International Energy Agency (IEA) Executive Director Fatih Birol stated that they are monitoring the impact of the tension between Israel and Iran on the oil market, saying, "Markets are well supplied today but we’re ready to act if needed,"
Birol shared a post on his social media account regarding the developments in the oil market following Israel's attack on Iran.
"The IEA oil security system has over 1.2 billion barrels of emergency stocks & has proved vital to safeguarding the world economy," Birol said stressing that the IEA is monitoring the impact of the Israel-Iran tension on oil markets.
Following Israel's attack on Iran, oil prices surged more than 8% during the day and are currently trading around the level of $75. Concerns over the Middle East being a key oil-producing region and the possibility that Iran could close the Strait of Hormuz, through which approximately one-third of global oil trade passes, are driving the increase in oil prices.
Reporting by Nuran Erkul in London
Writing by Humeyra Ayaz
Anadolu Agency
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