Oil price eases but IEA says Middle East tensions heighten global supply risks
Despite a forecast of slowing oil demand and a likely peak in consumption by the end of the decade, the International Energy Agency (IEA) warned on Monday of heightened global oil security risks in the near term, owing to growing tensions in the Middle East. In a newsletter released only days after the publication of its latest monthly Oil Market Report, the IEA said the spike in Middle East tensions following Iran’s unprecedented air attacks on Israeli military facilities, raised the risk of increased volatility in oil markets.