The war with Iran is ‘over’ but the jet fuel crisis is about to begin

Good morning. On Fortune’s radar today:

Jet fuel crisis: 23-day shortage threshold will hit Europe in June.

Markets: Peace rally in full bloom.

The war with Iran is over, again.

Our robot friends might be destroying jobs faster than they are creating them.

The half-million-dollar sob story.

Stocks rise and oil falls on hopes of peace in the Persian Gulf 

S&P 500 futures were UP 0.32% this morning. The index closed up 0.81% yesterday at a new record high of 7,259. 

In Europe, the Stoxx 600 rose 1.55% in early trading and the U.K.’s FTSE 100 was up 2.22% before lunch.

Asia: South Korea’s KOSPI rose 6.45%. India’s Nifty 50 was up 1% before the close. China’s CSI 300 was up 1.45%. 

Brent crude was $108 per barrel this morning, down from yesterday’s high of $114.

Jet fuel crisis will hit in June, Goldman warns

The world’s oil supply will sink to just 98 days of demand by the end of May, according to new research from Goldman Sachs. Europe’s jet fuel supplies are even lower, according to analyst Yulia Zhestkova Grigsby and her colleagues. In Europe, jet fuel availability will fall below the International Energy Agency’s 23-day shortage threshold in June, she says.

“We see large risks of jet fuel shortages in Europe already this summer,” Grigsby said. “The U.K. appears most at risk of jet fuel rationing given its large net imports.”

'Days of demand' are the number of days that fuel would run out if replenishment went to zero—the qualification is that there is likely always going to be some replenishment of supply. Nonetheless, with supplies running this low, many industries will be forced to change how they operate or cease certain activities to make supplies last, Fortune’s Jordan Blum reports.

South Korea could be among the hardest hit. It has already reduced its local jet fuel inventory by 66%. Japan’s has been reduced by 46%. And Taiwan and the U.K. are down by 41%. The U.S., by contrast, has maintained 100% of its local supply; Europe has dwindled by only 21%. 

The 98-day supply of other oil products may overstate the amount of usable........

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