Jet fuel prices are soaring on the U.S. East Coast, home to some of the world’s busiest airports, with buyers anticipating a growing shortage as supply dwindles amid sanctions on Russian energy exports. Following Russia’s Feb. 24 invasion of Ukraine, the United States and allies slapped heavy sanctions on Russian industry, leading to a tightening in worldwide energy markets. Russia is the world’s largest exporter of crude and petroleum products, and the supply crunch is filtering through to global markets. Costs in the United States for jet fuel have surged, particularly on the East Coast, which largely relies on shipments on the Texas-to-New Jersey Colonial Pipeline for refined products, as well as imports from Europe. However, Europe is dealing with its own supply issues, so distillate exports to the U.S. East Coast—also known as PADD 1—are down nearly 60 percent on a year-on-year basis, according to Refinitiv Eikon data. East …