EU Says Energy Price Surge Likely to Continue Despite Strait of Hormuz Deal

(MENAFN) The European Union warned on Wednesday that the current energy price crisis is unlikely to ease quickly, even as Iran moves to reopen the Strait of Hormuz following a temporary ceasefire, according to reports.

European Commission spokesperson Anna-Kaisa Itkonen emphasized that the short-term reduction in tensions in this crucial maritime corridor does not mean energy markets will stabilize immediately.

"Broadly speaking, we should be under no illusion that this crisis that currently impacts high energy prices will be short-lived. It will not be," she said during a midday briefing.

The comments follow Iran’s agreement to reopen the strait as part of a temporary de-escalation after weeks of military confrontation. However, Itkonen noted that the disruptions have already highlighted vulnerabilities in global supply chains and could have enduring consequences.

Approximately 8.5% of the EU’s liquefied natural gas (LNG) imports pass through the Strait of Hormuz, while nearly 7% of its oil imports come from regional producers such as Iraq, Kuwait, Saudi Arabia, and the United Arab Emirates. Dependence is even higher for refined fuels, with around 40% of the EU’s jet fuel and diesel imports linked to this route.

"Globally, the strait transports or transits 20% of both oil and LNG, respectively. So, it's a very, very important choke point," Itkonen said, adding that recent shipping restrictions have already had a noticeable impact on energy markets.

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