The head of the International Energy Agency (IEA) is warning that commercial oil inventories are depleting rapidly. There are reports that only weeks of supply are left, although the context of the warning is unclear, with some outlets mentioning a conflict involving Iran and others referencing a drone strike on the UAE and actions by Trump. Oil futures have been affected by rising tensions, with prices easing at one point after a planned attack was postponed, but also firming in response to other incidents.