Investing.com -- The International Energy Agency said it is closely monitoring oil markets as rising tensions in the Middle East raise concerns about supply security.

The agency, which oversees emergency stockpile releases by consumer nations, said markets continue to benefit from several cushioning factors, including substantial supplies from Persian Gulf producers such as Saudi Arabia and the United Arab Emirates, according to a statement on its website.

Exports from the Gulf remain below the peaks reached in late June but are still considerably higher than levels seen between early March and mid-June, the Paris-based agency estimates.