The US and European sanctions against Iran has taken away one million barrels a day of crude supplies from that nation, but the world market is sufficiently supplied with Oil, according to Maria Van der Hoeven, Executive Director of International Energy Agency (IEA).

Meanwhile, WTI crude oil  rose to $89 and Brent Crude oil to $111 levels on Monday in view of the spike in tensions in the Middle East following air strikes by Israel on the Gaza strip and Palestinian rocket attacks. However, IEA Executive Director said that it has had no impact on IEA's outlook for oil market fundamentals.