EIA data indicates a global oil deficit, while ongoing conflict is concurrently driving crude oil prices upward.

The entities involved

• Costco →

  American multinational chain of membership-only stores

  • A Costco store has been located in Greater Manchester.18:08
  • Costco began selling physical gold bars and coins.16:18
• International Energy Agency →

  autonomous intergovernmental organisation

  • UK political figures debate energy policy amid Iran crisis and rising costs, with IEA context.11:40
  • EU energy ministers met in Luxembourg, led by Commissioner Dan Jorgensen, amid Middle East tensions pressuring global energy markets.01:45
• Middle East →

  geopolitical region encompassing Egypt and most of Western Asia, including Iran

  • Geopolitical tensions escalated cyber attacks against critical infrastructure in the Middle East.17:10
  • NCSC and Microsoft report that conflict in the Middle East is increasing cyber risk from Russian state actors.17:10

Related events

• Escalating conflict in the Middle East is causing oil prices to rise, impacting global markets tracked from London and the New York Mercantile Exchange.Jun 11
• The ongoing Middle East conflict is causing oil prices to rise, impacting pump prices in Oregon.Oct 6
• Rising crude oil prices are attributed to ongoing tensions in the Middle East.Sep 12
• The World Bank Group reports that conflict in the Middle East and El Nino are disrupting oil and grain supplies.Wed 21:25
• The World Bank provides economic forecasts linking oil prices to geopolitical conflict in the Middle East.Jun 14