EU oil supplies stable despite soaring diesel and jet fuel prices

The European Union's oil and oil products supplies remain stable, the European Commission said on Tuesday, even as diesel and jet fuel prices surge on tightening global supply tied to the conflict in the Middle East.

Following a meeting of the EU's oil coordination group, where member states exchange information on their fuel stocks, the Commission said the bloc's refineries are responding well to market signals and are operating at near-maximum capacity to boost supplies.

The statement sought to reassure markets that the EU is not facing immediate shortages, despite upward pressure on prices for refined products. The coordination group's role is to share data on fuel availability across member countries and to help coordinate any response if needed.

Diesel and jet fuel prices have climbed as global supply tightens, a trend the Commission linked to the ongoing conflict in the Middle East. The EU has been monitoring its energy supplies closely since the conflict began, aiming to prevent disruptions for consumers and industry.