The International Energy Agency said it was “closely monitoring the situation in oil markets” as escalating hostilities in the Middle East raise concerns over security of supply.
The agency, which oversees the release of emergency reserves by consuming countries, said markets “are benefiting from several cushioning factors” including significant supplies from Persian Gulf producers such as Saudi Arabia and the United Arab Emirates, according to a statement on its website.
The Paris-based agency estimates exports from the Gulf are down from highs reached in late June, but still “significantly higher” than levels seen between the beginning of March and mid-June.
New statement from our Executive Director: https://t.co/gLStMIZ6ml
We’re keeping a close eye on oil markets amid the ongoing war in the Middle East
Recent increase in hostilities has heightened security of supply concerns, but crude markets are benefiting from softer factors pic.twitter.com/VtkYfWOHhd
– International Energy Agency (@IEA) 21 July 2026
