineries will also be receiving less crude from the Gulf,” he told BBC’s Today programme.
“Therefore, we will be very close to the moment where they start to reduce production rates, and… these airlines will be scrambling around to find fuel from alternative sources.”
Amaar Khan, head of European jet fuel pricing at commodity market specialists Argus Media, said any fuel that was not hedged was at risk of costing much more.
While European traders could increase jet fuel production, it would likely be “nowhere near” enough to offset a prolonged loss of the Gulf supply.
“Extremely high freight rates are now making imports from other regions less feasible at the same time – coupled with the fact that jet fuel prices are surging everywhere,” he said.
“This will only be a problem for airlines if the Strait of Hormuz remains closed for a significant period of time. If the Strait reopens, prices could fall quickly.”
Noel-Beswick believes these pressures could have a major impact on travellers.
“I think we’re weeks away from maybe flight cancellations or delays due to lack of jet fuel, rather than months,” he said.
Asked whether prices could rise for passengers over the summer, his answer was emphatic: “Very much so.”
Jane Hawkes, an independent consumer travel expert at ladyjaney.co.uk, agreed that higher jet fuel prices could lead to pricier air fares.
“Airlines tend to build fuel costs into their pricing, so if those costs stay high we may well see fares creep up as we head towards the summer holidays,” she said.
“This isn’t great news for families who already face seasonal price hikes at this time of year and whose budgets are already tight due to the ongoing price rises across the board.”
However, she added that people who have already purchased air fares “should not suddenly be presented with an extra fuel surcharge”.
“When you book a flight, the price you pay should be the final price and it should be honoured,” she said.