The European Union Oil Coordination Group said it will continue monitoring the security of oil supplies to the EU and will coordinate any necessary actions. It noted that the current situation is stable, largely because recent drawdowns from global oil reserves have eased pressure. The group added that after the signing of a memorandum of understanding between the United States and Iran, trade flows are gradually recovering, but it will take time for Iranian and Middle‑East oil shipments to reach Europe. Overall, the crude oil market remains stable for now.