The EU has insisted there was “no imminent oil supply” shortage in Europe as the Middle East war sent energy prices soaring.

The benchmark price for a barrel of crude has soared beyond $100 for the first time since Russia’s invasion of Ukraine four years ago.

“There is no imminent oil supply shortage in Europe. Per our rules, all member states must have the 90 days’ emergency stocks,” European Commission spokeswoman Anna-Kaisa Itkonen said.