Statement by IEA Executive Director Fatih Birol:

The IEA is closely monitoring the situation in oil markets following recent developments in the conflict in the Middle East.

The escalation in hostilities affecting the Strait of Hormuz and energy infrastructure in the region increases security of supply concerns and uncertainty over the market outlook. Threats to the Bab el-Mandeb Strait, which has become increasingly important as a route to bypass the Strait of Hormuz, exacerbate these concerns further. 

For the moment, crude oil markets continue to benefit from several cushioning factors.

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