The oil market is on edge over the escalation of geopolitical risk in the Middle East after this weekend’s attack by Hamas on Israel, with uncertainties about how events will unfold or how far the conflict could spread, the International Energy Agency IEA said on Thursday.
Amid many uncertainties in the conflict, and “Against a backdrop of tightly balanced oil markets anticipated by the IEA for some time, the international community will remain laser-focused on risks to the region’s oil flows,” the Paris-based international agency said. While warning that the heightened tensions in the Middle East could pose risks to the oil market, the IEA raised slightly its 2023 oil demand growth estimate to 2.3 million barrels per day bpd, up from 2.
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