Oil prices have soared amid worries about fighting in the Middle East, but it is not yet clear whether elevated tensions will continue to support the recent rally, according to the latest monthly report from the International Energy Agency (IEA).
"Political uncertainty in the Middle East has returned to the fore," the IEA said in its closely-watched report published Friday.
"It remains to be seen if recently elevated prices are sustained and if so what are the implications for the market demand and supply dynamics," the Paris-based organization added.
Crude futures surged to highs not seen since December 2014 Wednesday, underpinned by greater geopolitical uncertainty in the Middle East and elevated concerns over the prospect of imminent military action from Western powers.
Oil prices have since edged away from multi-year highs, though both benchmarks were still on course to post their biggest weekly gain in more than eight months on Friday.