At least $70 billion of new EPC oil and gas projects are expected to be approved over the next five to six years in Saudi Arabia, UAE and Qatar, adding to already high levels of activity

In a separate report on the outlook to 2030, the IEA forecast that oil supply would continue to outstrip demand over the next five years. Global oil demand is expected to increase by 2.5mn b/d between 2024 and 2030, reaching “a plateau” of 105.5mn by the end of the decade.

By Amanda Cooper LONDON (Reuters) -Stocks fell, while oil and gold rose on Tuesday, as fighting between Israel and Iran entered a fifth day, making investors nervous over the risk of the conflict widening in a week packed with key central bank decisions.

Shipowner Frontline said the incident near the Strait of Hormuz was due to navigational issues and not related to the current Israel-Iran conflict.

Iranian missiles damaged the US embassy in Tel Aviv, escalating tensions. Israel retaliated with strikes on Iran's energy sector, while both sides continued attacks.

KUALA LUMPUR (Reuters) -Global energy executives gathered in the Malaysian capital on Monday for an industry conference with an eye on the dramatic escalation in the conflict between Israel and Iran, which has fuelled worries that it could widen and disrupt supply.

Crude oil futures finished down 1.7% to $71.77 a barrel, with oil under pressure as the latest source of turmoil in the Middle East may meet a quick conclusion.