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, extending large gains last week that were prompted by tensions between the United States and Iran, although concerns about the possibility of weakening demand kept a lid on gains. Strong growth in the price of U.S. shale oil has also contained stronger increases, the IEA’s Fatih Birol added on Monday. “We are monitoring the situation very closely and are very worried. In case of physical disruption, we are ready to […]