IEA's Birol Warns Of Potential Oil Market Impact From Israel-Iran Crisis

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 13. The International Energy Agency (IEA) Executive Director Fatih Birol voiced concern over Israel's strikes on Iran, Trend reports.

"The IEA is actively monitoring the impact on oil markets from the Israel-Iran situation," he said, adding that the markets are well supplied today, but the agency is ready to act if needed.

"The IEA oil security system has over 1.2 billion barrels of emergency stocks and has proved vital to safeguarding the world economy," Birol wrote on his page on X.

Earlier, the Netherlands ING banking group announced that oil prices may surpass $150/bbl if Iran-Israel tensions persist.

Oil prices surged more than 7% this morning following reports of Israeli airstrikes targeting Iranian nuclear and military sites - a significant escalation in Middle East tensions that has sharply increased geopolitical risk premiums in global energy markets, the Netherlands-based ING banking group said in a market commentary.

On the night of June 13, a series of explosions rocked several key regions in Iran - including the capital Tehran, Isfahan, and near the strategically important nuclear facility in Natanz. These blasts were the result of a coordinated airstrike by the Israeli Air Force targeting sites linked to Iran's nuclear program and missile production. In response, Iranian air defenses were put on high alert, airspace over several regions was closed, and Imam Khomeini International Airport was temporarily shut down.

Meanwhile, the International Atomic Energy Agency (IAEA) confirmed that facilities in Isfahan and Bushehr remained untouched, but the nuclear complex in Natanz was struck. Importantly, no increase in radiation levels was detected.

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