EU: Jet Fuel Market to Tighten if Hormuz Situation Persists

EU Warns of Jet Fuel Tightening

The European Commission stated on Thursday that the jet fuel market in the European Union could become tighter if the situation in the Strait of Hormuz does not improve within weeks.

Oil Coordination Group Assessment

In an update following the latest meetings of its oil and gas coordination groups, the Commission's energy department reported that the Oil Coordination Group signaled that the closure of the Strait of Hormuz impacts both crude oil and all major petroleum products, and that all EU countries are affected by the dynamics.

'So far, the EU has been experiencing price effects, with no physical supply disruptions at consumer level,' the statement said. 'However, if the situation does not improve in the next weeks, markets are expected to become increasingly tighter, especially for jet fuel,' it added.