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 Wayne Cole and Alun John SYDNEY/LONDON (Reuters) -World shares nudged up on Monday, helped by oil walking back some of last week's increase, though the conflict between Israel and Iran remained a concern,

U.S. and European stock futures slipped while oil perked up after President Trump dropped a geopolitical haymaker, urging the evacuation of Tehran. That hit the risk tape like a rogue wave, especially given earlier optimism that Israel-Iran crossfire would stay theatre-bound.

Some oil tanker owners and managers have paused offering their vessels for Middle Eastern routes since Friday as they assess the risks from Israel’s conflict with Iran, fueling concerns over export flows from the region.

The Indian rupee is likely to dip at the open on Tuesday, weighed down by rising oil prices and a decline in U.S. equity futures after U.S. President Donald Trump called for the evacuation of Tehran.

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.

Oil supplies from the Middle East face increasing risk as the conflict between Israel and Iran drags on, according to RBC Capital Markets LLC, which warned that energy is now “clearly in the crosshairs.

The costs of chartering tankers to move oil from the Middle East to Asia have climbed and ship bookings have slowed as the Israel-Iran conflict fuels worries of potential disruptions, industry sources told Reuters on Monday.