The International Energy Agency (IEA) has warned that Oil Markets are likely to remain uncertain as the Israel-Hamas conflict continues. Although the conflict has not yet directly impacted physical supply, the IEA stated that energy market participants will remain on edge due to the potential for output disruption in the Middle East. The IEA also noted the sharp escalation in geopolitical risk and said it would closely monitor oil markets and take action if necessary to ensure adequate supply. Despite the conflict, oil prices have stabilized, with crude futures trading higher.

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