EU oil coordination group reports no supply problems so far

There are currently no signs of any problems with supplies of oil and petroleum products in the European Union, although tensions are running high on the market because of the conflict in the Middle East. The EU oil coordination group said this. It warned, however, that market tensions could intensify if the conflict continues, Reuters reported today.

"The group confirms that there are no supply difficulties at this stage. Demand for oil and petroleum products in Europe can continue to be met through commercial stocks and alternative supplies," said the group, which discussed the situation on Thursday.

"However, if the conflict in the Middle East continues, it could have significant impacts in the coming weeks and months and cause further market tensions," it added.

The group includes representatives of the governments of EU member states. It monitors oil stocks and the security of supplies, and coordinates measures during oil crises.

Oil prices rose sharply this week amid a renewed escalation of the conflict in the Middle East. On Thursday, the price of North Sea Brent crude rose above the psychologically important threshold of $100 per barrel for the first time since May. The escalation of the conflict threatens maritime routes vital to oil transportation.

The United States carried out another wave of airstrikes on Iran overnight. The US government says the regular strikes aim to destroy Iran's military capabilities that could threaten shipping in the Strait of Hormuz. Tehran responded by attacking US bases in Jordan and Bahrain.