Oil supplies in Europe remain stable, despite the sharp rise in oil prices resulting from the escalation of the war in Iran, according to economists in Germany.

Franziska Holz, from the German Institute for Economic Research (DIW) told dpa that supplies of crude oil and petroleum products such as petrol and diesel are currently still secure.

While she warned that "the situation is more difficult when it comes to the supply of jet fuel," a widespread supply disruption is not expected because Germany and Europe buy oil from many different sources.

Holz explained that, given the ongoing conflict in the Middle East and around the Strait of Hormuz, a decline in oil prices is not expected in the foreseeable future.

Imports of crude oil, petrol and diesel from the Gulf region had played only a minor role in Europe even before the disruption of supplies, Holz said.

Nevertheless, the high prices are being felt in Germany because the oil market is internationally interconnected. Overall, nearly 20% less oil is available on the global market than before the war. "That's why it's important to also conserve petrol and diesel in Germany and Europe," she said.

The price of Brent Crude Oil rose to $100 per barrel (159 litres) on Thursday. On Friday, the price remained above that mark at $100.33 per barrel for North Sea oil.

The US-Iran conflict recently escalated again with fresh strikes. Since then, the price of Brent Crude has risen by more than 40%.