"I don't think we've ever had a situation like this as long as I can remember where we've had shortages of jet fuel," said Rob Handfield, a professor of supply chain logistics at North Carolina State University.
In an interview with The Associated Press, Fatih Birol, the Executive Director of the International Energy Agency, cautioned that Europe has "maybe six weeks or so" of jet fuel supplies, prompting fears of possible flight cancellations if conditions persist.
"It could have a really major impact if air freight starts to be interrupted. A lot of goods are shipped via airfreight, including a lot of pharmaceutical products, a lot of high-end electronic products, semiconductors," Handfield said.
The ramifications are expansive, according to Mike Hubbard, Director of International Trade for the Economic Development Partnership of North Carolina
"It runs the gamut. It's machine parts and industrial machinery, electrical machinery, it's chemicals. It's really everything," Hubbard said, as he listed some key products that are at the center of trade between North Carolina and Europe.
Hubbard noted that Europe as a whole is the state's largest export partner.
"On the investment side, we've got people coming back and forth all the time," Hubbard said. "I really hope that this isn't something that actually comes to pass."
Those concerns are already being felt by North Carolina businesses that rely on international supply chains.
"Behind the scenes, we're quietly increasing our purchases," said George Stepanian, who co-founded Europa Plus International Food Market in Raleigh.
The business has been open for a little more than half a year, and carries products from dozens of countries, the bulk of which are in Europe.
"We can offer what we believe is good for many, many people of variety of backgrounds to remember about their childhood (and) their home," Stepanian said.
He explained that the business uses wholesalers who import products from overseas. Already, they've seen a spike in prices as a result of fuel costs from trucks that deliver food.
"There is a significant worry regarding the ability to source, ability to bring it, and ability to do it at a reasonable price. This is a taste-of-home idea. This is not a necessity. The demand is very elastic. Once we see something serious, we are going to feel immediately the impact," Stepanian said.
He noted that the bulk of his products arrive by ship, which he hopes will mitigate potential price hikes.
Broadly, North Carolina economic officials highlighted the state's diversified economy and access to ports as positives, which could help cushion some negative effects. Still, experts broadly warn that airline fares are likely to continue rising until there is a resumption in the flow of oil through the Strait of Hormuz.
Travel professionals are advising consumers to take extra caution as fuel costs remain high and uncertainty persists.
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"I'm not noticing a trend in people being apprehensive about travel," said Stacy Gray, owner of Adjust to the Good Life Travel. "I am receiving a lot more calls, you know, do I have travel protection?"
She recommends travelers prioritize direct flights and build flexibility into their itineraries.
"It used to be that we would recommend at least flying in one day early so that you can spend the night and be there whether the cruise or the tour starts the next day," she said. "But now we're suggesting two days."
Gray also urged travelers to protect their bookings.
"If you are booking a hotel, book the refundable rates," Gray said. "If you're doing a cruise, make sure you book the travel protection. If you're booking a tour, same thing, travel protection, and making sure that that travel protection is also cancel for any reason."