Brussels (Commerce Desk): The European Union has warned that the global energy crisis is unlikely to end immediately, despite the ceasefire between the United States and Iran and the agreement to reopen the Strait of Hormuz.
European Commission spokesperson Anna-Kaisa Itkonen said during a media briefing that even though tensions in the key maritime route have eased, energy markets are unlikely to stabilize quickly.
She emphasized that the crisis should not be expected to end soon, as the disruption has exposed weaknesses in global supply chains, and its effects could persist for a long time.
According to her, around 8.5% of the European Union’s LNG imports pass through the Strait of Hormuz, while a significant portion of oil imports from the region also depends on this route.
She further noted that a large share of refined fuels, including jet fuel and diesel, is transported through the same passage, meaning any disruption or limited activity in the strait has immediate global repercussions.
The European Union highlighted that nearly 20% of the world’s oil and gas supply passes through the Strait of Hormuz, which is why recent tensions have placed significant pressure on energy prices worldwide.