IEA warns oil prices have further to rise amid supply crisis

The International Energy Agency warned that current oil statistics understate an unprecedented global supply shock driven by recent Middle East disruptions, leaving prices with significant upside risk. Brent and WTI futures climbed above $100 a barrel this week after failed U.S.-Iran negotiations and U.S. moves to block shipping through the Strait of Hormuz. The IEA said lagging official data mask the scale of lost barrels, so traders and governments should brace for further price gains and tighter markets in coming months.