Energy supply disruptions and economic impact warnings in Europe

International Energy Agency head Fatih Birol warned that disruptions to Middle Eastern oil supplies via the Strait of Hormuz will intensify throughout April, negatively affecting the European economy. While Brussels maintains that current fuel and gas reserves are sufficient, officials express concern regarding long-term supply stability. EU Energy Commissioner Dan Jorgensen advised member states on Tuesday to prepare for ongoing supply volatility, price spikes, and subsequent inflationary pressure. Special focus is directed at kerosene reserves, which are currently adequate for several weeks but may face shortages during the peak summer travel season. Consequently, the Commissioner recommended that governments implement plans to reduce private vehicle traffic. Simultaneously, the ongoing regional conflict has impacted the tourism sector, with hotels reporting that cancellations now exceed new bookings.