IEA closely monitoring situation in Middle East

The International Energy Agency (IEA) is actively tracking the impact of the Israel-Iran conflict on oil markets.

Report cites IEA Executive Director Fatih Birol, who said:

"The IEA's oil security system holds over 1.2 billion barrels of strategic reserves for emergencies. We are ready to take action if necessary," Birol said.

Oil prices surged over 7% today, nearing a multi-month high, following Israeli strikes on Iran and subsequent Iranian responses, raising concerns about potential disruptions in oil supply.