The European Union's Oil Coordination Group announced on Friday that there are currently no disruptions to the supply of crude oil and refined products within the bloc. This assessment followed a meeting held on Thursday, involving representatives from EU member states, the European Commission, the International Energy Agency, and NATO to evaluate energy security in the wake of renewed hostilities in the Middle East and the blockade of the Strait of Hormuz.

The committee confirmed that European demand continues to be met through existing commercial inventories and alternative global market supplies. Despite the current stability, the commission warned that the ongoing conflict in the Middle East poses a significant risk to future supply chains, noting that a prolonged escalation could lead to further market tightening and supply constraints in the coming weeks and months.

Moving forward, the European Commission stated that it will continue to closely monitor the overall security of supply and evaluate potential risks to the energy market as the situation in the region develops.