Brussels: The market for jet fuel in the European Union could get tighter if the situation in the Strait of Hormuz does not improve within weeks, said the European Commission on Thursday. The European Commission's energy department issued an update on Thursday following the latest meetings of its oil and gas coordination groups.
According to Emirates News Agency, the Oil Coordination Group indicated that the closure of the Strait of Hormuz impacts both crude oil and all petroleum products, affecting all EU countries by altering market dynamics. While the EU has been experiencing price effects, there have been no physical supply disruptions at the consumer level thus far.
However, if the situation does not improve in the coming weeks, markets are expected to become increasingly tighter, particularly for jet fuel, the update warned.