IEA monitoring oil markets amid Middle East tensions

The International Energy Agency (IEA) said it is closely monitoring oil markets as rising tensions in the Middle East fuel concerns over energy supply security.

The agency, which coordinates emergency oil stock releases among consumer countries, said markets continue to benefit from several mitigating factors, including strong supply from major Gulf producers such as Saudi Arabia and the United Arab Emirates, according to a statement published on its website.

Gulf oil exports remain below the peaks reached in late June but are still significantly higher than the levels recorded between early March and mid-June, according to estimates from the Paris-based agency.