Barring any major disruption to the oil market, the world is likely to be well-supplied over the next five years, Fatih Birol said.

Kenyans are staring at higher fuel prices in the coming months as the Murban Crude Oil prices rise above KSh 9,000 per barrel amid Israel-Iran hostilities.

Oil prices were rising in early trade as the Israel-Iran conflict entered its fifth day and President Trump called for an evacuation of Tehran. Brent crude gained 1.2% to $74.10 a barrel, while WTI advanced 1.

The International Energy Agency tweaked its global oil demand forecast, now expecting demand to rise by 720,000 barrels a day this year versus 740,000 barrels previously, citing weak second-quarter deliveries in the U.

Oil prices rose today, June 17, as supply uncertainty deepened amid geopolitical tensions in the Middle East. Brent crude was trading up 0.7% a

In a separate report on the outlook to 2030, the IEA forecast that oil supply would continue to outstrip demand over the next five years. Global oil demand is expected to increase by 2.5mn b/d between 2024 and 2030, reaching “a plateau” of 105.5mn by the end of the decade.

Calm returned to Wall Street, and U.S. stocks rallied, while oil prices gave back some of their initial spurts following Israel’s attack on Iranian nuclear and military targets at the end of last week.

At the interbank foreign exchange, the rupee opened at 85.96 before strengthening to 85.93. It had closed at 86.04 on Monday (June 16).

Investors tempered the risk-off positioning that was triggered by the hostilities between Israel and Iran, with oil wavering and stocks staging a tentative rebound.