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EU Confirms No Immediate Supply Disruptions Despite US-Iran Conflict

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The EU's Oil Coordination Group reported no immediate supply issues, assuring that commercial stocks can cover demand despite the ongoing Strait of Hormuz blockade, European Commission stated on Friday.

Experts from the European Commission, member states, industry stakeholders, NATO, and the International Energy Agency convened for the Oil Coordination Group meeting on Thursday to evaluate Europe's supply security amid escalating Middle East hostilities and the critical blockade of the Strait of Hormuz.

The coalition confirmed that that current demand for crude and petroleum products remains fully satisfiable via existing commercial stockpiles and alternative global market channels.

However, officials cautioned that a protracted conflict could severely strain international shipping lanes and tighten global energy markets in the coming weeks and months.

In response, the European Commission stated it will maintain continuous oversight of regional developments, coordinate preventative actions with international partners, and keep open lines of communication with the IEA and market participants.

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US Oil Update: Crude Settles Higher as Houthi Attacks Deepen Supply Risk Fears

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Oil & Energy

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Oil & Energy

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