The European Commission said in a message to the bloc's governments: 'At this stage, we do not expect an immediate impact on the security of oil supplies.' The letter showed that the Commission has asked the bloc's governments to share their own assessments of oil supply security. It also indicated that Brussels is also considering holding a virtual meeting of the EU Oil Coordination Group later this week. This group facilitates coordination between representatives of EU governments in case of problems with oil supplies. Analysts expect oil prices to remain high in the coming days as they assess the impact of the Middle East conflict on supplies, especially through the Strait of Hormuz, through which 20% of the world's oil passes. The European Commission said in an email seen by Reuters yesterday that it does not expect the escalation of the Middle East conflict to have any immediate impact on the security of oil supplies to the European Union. Oil prices rose 9% yesterday after shipping was disrupted in the Strait of Hormuz due to Iranian attacks. A Commission spokesperson did not immediately respond to a request for comment.
