Oil Markets Rattle Amid Rising Israel-Iran Tensions

The International Energy Agency, headquartered in Paris, is keeping a close watch on the escalating conflict between Israel and Iran, assessing its impact on global oil markets. This situation was highlighted by Executive Director Fatih Birol.

Birol affirmed the agency's preparedness by noting its oil security system, which boasts over 1.2 billion barrels of emergency reserves, underscoring its ability to address potential market disruptions.

Oil prices surged over 7% on Friday, touching new multi-month highs following Israeli airstrikes on Iran that prompted Iranian retaliation. This escalation has fueled concerns about potential disruptions in oil supplies.

(With inputs from agencies.)