The European Union downplayed any immediate impacts on its oil supplies due to the military developments that have been unfolding in the Middle East region since last Saturday.
In a message relayed to the bloc countries today, the European Commission stated that it doesn’t predict any instant impact on EU oil supplies and called on the member states to share the oil supply security assessments by the end of today.
Global oil markets have begun issuing their assessments of supply movements and prices due to the outbreak of military actions in the Middle East, and the impact on maritime navigation in the Bab el-Mandeb and the Strait of Hormuz, both of which are major arteries for global oil and LNG exports.
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