The European Commission's energy department ⁠issued an update on Thursday following the latest meetings of its oil and gas co-ordination groups.

"The Oil Coordination Group signalled 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," it 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.