EU policymakers expect no immediate oil security impact from Iran conflict, email shows
By Kate Abnett
BRUSSELS, March 2 (Reuters) - The European Commission does not expect the widening conflict in the Middle East to have any immediate impact on the European Union's security of oil supply, it said in an email seen by Reuters on Monday.
Oil prices LCOc1 rose by 9% on Monday after shipping in the Strait of Hormuz was disrupted by retaliatory Iranian attacks following initial bombing by Israel and the United States that killed Iranian Supreme Leader Ali Khamenei.
"At this stage, we do not foresee an immediate oil SOS (security of supply) impact," the Commission said in an email to EU governments.
The Commission has asked EU governments to share their own assessments of the security of oil supplies today, the email showed.
Brussels is also considering convening a virtual meeting of the EU's oil coordination group later this week, the email said.
That group facilitates coordination between representatives of EU countries' governments in case of oil supply problems.
Analysts expect oil prices to remain elevated over the coming days as they assess the impact of the Middle East conflict on supplies, especially flows through the Strait of Hormuz, a conduit for more than 20% of global oil.
A Commission spokesperson did not immediately respond to a request for comment.
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