The Paris-based International Energy Agency is actively monitoring the impact of clashes between Israel and Iran situation on oil markets, Executive Director Fatih Birol said on Friday.
“IEA oil security system has over 1.2 billion barrels of emergency stocks”, Birol said in a post on X.
Oil prices jumped more than 7% on Friday, trading near multi-month highs after Israel launched strikes against Iran, sparking Iranian retaliation and raising worries about disrupted oil supplies.
(Reporting by Nilutpal Timsina; Editing by Joe Bavier)