Energy Market Disruption - The European Union is advising member states to prepare for a "prolonged disruption" to energy markets due to the ongoing conflict in Iran [1][2] - European gas prices have surged over 70% since the onset of the U.S.-Israeli war on Iran, highlighting the continent's vulnerability to Middle Eastern conflicts affecting global energy prices [2] Supply Concerns - While crude oil and natural gas supplies have not been directly impacted by the closure of the Strait of Hormuz, there are significant concerns regarding the supply of refined petroleum products such as jet fuel and diesel [3] - The EU Energy Commissioner has urged member states to avoid actions that could increase fuel consumption or limit the trade of petroleum products, emphasizing the need to maintain output at European refineries [4]

Prices jumped as the Middle East war roils energy markets, forcing major producers to shut down output while the Strait of Hormuz remains effectively closed. ...