IEA concerned about Middle East tensions, stands ready to act

DUBLIN: The International Energy Agency (IEA) is very concerned about the impact that tensions in the Middle East may have on global energy security and will act if there is any physical disruption to supplies, its executive director said on Monday.

Oil prices rose on Monday, adding to last week's gains, lifted by tensions between the United States and Iran, although concerns about the possibility of weakening demand kept a lid on gains.

"We are monitoring the situation very closely and are very worried. In case of physical disruption, we are ready to act in an appropriate way," Fatih Birol told a news conference, adding that there had not been a major impact on oil prices due to the strong growth in US shale oil prices.