European commission evaluates energy supply security amid Middle East tensions

On May 26, the European Commission convened the Gas Coordination Group and an extraordinary session of the Oil Coordination Group to discuss energy supply security amid ongoing volatility in the Middle East. Despite market uncertainties and price fluctuations, the Gas Coordination Group reported no immediate threats to the European Union's gas supply for the upcoming winter. Current estimates suggest that gas storage levels across the EU could reach 80% by the end of the summer, which is expected to help stabilize supply for the 2026/27 winter season. The Commission emphasized the need for continuous monitoring of storage facilities based on market developments. No additional market interventions for natural gas have been planned by member states at this stage. Regarding oil supplies, the Oil Coordination Group warned that a potential closure of the Strait of Hormuz would significantly impact both crude oil and essential petroleum products. The implications of such a scenario would affect all EU member states, although current disruptions remain limited.