Nuclear energy remains vital to cope with rising energy demand, mainly in emerging economies, fight global warming and avert increased damage to the environment, the IEA warned on Wednesday.

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Oil prices are above $96 per barrel as tensions rise over Iran’s nuclear program and OPEC boosts its demand forecast.

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A U.S.-Israeli energy consortium drilling in the eastern Mediterranean said on Sunday it found "initial indications" of natural gas at a field called Dolphin 1, although estimates have said it is much smaller than the nearby Tamar prospect.

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On Wednesday the International Energy Agency will release the 2011 edition of the World Energy Outlook. Some energy investment figures from the new IEA report have already been made available though – including a proposed 10 trillion dollar investment in oil production, which would be required between now and the year 2035.

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Brent oil futures open today’s trading session firm at $109 a barrel after stock markets fell on Tuesday following Greece’s call for a referendum on its debt bailout, which revived concerns about the latest EU bailout package and EU country defaults.

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Light Louisiana Sweet fell on Monday as the benchmark West Texas Intermediate against Brent spread moved in sharply, weighing down crude grade prices.

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For more than five decades, the world’s oil map has centered on the Middle East. No matter what new energy resources were discovered and developed elsewhere, virtually all forecasts indicated that U.S. reliance on Mideast oil supplies was destined to grow. This seemingly irreversible reality has shaped not only U.S. energy policy and economic policy, but also geopolitics and the entire global economy.

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Sustained Brent crude prices over $100 a barrel will cause as much damage to the global economy as the record prices of 2008 which preceded the financial crisis, Nobuo Tanaka, former executive director for the International Energy Agency (IEA), said on Monday.

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The Islamic Republic of Iran has signed new deal with Turkey to surge oil exports, a National Iranian Oil Company (NIOC) official said on Sunday.

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Royal Dutch Shell Plc reported a doubling of net profits in the third quarter compared to the same period last year, thanks to higher oil prices.

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