The European Commission has warned that a prolonged blockade of the Strait of Hormuz could lead to serious disruptions in global oil and gas supplies, as well as negatively impact all forms of transport.
This is reported by Finway
Risks to energy and transport due to the blockade
According to European Commissioner for Transport Apostolos Tzitzikostas, if the Strait of Hormuz is not opened to the passage of oil and gas vessels soon, the global consequences could be catastrophic. He noted that no transport sector is protected from the impact of rising fuel prices caused by the war surrounding Iran and the blockade of this strategic maritime route.
Tzitzikostas pointed to a significant increase in fuel prices, as well as pressure on aviation fuel supplies in some European countries. However, he emphasized that there is currently no direct evidence of fuel shortages.
“Europe has extraordinary reserves that can be mobilized if — and only if — necessary. For now, the market is absorbing this shock,” said the Commissioner.
EU plans in case of escalation
The European Union is already developing a set of emergency measures under the AccelerateEU plan. Among them are enhanced coordination between countries, the establishment of a fuel supply monitoring center, the implementation of specific recommendations for airlines, and the search for alternative suppliers, including the consideration of importing aviation fuel from the USA. If the situation with energy resource supplies continues to worsen, the European Commission is prepared to temporarily change some of its own regulatory norms.
Moreover, Tzitzikostas emphasized that the blockade of the Strait of Hormuz is a strong argument for accelerating the EU’s transition to alternative energy sources and strengthening the union’s energy independence.
He stressed that the European Union must become energy independent by enhancing innovation and the implementation of new technologies in the field of alternative fuels.