site.btaNo Short-Term Threat to Oil Deliveries amid Middle East Escalations, European Commission Says

There is no short-term threat to the deliveries of oil for the European Union (EU), European Commission (EC) spokesperson said on Monday in response to questions concerning the latest turn of events in the Middle East. The representative added that this is an evaluation of the EC and that they are expecting those of the EU Member States by the end of the day.

In the next 48 hours a conciliation meeting between European governments will be convened, and European commissioners will meet for the third time this week on Friday to discuss matters of energy deliveries, the spokesperson added.

Supply routes will determine oil prices long-term, clarified the EC following the announcement that Iran has suspended shipments via the Strait of Hormuz, which is one of the major water routes in the world, where 20% of international oil deliveries pass through. The spokesperson specified that the EC is prepared to take discussions upon gas deliveries as well, saying that "there is no reason to worry at present, as European repositories are at 30% capacity and the heating season is at its end".