EU Confidence Amid Middle East Conflict: No Immediate Oil and Gas Supply Threat

The European Commission, amidst rising oil and gas prices, assures that the Middle East conflict won't affect the EU's oil and gas supply security immediately. With international shipping affected, Europe remains confident in its diversified energy imports and storage levels. An EU oil coordination group will review the situation soon.

The European Commission, addressing concerns about the Middle East conflict, stated that there is no immediate threat to the EU's oil and gas supply security. Oil prices increased due to disruptions in the Strait of Hormuz, following Iranian retaliatory attacks after bombings by Israel and the U.S.

Tanker owners and oil majors have halted shipments via the crucial Strait of Hormuz, a key global oil and gas transit point. Despite this, the Commission assured there's no immediate supply concern for the EU. An official message has been sent to EU governments, reiterating the stability of supply.

EU gas storage remains adequate despite reduced levels compared to last year. With the U.S. as a major LNG supplier, Europe has diversified sources, aiming to phase out dependence on Russian gas. The EU is also monitoring potential impacts from recent geopolitical tensions.

(With inputs from agencies.)